Published Friday, 31 August 2012
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Bank compensation
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Customers react
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Analysis
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Compensation cost
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Debate
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UTV NEWS POLL
Do you feel the compensation deal on offer from Ulster Bank is adequate?
The £28m compensation scheme is being rolled out following the glitch which left thousands of customers unable to access their accounts.
Ten weeks after the crisis started, the bank will begin processing claims for "reasonable out of pocket expenses".
Anyone making an expenses claim is advised to back it up using phone bills, bus tickets, bills or travel receipts that will substantiate their claim.
We will also pay an additional 20% on top of these expenses up to a maximum £100, to Personal and SME customers.
Ulster Bank
Those who visited the branch during the troubled time have already been given a £20 'incident credit' - but only if the number of visits was more than in the previous month, when they had normal access to their accounts.
Ulster Bank pledged that no one would be permanently out of pocket because of the crisis, and have already begun refunding charges incurred on accounts.
The bank said they expect the majority of those payments to be through by the end of October, and they are also working to ensure no one's credit rating is permanently affected as a result of the glitch.
"Given the scale of the impact on our customers, we expect that there will be additional costs over the coming months as we continue the process of putting things right," said Ulster Bank CEO Jim Brown.
We recognise that we have work to do to restore our customers' trust in us and we believe that this is the first step in that direction.
Jim Brown
"If a personal current account customer has not incurred any reasonable out of pocket expenses or does not qualify for the £20 automatic payment for visiting and transacting at a branch more frequently during the period of the incident, yet has suffered inconvenience, we would also be happy to discuss that customer's individual circumstances," Ulster Bank said.
The bank will also issue a one-off payment of three months of 0.06% gross on the balance of their savings account between 1 September and 30 November 2012.
Those who wish to make a claim are advised to complete and print the online technical incident customer form or download and print a PDF version from the Ulster Bank website.