Ulster Bank Payment Error

conf101

Just wondering if anyone else is in the situation that during the whole Ulster Bank cock-up in the Summer money was incorrectly deposited by UB into their UB account, which UB are now looking to get back?

It's happened me and I'm seriously pissed off at the way they're going about it. It was an error, one which I somehow missed, and I've no problem returning the money, but the amount involved makes it difficult to return in one lump sum and UB are being incredibly awkward and stubborn about the terms in which they want it back. Also the guys in the branch dealing with it don't have a clue exactly what's going on and refuse to give me contact info for the dept processing the repayments, saying they don't know what dept it is. Crazy stuff from a bank.

Anyone else in a similar situation?

handlemaster

conf101 wrote: »

Just wondering if anyone else is in the situation that during the whole Ulster Bank cock-up in the Summer money was incorrectly deposited by UB into their UB account, which UB are now looking to get back?

It's happened me and I'm seriously pissed off at the way they're going about it. It was an error, one which I somehow missed, and I've no problem returning the money, but the amount involved makes it difficult to return in one lump some and UB are being incredibly awkward and stubborn about the terms in which they want it back. Also the guys in the branch dealing with it don't have a clue exactly what's going on and refuse to give me contact info for the dept processing the repayments, saying they don't know what dept it is. Crazy stuff from a bank.

Anyone else in a similar situation?

I didn't have anything like that myself. How much is involved seem strange you can't just transfer it back. If its not your money there isn't much you can do about it. It has to go back to the bank. I know what your saying about the guys in the Bank it can be difficult at times.

conf101

handlemaster wrote: »

I didn't have anything like that myself. How much is involved seem strange you can't just transfer it back. If its not your money there isn't much you can do about it. It has to go back to the bank. I know what your saying about the guys in the Bank it can be difficult at times.

It's not my money, and I have no issue with having to pay it back. The problem is that the sum involved isn't far off my monthly salary, so would leave me seriously fcuked for money for several months. UB are insisting it's payed back in one lump sum. I've asked can it be payed in installments, but they've flat out refused that.

They've offered a free overdraft for one month to the value of the payment, but once that month passes it becomes a standard overdraft with all the usual interest and charges. This again leaves me seriously out of pocket.

They are flat out refusing to budge on it. And the guy in the branch I'm dealing claims he can't put me in touch with either the dept that will manage the overdraft or the dept that will oversee taking the money back because he doesn't know what depts are responsible. It's ridiculous.

On top of that he says the overdraft could take several days to process, by which time the money will have left my account, leaving me without access to any money for a number of days. He can't put a hold on the payment until the overdraft is sanctioned and tells me he doesn't know who I'd have to talk to in order to get that done.

Cushie Butterfield

Well the main thing is that you have acknowledged that you owe them the money. Unfortunately you have spent it, so seeing as you can't pay it back in a lump sum you will have to pay some sort of interest of charges - otherwise it would be an interest free loan, which they are hardly likely to agree to.

Have you tried contacting their complaints dept @ 01 7025351 or emailing customerrelations@ulsterbank.com . You could also contact the financial regulator to seek advice from them as to what they think the correct procedure should be.

Have you calculated how much an arranged overdraft would actually cost? You could compare the cost with a personal loan - maybe they'd be prepared to offer one at a preferential rate? Though considering it was their error in the first place I'd be pushing for an interest free loan with repayments that you can afford over a 10 or 12 month period.

Either way you need to speak to someone with some sort of authority, so maybe lodging a complaint might be the best way to proceed, especially seeing as you are having problems as it is speaking to anyone in the relevant section. No doubt you're not the only one in this position so the chances are that they are being as forceful as possible in order to recoup as much as possible as quickly as possible.

YOu always have the option of opening an account in another bank & getting our salary lodged to that, which would at least give you peace of mind that you'd have access to it & pay UB whatver you can afford each month. It might not be the most moral solution, but it is an option.

handlemaster

I won't aggree with paying interest charges and the like on this occasion. They made the mistake and the OP spend the money not knowing he was spending what was not his. They should except the offer to pay back over a number of months. I worked in a place before where UB paid my salary twice. They hounded us to sort it out. I ended up having to go to my bank which my current account was in get a bank draft and deposit it in UB. All at my own time and expense. Draft cost was deducted but my fuel/ time was not paid for.

Leprechaun77

I don't understand how you would not notice this money coming through to your account. The OP says that it is nearly one months salary and he cannot pay it back all upfront. Who doesn't notice an amount this size being put into their account? ......I would think this is only possible for somebody with a rake of cash there already....

Anyway, back on topic.....ask them from an interest free overdraft for 12 months....do not pay interest. It is their mistake initially so pay them back capital only over a reasonable timeframe....

unclebill98

You do not have to pay it back in one lump. Ideally it suits the bank to do so but your their customer and it simple does not suit you.

Tell them you will agree to a payment plan that will be done via standing order from your account. Make sure you can afford the payment and it can be as little as you want. You may have to sign a standing order instruction and the standing order will expire when the last payment is done.

Ensure that you are not out of pocket due to their mistake and I would seek compensation for the hassle. Take to the branch sqa or failing tht talk to the manager. Is also pointless asking to talk to other depts, this issue would be dealt with in the branch.

conf101

I know it seems strange that the incorrect payment didn't get noticed at the time. It is strange, but I can guarantee that I don't have a rake of cash, otherwise I'd just pay it back in one go and avoid all this hassle.

Thanks for all the advice. The paying in installments or an interest free overdraft are what I'm trying to get but UB are having none of it. And I appreciate that it should all be dealt with in branch but the branch are doing nothing for me and keep telling me their hands are tied and all they can do is a one month interest free overdraft.

As regards it now being considered a loan and me paying interest - an absolute non-runner!

And I have lodged a complaint. Not about the initial error, but about how it's being handled now.

unclebill98

Forcing a customer to take out an overdraft or a loan to cover their mistake is against the CPC rules.
It will impact on your ICB and credit history and this is not your mistake.

coffee_cake

Leprechaun77 wrote: »

I don't understand how you would not notice this money coming through to your account. The OP says that it is nearly one months salary and he cannot pay it back all upfront. Who doesn't notice an amount this size being put into their account? ......I would think this is only possible for somebody with a rake of cash there already....

He said it was during the mess up during the summer. Nobody had any idea of the balance in their accounts at any given time at that stage.

I would refuse to budge or take out an overdraft on this OP, and do make sure to send a complaint in writing to the FR.

I would ask if they have adhered to the CPC:

10.3 Where an error which affects consumers has not been fully resolved (as outlined in Provision 10.2) within 40 business days of the date the error was first discovered, a regulated entity must inform the Central Bank, on paper or on another durable medium, within five business days of that deadline..

A regulated entity must maintain a log of all errors which affect consumers. This log must contain:
a) details of the error;
b) the date the error was discovered;
c) an explanation of how the error was discovered;
d) the period over which the error occurred;
e) the number of consumers affected;
f) the monetary amounts involved;
g) the status of the error;
h) the date the error was resolved;
i) the number of consumers refunded; and
j) the total amount refunded.
10.6 A regulated entity must maintain a record of all steps taken to resolve an error which affects consumers, including details of the steps taken where:
a) any affected consumers were dissatisfied with the outcome;
b) there were difficulties contacting affected consumers; and
c) a refund could not be repaid.



Contact Us

Consumer Protection Codes Division
Central Bank of Ireland
PO Box 9138
6 / 8 College Green
Dublin 2
Tel: +353 1 224 4502
Fax: +3531 224 4550
Public Enquiries

Our public contacts helpline, 1890 777777, is open Monday to Friday from 09.00 - 18.00.

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unclebill98

Chances are the staff member playing hard ball is the one who made the mistake.

dea80

Hey, glad I found this thread...

same thing has happened to me a number of months back. I had just returned to the country and started a new job and was receiving tax back from overseas as well as my first paychecks etc. so I was a bit confused when it happened but I wasn't really keep track of where all the deposits in my account were coming from.

So I just said I'd leave it and see what happens - given that I didn't know where the money came from. However, I just received a letter from Ulster Bank last week demanding I pay the amount back in full. Again - I've no problem paying it back but given that it's a significant sum I'd rather not pay it back in one lump sum. I haven't tried to contact them yet but it sounds like they're not very easy to deal with. I'll let you know how I get on. As far as I can see they need to work out some interest free repayment schedule with me or not get paid back until I've had significant time to save that amount back up. At the end of the day it's their mistake so they need to be flexible in finding a resolution.

will keep you posted..
cheers

petes

Did either of you receive any correspondence by post about it, from the branch or collections or otherwise?

conf101

I received one letter by post from the branch notifying me about their error and their intentions to take the money back.

dea80 I'm looking forward to hearing how you get on. from my experience you won't find them either helpful or flexible, but maybe you'll have better luck.

dea80

Hi conf101

sounds like my scenario is slightly different as I don't have a personal account with Ulster Bank. My employer pays our wages from UB - hence the source of the error. So they're not in a position to simply take money back from me. I'll get in contact and see what they say. I'm also considering the comments from BlueWolf and am wondering would it be worth reporting this issue to the Financial Regulator to make them aware of the situation and seek some advice. The danger here is that our names would go on to a blacklist some where and would affect our future credit rating. At least if we report it to the FC we'll have a record that we highlighted this issue and sought proper guidance on how to resolve.

Will let you know how I get on.