Customers from all banks were affected by RBS and NatWest's IT problems in June. Here's what to do to sort out financial or credit issues this may have created for you, and how to get compensation if necessary.
In June, customers with savings accounts, current accounts and offset mortgages at Royal Bank of Scotland and its subsidiaries NatWest and Ulster Bank were affected by an IT glitch. Many salary payments or debt repayments were not processed on time. The glitch has had knock-on effects for weeks, due to a backlog of payments.
Other bank customers were also affected, as payments from customers with those accounts were not received. This has in turn caused them to miss payments.
If you bank with RBS Group
The RBS Group has confirmed that all of its customers who are charged fees or interest as a result will be fully refunded, and missed payments won't show up on your credit record.
However, you might also have been unable to make payments and therefore have lost out, such as by being unable to pay for pre-booked holiday travel or accommodation on time.
If you bank with the group and your bank won't reimburse all your losses, or correct your credit reports, you can complain to it. If you feel you're still being treated unfairly, you can complain to the free Financial Ombudsman Service (FOS), which can force your bank to compensate you and correct your credit record.
For more, read how to complain to the FOS.
If you bank elsewhere and were affected
Customers of other banks who didn't receive payments from people with RBS Group accounts, and as a result missed debt repayments or suffered other losses, should also check their credit reports.
The FOS has guidance stating that: “All the banks have pledged to help their customers who were affected by the RBS, NatWest and Ulster Bank computer problems.” However, some reports from readers show this “help” might just consist of an offer to let you apply for your bank's credit card or loans to tide you over.
[SPOTLIGHT]If you've suffered losses and your bank won't refund you or correct your credit history, and a complaint doesn't improve the situation, you could also try complaining to the FOS.
The FOS has more tips on how to get compensation from these bank computer troubles, and what you can fairly expect to get.
Both the FOS and the Payments Council have recommended you keep notes of any contact you make with your bank, and keep any documentation and receipts as evidence.
New guidance on getting your credit reports
Equifax recently added its own tips too.
The credit reference agency suggests customers first look at statements to ensure payments have been made and contact the bank or lender if there has been a delay.
It said that if customers think they've been affected, they can claim a free look at their reports through their bank or building society, provided they do so before 31 October.
Neil Munroe, a director at Equifax, added that: “If they are still concerned that a delay might have affected their credit status they can also get a copy of their credit report. But it’s important to note that due to the way in which data is supplied it can take up to six to eight weeks for any payments on credit agreements from June to be shown on credit reports held by Equifax.”
This means that some missed payments may only be hitting your credit reports now. It could be worth waiting another week or so before checking them – or checking again if you checked too soon.
You can get a copy of your credit reports from the three agencies for just £2 each:
Or you can get a free trial with Experian via lovemoney.com.
More on current accounts: