shoestring
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Just wondering what customers would be happy with
How much compensation should customers of Ulster bank receive?
- Thread starter shoestring
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Compensation = ((4.15% * Amount * days delay) /365)
Where:
- "4.15%" represents opportunity lost using the highest paying deposit account.
- "Amount" equals the money that should have moved on time but did not.
- Where "days delay" equals the calendar days that the payment was delayed.
- Where "compensation" is payable regardless if you are an UB customer or not.
shoestring
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I was thinking €100 myself, we shall see
Free banking for life would do me
Not necessarily the best option as it may only last for a year or two, if UB are pulled out of the Irish market.
€100 sounds a better deal, what we have...we hold
rebecca1999
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Hi, I think this is a difficult one.
My student daughter banks with UB and lodges her weekend wages in weekly(not a lot, but enough for fuel in the car and ebay purchases). She was unable to do a lot and we had to bail her out with ebay purchases (bids already pending before UB trouble). In this case UB wouldn't know that anything was wrong with the account as she was in effect using cash and others were paying for her online purchases. What I'm saying is - if UB decided to compensate for errors showing on the account then there would be none as she was helped out, however, in reality it was a real pain having to go to the petrol station to pay for fuel as her card was refused, having to pay for her insurance initial payment as her bank balance was incorrect (she was too embarrassed to try her own card). And also how would she prove these things. Just saying my opinion.
My student daughter banks with UB and lodges her weekend wages in weekly(not a lot, but enough for fuel in the car and ebay purchases). She was unable to do a lot and we had to bail her out with ebay purchases (bids already pending before UB trouble). In this case UB wouldn't know that anything was wrong with the account as she was in effect using cash and others were paying for her online purchases. What I'm saying is - if UB decided to compensate for errors showing on the account then there would be none as she was helped out, however, in reality it was a real pain having to go to the petrol station to pay for fuel as her card was refused, having to pay for her insurance initial payment as her bank balance was incorrect (she was too embarrassed to try her own card). And also how would she prove these things. Just saying my opinion.
Yes and what about the stress of your card being refused at pos, with full shopping and feeling like a twit with a big que behind you, people thinking you've no money.. standing in the que in ulster bank 4 times to do personal lodgments and work lodgements.. 77 minutes I was standing one day.. stress of not knowing if life insuarance direct debits going through, not knowing correct balance (and still dont), I dont know how they'll figure out compensation but it better cover the stress and hassle of it..
Guns N Roses
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Ther is no way in hell that Ulster Bank are going to hand out cash as a form of compensation.
At best it may be some form of improved service, better interest rates, reinbursement for credit history searches etc.
At best it may be some form of improved service, better interest rates, reinbursement for credit history searches etc.
I'm pretty sure they are looking at ways of compensation and my understanding is that it will be in monetary form
My guess is a flat €100 per head/account
Guns N Roses
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If they adopt this approach, what's to stop customers from takng the money and switching their accounts to another bank anyway?
Guns N Roses
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The following Irish Independent Article suggests the Ulster Bank Customers will only receive finiancial compensation for the following:
- Overdraft fees (both for being overdrawn and exceeding a credit limit.
- Overdraft interest.
- Late-payment fees and interest on mortgages, loans and credit cards.
- Interest wrongly charged on late payments.
- Cash-advance fees and interest on credit cards.
- People who either bank with Ulster, or who had wages or social welfare delayed because it is routed through the bank, will also be able to claim for missed savings-account interest.
The point I'm trying to make is that customers will only be compensated for what they have lost and will not benefit financially as a result as has been suggested by other posters.
- Overdraft fees (both for being overdrawn and exceeding a credit limit.
- Overdraft interest.
- Late-payment fees and interest on mortgages, loans and credit cards.
- Interest wrongly charged on late payments.
- Cash-advance fees and interest on credit cards.
- People who either bank with Ulster, or who had wages or social welfare delayed because it is routed through the bank, will also be able to claim for missed savings-account interest.
The point I'm trying to make is that customers will only be compensated for what they have lost and will not benefit financially as a result as has been suggested by other posters.
Well if I don't receive some form of monetary compensation then I will be moving my custom elsewhere. I have re-jigged a lot of financial transactions and had to make a lot of phonecalls to various companies re DDs etc to ensure that payments were either made on time or companies were aware that the payment would be delayed. I accepted that the bank had problems and that it would take time to solve them. I didn't make one phonecall to them until last week (as detailed on the other thread). So if the best that they will do is to refund the €4.44 irregular a/c fee that I was charged for an unauthorised overdraft then there is no way I am staying with them in the future.
Court cases alleging what? What is the loss you are claiming for? If you have verifiable loss of earnings or extra phone bills as a result of standing in a queue, being on the phone etc., sure the courts will probably award you that. But you need to demonstrate a real loss to sue somebody for something - I don't think you can just sue for being annoyed and being without your money for a few weeks when they eventually 'give' it back to you. Most people have muddled through with no permanent damage to their finances or credit rating so really what do you think the courts can do for you?
People are astonishingly inert when it comes to changing banks - there'll be lots of huffing and puffing about moving banks but then Ulster will weigh in with something like free banking for 2 years so people will stay with the intention of 'definitely' moving in 2 years time - but by then they'll have calmed down and it will be such a hassle to move all the DDs etc. that most will stay put.
I've resolved to leave UB for my credit card a couple of times in the past when they have really annoyed me but I'm still here because I eventually calm down and can't be bothered organising the move.
I won't be moving. In fact I think we all should be thanking them for giving us a dose of reality of what can occur nowadays with over-reliance on technology. What we saw in the last few weeks was how everyone managed their affairs pre 90's where there were no atm machines, you queued up in a branch for cash, you cashed cheques in certain placesd who knew you, you brought cash or travellers cheques on holidays, you allowed for the fact that at weekends your choices were limited. There were more than plan A and B if things took an unexpected turn. I think the ESB should be encouraged to strike and fuel importers should take a break. Then we all get a chance to see how we cope with that.
Embarrassment at being made leave behind a weeks shopping. People pointing at you and staring thinking "that man has no money". I am sure a clever barrister would make a defamation case out of it.
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