TSB boss promises compensation over online banking meltdown

TSB customers given free money in botched systems upgrade

Amid reports of people losing out on property purchases or being stranded without money on the continent, senior politicians are now demanding answers.

TSB this morning took down its online banking systems with its boss issuing a fresh apology to customers and promised to compensate those affected. "Shocking disregard for customers with no updates from the bank".

Another customer said they had "access" to other customers' accounts totalling more than £20,000 and another reportedly discovered they had been credited with £13,000 after logging back in.

TSB said on Tuesday that "intermittent" problems were continuing to plague account holders and work on a fix continued to be its sole focus. It also blamed "large volumes" of customers trying to access their accounts for not fixing it sooner, insisting it was "working as hard as possible" to restore the service.

"We're still seeing issues with access to our digital services".

Others have been locked out of their accounts for days, making them unable to pay bills or withdraw cash from machines.

Pester's remarks come after he received a letter from Nicky Morgan, the chair of the Treasury Select Committee, to ask what went wrong, the extent of the failure and how the bank intends to compensate affected customers.

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What is TSB doing about all this? "One of the steps we need to take to resolve this is to take our mobile app and online banking down for a few hours", Pester wrote on Twitter this morning.

"Newly merged businesses should conduct a full assessment of their network, and if necessary, replace outdated legacy technology with a software-defined (SD-WAN) approach".

TSB was carved out of Lloyds Bank and then bought in 2015 by Spain's Banco Sabadell.

TSB had been taking a phased approach to switching to its Spanish owners Sabadell's Proteo platform, which the bank unveiled in December, with the last push coming this weekend as the bank shut down services to migrate all customer data to the new platform. Keep any receipts/paperwork, and visit a branch or call the bank and explain that you want to reclaim your money.

There have also been reports that TSB customers could access the accounts of other TSB customers, including their account numbers, sort codes and transaction histories, and possibly having the ability to perform actions on these accounts, including transferring money.

British bank TSB is facing tough questions over its botched handling of an IT upgrade that involved one of the biggest transfers of banking data ever attempted in the UK.

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