The head of Ulster Bank says they’re spending considerably more than the 35-million euro set aside for a redress scheme – for customers affected by a major glitch in the system earlier this summer.
Around 300-thousand Ulster Bank customers who visited and transacted at a branch during the period of the incident will receive a one-off 25 euro payment.
In a statement this morning, the bank has released details of its redress scheme for those affected, which says customers will be refunded all fees, charges and debit interest which may have been charged in error.
The bank says it will ensure no customer’s credit rating is permanently affected as a result of the incident.
Head of Ulster Bank Jim Browne says the redress scheme will cost them tens of millions more than they had originally thought:
