What a set of Bankers. Nearly a week on and TSB have admitted that internet banking is only running at 50% capacity. In the Digital Age cash for most technology proficient customers is really just a number on a screen and on a personal level its very rare I carry cash these days (not unlike the Queen).
Banking systems are super critical. It's pay day week and a large proportion of the country are totally reliant on their wages landing when they are expected to start the chain reaction of paying the growing list of direct debits that are due. Failure to pay has consequences, which is hugely frustrating and potentially damaging for the individual affected. The customer then has to do the donkey work to correct the situations, hopefully not including fixing credit scores.
The crisis is far reaching from small businesses worried about making VAT payments, late tuition fees, late credit card payments and holiday makers unable to access funds.
I've recently had first hand experience of my credit card not functioning on the other side of the world and anyone that has had this will empathise with the stress and chills this sends. I spent £20 on phone calls to my card provider to be told eventually that all was fine (funny how this was the first time this has happened since they stopped recording your holiday destination for fraud purposes to cut costs).
TSB have now turned to IBM and are flying in the Experts to turn the computers off and on again. It would be interesting to know who will pick up that hefty fee or how it will be recorded in the books.
Chief of the bank Paul Pester must have one eye on his potential £1.6 million bonus as momentum gathers for his resignation. I'm sure everyone is aware that only in banking are huge bonuses awarded on the back of startling failure to carry out a role or deliver results.
The bank will waive all overdraft charges and interest charges (which wouldn't have occurred had the problems not occurred) and bizarrely are raising interest paid on balances up to £1500 from 3% to 5% for customers that stay. What a typical banking attitude to throw money at it and hope it sticks.
The irony is that branches are closing all the time as customers migrate to on-line banking but it's at times like these these people really need a human interaction and reassurance. It's the advisers in the branches I really feel sorry for here; I'm sure they are mown out with angry punters as they are left picking up the pieces of the systems designed to ultimately make them redundant.
We are too far gone to go back to stashing money under the bed but at the very least customers should vote with their feet and take their business elsewhere.
For your information it's very easy to move your account to someone that cares and it's completely automated.
Or is it ...