Most NatWest & RBS customers out of the woods

The majority of NatWest and RBS customers are finally out of the woods, with the IT problem plaguing the banking group nearly completely resolved after a long week of no access to customer accounts and missed payments, though there are still some lingering problems with one last member of the banking group.

Ulster Bank, which is a subsidiary of RBS, is still suffering from the same computer glitches that barred many customers from accessing their online banking and causing a backlog of transactions at NatWest and RBS branches. As many as 100,000 Ulster Bank customers could be impacted by the issue, causing payments to vanish from accounts and barring customers from making withdrawals or without the requisite money to pay standing orders.

Sir Mervyn King, the Bank of England’s governor, has called upon the Financial Services Authority to investigate the causes of the incident, remarking that an inquiry needs to be made into the slow reaction of the bank as the crisis stretched to over a week. However, RBS has been operating around the clock to mitigate the impact, with bank branches have extended opening hours in order to manage the transaction backlog, leading to some actually opening on Sunday – a first in the history of the bank.

According to technology experts, the debilitating computer glitch was the result of a basic error made by a junior IT technician operating out of India. Massive amounts of data were deleted by the technician as he worked to install a software upgrade; the decision to outsource IT jobs to India has already been linked to the loss of 20,000 positions here at home.

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