Nationwide has become the latest financial organisation to suffer a system failure, which has meant customers are unable to access online banking as well as account details in branches.
The building society has apologised to customers who have been affected and said it will look to sort the problem out as quickly as possible.
The Financial Conduct Authority (FCA) has hinted that it could launch an investigation into ‘teaser’ rates which could lead to action being taken against companies who mislead consumers.
Teaser rates are those that lure customers to a product, such as a cash Isa, with higher initial interest rates.
A study from Which? has revealed that record numbers of people are expected turn their back on their bank in the coming year, as consumers become more fed up with how they are being treated.
More than a quarter of people have admitted they have had a problem with their current account, while a fifth of people who went on to make a complaint to their bank said it was not resolved satisfactorily.
Customers of Natwest, the Royal Bank of Scotland (RBS) and Ulster Bank have been hot by another system failure which left them without access to their money.
Online and telephone banking systems were affected as well as customers’ ability to withdraw cash and make payments using their cards.
Millions of customers of high street Bank, Lloyds TSB, will soon receive a notice detailing a change in their banking details, as the license behind their account is transferred to Lloyds TSB Scotland.
This is the first step in a process that will eventually see these customers switched to TSB Bank, a new bank formed in a deal between Lloyds and the Co-operative Bank.
Customers of banks within the UK have seen a sharp rise in the amount they are paying out in penalties for accidental mistakes. The total figure over the past 12 months has risen to £650m paid in penalties, according to research conducted by finance management service, OnTrees.
Plans from one of the UK’s leading banks, Barclays, to start charging customers for the privilege of banking with them has sparked fury among customers. Sir David Walker, new boss of the bank after being made chairman in early August, said the plans to charge customer and get rid of free banking were ‘in principle’.
Small businesses that bank with Santander are concerned, after it was revealed the bank could start charging a monthly fee to its business customers. The fee, which is set to be £7.50 per month, would affect many of Santander’s 230,000 small business customers.
Seven million Britons are under the impression they have an amount of unclaimed cash in an old bank account they no longer have access to, according to a survey by National Savings and Investments (NS&I).
The Financial Services Authority (FSA) has submitted a new set of rules which will see banks assess customers’ eligibility to claim insurance offered as part of paid for ‘bundled’ bank accounts. This comes after a review by the City watchdog which was aimed at the future prevention of mis-selling bank accounts. The rules will come into force no earlier than the end of March 2013. According to the FSA one in five adults have such a bank account, which have a fee for extra’s such as insurance, discounts and breakdown cover
