Banks pay customers millions after month's worth of IT outages

Banks pay customers millions after month's worth of IT outages 53 minutes ago Share Save Graham Fraser Technology Reporter Share Save Getty Images Nine major banks and building societies operating in the UK accumulated at least 803 hours - the equivalent of 33 days - of tech outages in the past two years, figures published by a group of MPs show. The Treasury Committee - which has been investigating the impact of banking IT failures - compelled Barclays, HSBC, Lloyds, Nationwide, Santander, NatWest, Danske Bank, Bank of Ireland and Allied Irish Bank to provide the data. It does not include the Barclays outage in January or the Lloyds outage last week - two incidents which occurred on pay day for many people, and left customers unable to pay their staff and bills. The report finds Barclays could now face compensation payments of £12.5m. "For families and individuals living pay cheque to pay cheque, losing access to banking services on payday can be a terrifying experience," said Dam ... Read full article.