NatWest Faces ATM Glitch

The British bank NatWest announced the elimination of an IT problem with its ATMs, due to which thousands of customers of this financial institution decided that funds had disappeared from their accounts.

NatWest Faces ATM Glitch

For the first time, this failure in the work of the lender’s technological system became known on Thursday, September 21. Then the clients of the financial institution reported a discrepancy with the cash balances displayed at ATMs. Many of them on their pages on social networks announced the alleged loss of money. The lender’s clients, who published data about the problem, expressed concern that due to the failure, overspending of funds could be recorded on their accounts, which would entail bank charges.

The next day, the financial institution officially published a statement containing information about troubleshooting the ATM network. The lender also reported a delay in cash payments to a small number of accounts. The financial institution separately announced the update of customer accounts. The Bank stressed that no consumer of its services will be left without funds because of the problem.

An IT failure in the work of this lender was recorded a month after the functioning of the Bank of Ireland ATM network was disrupted. Customers of this financial institution lined up all over the country, mistakenly thinking that they would be able to withdraw money from ATMs in excess of the usual daily limits.

The last few months have been a difficult period for NatWest. In July, the bank announced its intention to close 143 of its branches in the United Kingdom. At the same time, the financial institution was at the center of a scandal related to the lender’s corporate strategy. This happened after Nigel Farage’s statement about blocking an account at Coutts Private Banking because of his political beliefs. Against the background of this scandal, the bank’s executive director resigned.

Serhii Mikhailov

2273 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.