Oops! Bank Error Allows Customers With No Money In Their Account To Withdraw Up To Rs 90,000 In Ireland
Some customers at one of Ireland¡¯s largest banks, for one feverish summer evening, happened upon what seemed to be a magical loophole: They could spend their cash and apparently save it, too.
The last couple of days saw hundreds of bank customers line up in long queues at ATMs in Ireland. The reason?
Well, it is because some customers at one of Ireland¡¯s largest banks happened to witness what seemed to be a magical loophole in the bank's IT system: They could withdraw more money than they even had in their accounts!
Bank Error Results In Customers Lining Up At ATMs
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The error due to a "technical issue" at Bank of Ireland also cut some customers off from online banking services, while others found that it also allowed them to transfer or withdraw funds, even beyond the account limit (to as high as 1,000 Euros, i.e., approx. Rs 90,000), without changing the reported balance.
It was an apparent windfall that brought long queues to some ATMs across Ireland and, in turn, prompted the authorities to monitor crowds, even as the bank warned people not to overdraw their accounts, as per a New York Times report.
There was an "unusual volume of activity" at several machines in Dublin and elsewhere, the Irish police, An Garda S¨ªoch¨¢na, said. The police added that officers were deployed to provide security near some of the machines for what they said were public safety and order reasons.
Bank error in ¡°Ireland¡± allows people with very low bank balances to withdraw 1,000 euros in cash from ATMs.
¡ª iamyesyouareno (@iamyesyouareno) August 16, 2023
Look at all those Irish people taking advantage of this error. pic.twitter.com/pkBXiHgR9n
Bank error in your favour. Collect thousands of dollars ???
¡ª The opinionated Black woman ~ Aunty (@Theblackfemini3) August 16, 2023
Scenes across Ireland tonight as a glitch at the 'Bank of Ireland' meant people were able to withdraw €1000s even if they have nothing in their account. Cops are now guarding machines. pic.twitter.com/mWv38AsVRU
Bank Apologizes For The Glitch
¡°We are aware that the technical issue meant some customers were able to withdraw or transfer funds above their normal limits,¡± the bank said in a statement on Wednesday apologising for the outages.
Following the outage yesterday, the App and 3650nline are back working again. Overnight payments to accounts may appear throughout the day. We sincerely apologise for the disruption this outage caused - we know it fell far below the standards our customers expect from us.
¡ª Bank of Ireland (@talktoBOI) August 16, 2023
Services were restored overnight, but bank customers were warned that online banking would be slow as the bank caught up with processing payments, the bank¡¯s customer support representatives said on X (formerly known as Twitter).
And bank representatives were clear that any money transferred from accounts was not free to keep. Transfers and withdrawals made during the disruption would appear on accounts that day, the bank said in its statement, adding: ¡°We urge any customer who may find themselves in financial difficulty due to overdrawing on their account to contact us.¡±
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Also Read: EY Employees Salaries Get Reversed Due To Payroll Error
Customers Flood The Bank With Angry Messages
On Wednesday, customers flooded their social media accounts with angry messages, reporting that their balances had not been updated correctly or that their online banking services remained disrupted.
Some users said that they could not verify that monthly rent or mortgage payments had cleared, and others complained that they were scared to spend in case they accidentally went into overdraft or that they were having trouble reaching support services to discuss a repayment plan.
The technical issues meant that some customers were able to transfer large amounts ¡ª some reports put the figure at 1,000 euros, or about $1,092 ¡ª to an account with another bank without their Bank of Ireland balances recording the transaction, and then withdraw the amount in cash.
Also Read: Copy Paste Error By A Bank Employee Leads To ?1.5 Crore Fuss
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