Processing hang-up delays automatic pay deposits

| March 30, 2007 | 0 Comments
Processing hang-up delays automatic pay deposits

As many as 400,000 individuals will not have their pay deposited in their bank accounts as usual on Friday due to a processing glitch. This could cause problems for those who have automated payments scheduled to go out over the weekend. Banks, however, have vowed that customers will not be charged if their accounts become overdrawn due to the problem, which became apparent Thursday night and involves payment processing systems. The system began to run slowly, according to reports, and then it became apparent that some of the data involved could have been corrupted.

Apacs, the trade association for payment systems issued an apology for the delay and said it is confident that all payments will be in place by Monday, 2 April at the latest. Some customers might have trouble withdrawing money from their current account until then if they try to use a cash machine, but that some might be able to do so over the counter. A statement on the Apacs website encourages individuals with problems or concerns to contact their bank.

The problem with processing the payments will likely affect around 1.6 percent of the payments processed through BACS system on the day. All banks and building societies have been notified of the problem, an Apacs spokeswoman said.

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