TSB’s IT meltdown has entered its second week, with some customers still unable to access their accounts or make payments.
One of the worst crises in British banking was caused by a botched migration of data from one IT system to another and has affected up to 1.9 million mobile and online banking customers at the Spanish-owned bank. On Thursday, TSB called in experts from IBM and asked them to fix the problems by Saturday.
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However, in its most recent online update, TSB said it was continuing to work hard to fix the problems, and a spokeswoman confirmed the situation was the same on Monday.
We have made Internet banking and Business banking available again but some customers may still have difficulties accessing and using these services. We are working hard to address these issues. Our mobile app is also available.
— TSB (@TSB) April 29, 2018
Several TSB customers took to social media to report continuing problems on Monday morning. The bank’s beleaguered chief executive, Paul Pester, has promised that customers will not be left out of pocket.
Iona Bain, the founder of the Young Money Blog, tweeted:
STILL can't access my @TSB account - so while the problems are fading from the headlines, the life-halting inconvenience hasn't ended. I'm very interested to know just what compensation would be commensurate with the disruption that more than a million people have experienced...
— Iona Bain (@ionayoungmoney) April 30, 2018
@TSB Today is the day that ALL my remaining care staff are supposed to be paid, but I keep being told that my password is too long or too short whenever I try and make a payment.
— Michael Grimmett (@MichaelGrimmett) April 30, 2018
I have a speech impairment which means that telephone banking is not an option.
🖐 that’s correct - still having difficulty accessing account 🙄 https://t.co/SD2mcCvsqY
— Michelle Buchan (@M_Buchan) April 30, 2018
Moving customers from the Lloyds legacy systems to a new database was expected to save the bank’s owners, Sabadell, £100m a year. Now the bank faces having to pay out a similar amount in compensation to customers and potential fines by the Financial Conduct Authority, which dispatched a team to TSB to monitor the situation.
Pester has refused to answer questions about his £1.6m bonus, which is due to be paid once the IT migration is complete, along with bonuses for 30 other senior staff.
The bank reiterated that the decision on bonuses lay with the remuneration committee of the TSB board, and no decision had been made.
