Friday, March 30, 2007

Banking Error affects 400,000, wages held up, What to do

You may well have heard that there has been a big banking error that has held up many payments of peoples wages.

People who were going to be paid today are affected, having had their pay processed on Wednesday. The affected payments are those sent by BACS but manually processed. Potentially it can affect business to business payments as well.

What to do if you are affected

Firstly don't panic.

You need to act now if you need funds for the weekend. You must:

Call your bank, and ask what their procedures have in place. Most have now got something. They will probably do the following:

Allow you to withdraw a specified sum of cash, FROM A BRANCH, not a hole in the wall, provided you have ID and proof of earnings (like a wage slip).

Your wage payments should clear on Monday.

If you have a problem such as Direct Debits or standing orders bouncing, then you can get compensation for this, but initially speak to your bank. As and when I get more information I will let you know.

The BBC has this.

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