Money News in Brief: Is £20 Enough?
by from money.co.uk, 8 months ago

Ulster Bank has set out plans to compensate customers who were affected by their computer failure earlier this summer.

Money News in Brief: Is £20 Enough?

They've promised to refund all fees, charges and debit interest applied as a result, and pay any missing credit interest - this will be done automatically by the end of October.

In addition, they'll be reimbursing any reasonable 'out of pocket expenses' the computer downtime caused - you'll need to make a claim on the Ulster Bank website if you were left to cover extra costs.

You'll also be able to also get a free credit report and help dealing with any resulting issues.

Plus, they'll be compensating customers that made more transactions in branch between 19th June and 18th July than they did previously with an automatic £20 payment. If you didn't visit a branch during this time but were still inconvenienced you should raise this with the bank.

Some current account fees will also be waived for a three month period, and bonus interest paid on some savings accounts to make amends.

Read our guide: How to stop the RBS computer glitch impacting your credit rating if you were affected.

What else is happening?

Some Asda customers that placed an online order yesterday have been overcharged for their groceries

Reports suggest that some have had up to five times their spend debited from their accounts! Asda are working to resolve the issue and are in the process of contacting affected customers and re-crediting any overpayments. They'll also be refunding the original spend in compensation and any bank account charges incurred as a result.

Schemes to support the transition to Universal Credit will be piloted in 12 local authorities this Autumn

The pilots will focus on helping claimants develop the skills they need to both claim Universal Credit and search for jobs online, and better manage their finances.

House prices across the UK increased in August according to the latest Nationwide House Price Index

Although prices are still 0.7% lower than this time last year, they rose by 1.3% over the course of the month, taking the average value of UK property to £164,729. Interestingly the Land Registry published their house price data for July this week - they found prices rose 0.8% over the month, 0.3% compared to July last year!

Dodgy used cars top the list of recent consumer complaints to the CAB

Twelve thousand people complained to the Citizens Advice Bureau between April and June this year about issues with second hand cars (worth £55million in total) bought from independent dealers - two thirds of these were about faulty cars and more than one in ten related to misinformation.

The first branch of M&S Bank is now open in London's Marble Arch

While they're not yet offering current accounts (these are due for the Autumn) prospective customers can pre-register in-branch and also apply for M&S credit cards or loans. M&S Bank plan to open a number of other branches in big cities across the UK in the coming months, with a total of 50 planned by the end of next year.

We spent less on credit cards in July than at any other time in the past 6 years

That's according to new figures from the Bank of England. Total spending on credit cards fell by £147 million over the course of the month but mortgage lending increased slightly during the same period.

RBS and Lloyds TSB have come under fire for their treatment of basic bank account customers

The banks currently place restrictions on which ATMs those with basic accounts can use - posing problems for those that do not live near a cash point owned and run by their bank.

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