A sudden tech glitch in a major bank in Europe has resulted in customers with little to no money being able to take huge amounts of cash.
On Tuesday, for a span of several hours, Bank of Ireland customers found themselves being able to withdraw substantial sums from ATMs, with many mistakenly assuming that they were receiving ‘free money’.
Tech glitch allowed big cash withdrawal and transfers
Using their Bank of Ireland cards, several customers managed to withdraw $546 (EUR 500) from ATMs. Others succeeded in transferring up to $1,090 (EUR 1,000) to other accounts, even exceeding their curent account balances, and subsequently withdrawing these funds as cash.
Technical problem identified and addressed
The Bank of Ireland noted that the tech glitch affected a range of its services, including its mobile app and online banking.
The bank recognised the severity of the disruption caused by the technical breakdown and extended sincere apologies to its customers. It acknowledged that the incident fell far short of the service standards expected by its customers. The bank also told local media that its app might experience delays as the bank worked to process payments and rectify the issue.
Police gets involved
The incident spread through the news and social media, prompting reports of long lines forming at ATMs all over Ireland. According to local reports, the high demand for cash withdrawal led to a police intervention, with officers deployed to regulate and prevent excessive withdrawals.
The bank reportedly communicated with the authorities regarding the situation but did not request the presence of police officers at its ATMs.
By Wednesday, the bank announced that the glitch had been successfully resolved.
Through posts on the X platform (formerly Twitter), the Bank of Ireland issued a warning to its clients and shot down hopes that they’d be able to keep their “free money.” The bank informed customers that the transactions resulting from the glitch would be deducted from their accounts and could potentially impact their debit ratings. The bank assured clients that these corrective actions would be applied to their accounts on the same day. The bank also urged customers facing financial challenges due to overdrawing to get in touch with them for assistance.
In response to the incident, several experts highlighted that the tech glitch highlights the bank’s inadequate IT system. Notably, the Central Bank of Ireland has previously imposed fines on the bank due to deficiencies in its IT infrastructure.
Following the incident, the central bank said it was monitoring the situation and working with the bank to “ensure that any issues and errors identified are resolved.”
