HSBC technical glitch: What customers can do

What happened?

  • A 'technical glitch' at HSBC meant thousands of customers were left without their salaries

  • It is one of the worst days for it to happen, occuring before the Bank Holiday weekend

  • Many customers also have rent, mortgage, direct debit or credit card repayments due around this time of the month which they may now be unable to pay

Who has it affected?

  • HSBC said around 275,000 payments totalling hundreds of millions of pounds did not go in customers bank accounts as expected on Friday

  • You don't have to be a HSBC customer to be affected as the issue affects its Bankers Automated Clearing System (BACS)

  • BACS is critical to the functioning of the UK banking system and processes £50 billion worth of transactions every day

  • It is commonly used by employers to pay staff wages so if your employer even if you don't have a HSBC bank account your wages could be delayed

What has HSBC said?

  • The bank "apologised for any inconvenience caused" by the glitch and said it was "working hard" to fix the issue

  • In a statement released this afternoon they said the majority of payments should be completed by tonight at the latest

  • Any customers who do not receive their delayed payments by Saturday morning should speak to their bank straight away

  • HSBC said it would also offer compensation where appropriate for "today's unacceptable problems"

What can people do?

  • If you are unable to make a payment due to the delay you should notify whoever it is you owe money to and explain the reason why

  • When such glitches have happened in the past banks have shown forebearance and money experts say they hope that will happen again this time

  • There are no laws or consumer rights around this particular issue, so depending who you owe money to, you could still incur late charges

  • But the Bank of England and the Financial Conduct Authority (FCA) say it will ensure banks take steps to help those left at a disadvantage