Banking

Lloyds Banking Group Reports Faster Payments Outage

Lloyds Bank Reports Faster Payments Outage

Lloyds Banking Group, which includes Bank of Scotland, Halifax and Lloyds, has suffered a faster payments glitch that affects customers’ ability to get money, according to reports.

The issue appeared to be with Lloyds, but all banks issued identical statements.

Halifax’s Twitter account referenced the problem early in the day on Friday (Jan. 18), saying that “we are aware that some customers are experiencing problems with making faster payments. We are working to resolve the issue as quickly as possible. We would like to assure customers they will not be out of pocket as a result of this issue, and apologise for inconvenience caused.”

Later in the afternoon, the bank tweeted again: “Faster payments are now being processed, but there may be a delay in processing some payments. We continue to advise customers they shouldn’t submit second payments to avoid duplicates. We’re sorry for any inconvenience and assure customers they won’t be out of pocket as a result.”

Several customers said they had problems getting money from ATMs, although the bank reportedly fixed that issue. Other customers complained they couldn’t get a hold of anyone on the phone, although that issue seemed to be due to high call volume.

The outages come on the heels of Lloyds Banking Group being criticized for making its overdraft fees more expensive and complicated for its customers.

According to a Financial Times report, the bank was to implement a new tariff on Monday (Jan. 14) that would boost fees for borrowers of less than about £4,100. But critics say a new tiered charging system will make it harder for customers borrowing larger amounts to determine how much they’ll have to pay.

“While these fees might be legal, they are not within the spirit of the FCA’s recommendations. It is unacceptable for financial institutions to try to game the system at the expense of customers, particularly those struggling with their finances,” said Rachel Reeves, a Labour MP.

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