Why our banks always like this? Breakdowns???

[kopiuncle]

SINGAPORE: Over 600 automated teller machines (ATMs) operated by United Overseas Bank (UOB) were down at around noon on Monday due to a technical fault.

UOB customers also could not conduct NETS transactions during this period.

A statement from the bank said that "service was restored within the hour" at 1 pm.

UOB apologised to customers who were affected when its ATM network in Singapore was unavailable on Monday afternoon.

According to a spokesperson from the Monetary Authority of Singapore (MAS), UOB had informed MAS that it is investigating the cause of the fault.

As part of IT and operational risk management, MAS said banks are required to investigate promptly the causes of system breakdowns and take immediate measures to rectify system failures and restore customer services.

- CNA/de

 

[kopiuncle]

DBS fiasco was well known.

So far OCBC seems to be the best and most secured? Agree ?

 

[singveld]

A few hours kpkb, in belfast, they cannot use ATM for 1 month.
some who cannot access to their money have to beg for food.
they build the titantic. proof that they are technologically advance.
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Ulster Bank still working out how clients can claim out-of-pocket costs

Four weeks after a technical problem left a backlog of tens of thousands of payments, Ulster Bank still can’t say how customers can claim for the disruption caused by its banking glitch.

While the bank said it would refund fees and charges applied by it and other banks as a result of the long-running IT problems, chief executive Jim Brown said it was still working out a process through which customers can claim for ‘out-of-pocket’ expenses.

“For customers wishing to make a claim for any out-of-pocket expenses incurred, we will launch a comprehensive process later this week so anyone impacted will fully understand how to progress any claims they may have as a result of this issue,” chief executive Jim Brown said.

He said the bank has still to figure out how to compensate customers for inconvenience caused by the interruption to day-to-day banking over the past month.

“We understand that this issue has caused significant and unacceptable disruption and we are introducing a range of measures to recognise the impact it has had on customers’ day-to-day banking needs,” he said. “We are currently consulting with regulators and consumer groups and will be in a position to communicate further details shortly.”

Ulster Bank has said normal service has been restored to the majority of its customers hit after computer problems effectively froze transactions last month.

A serious computer failure almost a month ago at the bank's parent company RBS caused chaos to many people's accounts.

The issue of ensuring credit ratings are not adversely impacted by the Ulster Bank IT glitch is also still to be finalised.

Mr Brown said the bank is working with credit ratings agencies to ensure “no customer’s credit rating is affected as a result of the incident”. But he couldn’t say whether Ulster Bank itself would check if its customers’ rating had been impacted or if it would be up to individuals to check with agencies, nor how long the window to claim would be open.

However, the chief executive said all but 2% of backlogged transactions are now up to date.

And as the dust begins to settle on an episode which has battered the bank’s 176-year-old reputation, Jim Brown, in an interview with The Belfast Telegraph, has said the problem is going to prove costly to rectify.

“It’s going to be tens of millions of pounds,” he said.

Mr Brown said an independent investigation at parent company RBS is ongoing into how the problem occurred and he believes this will restore trust in the bank.

What the bank says about...

Refunding fees & charges: We will fully refund all fees and charges incurred by Ulster Bank customers or customers of other banks as a result of this issue.

Out-of-pocket expenses: For customers wishing to make a claim for any out-of-pocket expenses incurred, we will launch a comprehensive process shortly.

Credit ratings: We are working with credit reference agencies to ensure that no customer's credit rating is affected.

Recognition of inconvenience caused: We understand that this issue has caused significant and unacceptable disruption and we are introducing a range of measures to recognise the impact it has had on customers’ day-to-day banking needs.

 

[Cruxx]

DBS fiasco was well known.

So far OCBC seems to be the best and most secured? Agree ?

Singaporeans no talent

 

[ConyuConhee]

SINGAPORE: Over 600 automated teller machines (ATMs) operated by United Overseas Bank (UOB) were down at around noon on Monday due to a technical fault.


- CNA/de

lidat more loom for improvements
otherwise how to be happy
looking at cpf statement

vote for kimsiews-in-pink
for prosperity
for descedant future
for golden leera
the promised land is there

 

[kopiuncle]

always long long queues at posb atms. many times, no money to withdraw.
why like this?

 

[po2wq]

Why our banks always like this? Breakdowns??? ...

world crass smrt evryday oso got breakdown n dey tel u world crass is lidat ... so, watz 2 comprain? ...

 

[Black Swan]

DBS fiasco was well known.

So far OCBC seems to be the best and most secured? Agree ?

You sure? Read this:

http://www.mas.gov.sg/News-and-Publ...of-its-Online-and-Branch-Banking-Systems.aspx

MAS Reprimands Oversea-Chinese Banking Corporation Limited for Failure of Its Online and Branch Banking Systems


Singapore, 31 October 2011...The Monetary Authority of Singapore (MAS) has reprimanded Oversea-Chinese Banking Corporation Limited (OCBC Bank) for the failure of the bank’s online and branch banking systems on 13 September 2011.

2 As required by MAS, OCBC Bank has presented its findings from its investigation into the causes of the breakdown. MAS’ supervisory action on OCBC Bank took into consideration the circumstances leading to the outage, extent of the outage, and the bank’s follow-up actions to recover its systems. We note that there was timely internal escalation of the outage and the bank took necessary actions following the outage to minimize inconvenience to customers. The bank recovered its systems and services within the four hour recovery time objective set out in MAS Internet Banking and Technology Risk Management (IBTRM) Guidelines. It also took adequate steps to ensure timely communication with its stakeholders.

3 However, from our review and analysis of the investigation reports, we established that the bank did not implement sufficient measures to address single point of failure in its system and network infrastructure. OCBC Bank had therefore failed to observe the Security Practices requirement set out in the MAS IBTRM Guidelines.

4 MAS has reprimanded OCBC Bank and directed it to:

a) conduct a thorough review of all critical host and network architectures as well as configurations to determine if there are any single point of failure or operational and functional fragility;

b) review the bank's monitoring system as well as processes and implement adequate monitoring of network devices; and

c) review all support and maintenance teams from vendors that are assigned to the bank to ensure that they have the requisite level of experience and skills to achieve the level of service or support criteria set by the bank.

5 Mr Lee Boon Ngiap, Assistant Managing Director, Banking and Insurance, MAS, said, “MAS expects financial institutions to be responsible and accountable in managing and controlling technology risks as well as implementing measures to ensure the resilience of their IT systems and infrastructure. We will not hesitate to take appropriate supervisory action against any financial institution which fails to meet the standards set out in the MAS IBTRM Guidelines.”

 

[kopiuncle]

thank you bro black swan. much appreciated.

 

[kopiuncle]

world crass smrt evryday oso got breakdown n dey tel u world crass is lidat ... so, watz 2 comprain? ...

i got it! world class msut have brakedowns otherwise it's not world class. got it!

 

[The Philistine]

i got it! world class msut have brakedowns otherwise it's not world class. got it!

You are absolutely senile.

 

[Kinana]

DBS fiasco was well known.

So far OCBC seems to be the best and most secured? Agree ?

I have worked with all three banks.
Its all down to the culture. DBS has immoral culture. UOB China man culture. OCBC most professional.

 

[Qantas]

DBS fiasco was well known.

So far OCBC seems to be the best and most secured? Agree ?

What do you expect? All the banks' IT departments are staffed by people with forked-tongues nowadays i.e. fake degrees and all talk but cannot work.

 

[JesseVENTURA]

always long long queues at posb atms. many times, no money to withdraw.
why like this?

This example, I agree.

 

[wendychan]

was at Kovan trying to get money about noon
called the customer service number at 12.14pm

the filipino guy didn't seem to know what was happening (if he did know, he didn't say anything) just transferred me to cards dept, hold on forever, until give up... saw some one else having the same problem at the ATM machine... so OBVIOUSLY something wrong with the system,

why couldn't they just tell you over the phone, instead of wasting more $$$$$ holding on ?????

 

[johnny333]

In Spore money talks.
Banks don't face such things as class action suites in Spore. No fines or anything, In other words except for unhappy customers the only thing that the banks suffer is damage to their reputation.

Not much incentive to improve is there

 

[kopiuncle]

I have worked with all three banks.
Its all down to the culture. DBS has immoral culture. UOB China man culture. OCBC most professional.

i still don't understand why my school stamp posb kena swallowed...up till today, i still don't understand why???

 

[syed putra]

In The good Old days before Computers, The banks in english speaking countries will honour your cheques if amount is reasonsble at any of their branches. This includes New Zealand and many asians Took advantage of this to Con The banks of some Money before They left The country after residing there

 

[Cruxx]

was at Kovan trying to get money about noon
called the customer service number at 12.14pm

the filipino guy didn't seem to know what was happening (if he did know, he didn't say anything) just transferred me to cards dept, hold on forever, until give up... saw some one else having the same problem at the ATM machine... so OBVIOUSLY something wrong with the system,

why couldn't they just tell you over the phone, instead of wasting more $$$$$ holding on ?????

There are some countries where people don't even have ATM. Be grateful for what you have. If not for the PAP, you would be withdrawing money in a fishing village now

 

[po2wq]

... If not for the PAP, you would be withdrawing money in a fishing village now

lidat no goot, meh? ... can sian chiobu teller ...

now dey tel u 2 diy outside ...