Payday misery for thousands of HSBC customers as glitch holds up paymentsComments Off on Payday misery for thousands of HSBC customers as glitch holds up payments
HSBC is investigating payment problems thought to be linked to the national Bacs clearing system which moves money between banks.
Customers complained on Twitter that payments were being held up, on a day when many employees would be expecting to receive their monthly salaries in their bank accounts.
Bacs processes transactions worth up to about £50 billion every day and is critical to the functioning of the UK financial system.
HSBC said it was looking into the issue.
Bacs has yet to respond to the reports and it is unclear whether the problem was affecting only HSBC or also hitting customers of other banks.
One Twitter user wrote: “None of my staff have been paid. HSBC when will this be sorted?” Another said: “Bacs payment system down on payday and before Bank Holiday. Lovely.”
What a day !! #HSBC Banking System down have spent all day withdrawing large sums of cash & running from bank to bank paying staff in cash
— Lizzie (@lizzie_hague) August 28, 2015
HSBC said on Twitter: “There has been an issue affecting Bacs payments by some HSBC customers today.
“We apologise for any inconvenience caused and are working hard to resolve the issue as quickly as possible.”
HSBC is understood to have contacted the Bank of England over the problem today, while the Financial Conduct Authority has also been called in. It is thought the issue related to payments coming from HSBC rather than the whole Bacs system itself.