On Wednesday morning, Bank of Ireland (BIRG.I) addressed technical issues that had enabled certain customers to withdraw or transfer amounts exceeding their account balances. This action followed a surge of attention on social media regarding the glitch, which subsequently led to lines forming at ATMs.
One of the problems included a malfunction in the bank's online app, which had granted customers with minimal or no funds in their accounts the ability to transfer up to 1,000 euros ($1,090) to a linked digital banking app account, such as Revolut. These funds could then be withdrawn via ATMs, as reported by local media on Tuesday.
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Late on Tuesday, the Irish police acknowledged an unusual surge in activity at various ATMs across the nation. Images circulating on social media depicted queues at ATMs, with the glitch gaining traction as a trending topic on the social media platform X, previously referred to as Twitter.
On Tuesday evening, a reporter from ICCBizNews observed no queues at various ATMs located in the central area of Dublin.
The largest financial institution in Ireland, based on its asset holdings, released a statement stating, "A technical problem had an impact on several services of Bank of Ireland yesterday. Our teams worked to reinstate these services overnight, and as of this morning, all services are accessible to our customers."
"We acknowledge that the technical glitch enabled certain customers to exceed their regular limits for fund withdrawals and transfers. These transactions involving transfers and withdrawals will be recorded in the customers' accounts starting today."
Irish Finance Minister Michael McGrath has formally requested the central bank to conduct a thorough investigation into the events that transpired, as well as to determine whether any additional measures are necessary to mitigate the risk of similar disruptions throughout the sector.
The central bank communicated its active oversight of the situation and its ongoing collaboration with Bank of Ireland to address and rectify any problems or discrepancies uncovered, all in the interest of customers.
In response to inquiries seeking more information about the matter, a representative from the bank mentioned that there were no further details to provide apart from characterizing it as a technical complication.
The bank's statement further included an appeal to customers who might encounter financial challenges due to overdrawing from their accounts, urging them to reach out for assistance. The statement expressed sincere apologies for the inconvenience caused by the disruption.
Additionally, the statement noted that the bank's app and online services might experience sluggish performance on Wednesday, as efforts are made to catch up with the processing of payments.
The spokesperson clarified that the volume of transactions carried out on Tuesday night constituted an insubstantial portion of the average daily flows. They emphasized that customers would not incur interest charges on any amounts that had been overdrawn.
Initiating at 1450 GMT on Tuesday, the bank initially acknowledged reports of customers encountering difficulties while using its mobile app and online service.
Customers had voiced their grievances to Bank of Ireland via social media, citing issues such as inability to access their accounts online, declined bank card payments, and the incapability to withdraw funds.
As of 1115 GMT, Bank of Ireland shares exhibited no notable change in value.
A representative from Revolut in London refrained from providing immediate comments. The digital banking platform had previously disclosed that it boasted over two million customers in Ireland earlier this year.
