HSBC glitch sees thousands not paid

HSBC glitch sees thousands not paid and home sales at risk

Thousands of people have not been paid ahead of bank holiday weekend after a glitch with HSBC’s payment systems.

The bank says up to 275,000 BACS payments used by its business customers are affected.

Businesses have been unable to make salary payments or pay suppliers as a result, meaning that individuals and companies with other banks are also affected.

Those caught up in the chaos may find themselves having to use their overdrafts unexpectedly, which may incur fees, unable to make payments or withdraw cash if they have insufficient funds available.


The bank has apologised. In a statement it said: “There has been a fault in the information used to process some payments from HSBC business customers.

"Approximately 275,000 payments have been affected, including payments to customers of other banks.

"HSBC apologises for the inconvenience this has caused. We are taking immediate steps to ensure the payments reach beneficiaries as quickly as possible.

"We will work with other banks to ensure that customers do not lose out as a result of today's problems."

It has not yet been able to give any indication of when the affected payments might be made.

If you have been affected and incur any fees for late payment or for using an unauthorised overdraft, HSBC is responsible for refunding you any consequential loss.

Keep a record of any charges you have had to pay and contact HSBC directly if you are a customer to make a complaint and request compensation. Customers of other banks should contact them to arrange a refund and their bank will then settle up with HSBC.

While Friday is a popular day to finalise house purchases – particularly on bank holiday weekends – would-be movers whose solicitors send and receive money by BACS, rather than the much more widely used telegraphic transfer or CHAPS systems, could find that their purchase or mortgage monies cannot be transferred.

The consequence could be that homebuyers find themselves parked outside their new properties unable to move in.

However, one solicitor told Moneywise that none of their firm’s 160 completions taking place today have been affected.


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