12 June 2024 , 09:29
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The Co-operative Bank has issued an apology following a technical bug which caused several payments to be taken twice from numerous small business account holders.
On X, a social media platform, one individual reported being "almost £5k down thanks to this with no resolution in sight". The blunder, which occurred on Tuesday, affected only a "small number" of the bank's 96,000 small business clientele, according to the Co-op Bank.
A representative for the bank stated: "We are aware there are a small number of SME account holders who have duplicated payments showing in their balances and are in the process of correcting this issue. We apologise for any inconvenience caused and are supporting customers during this period.”
As word of the issue spread, affected customers took to social media to express their frustrations about experiencing lengthy delays in reaching bank staff and finding themselves deep into their overdrafts as a result of the error.
One customer remarked on X that they noticed "have loads of duplicated transactions from months ago" in their account history. Another unhappy customer pleaded with the bank on X, writing: "Can someone in authority please tell us what's happened to our business account. We have been in overdraft all day and still waiting to hear from you."
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A third aggrieved person posted: "Utter shambles regarding duplicate historical transactions being taken from customer accounts without any notification from you this has happened. Thousands of £ out peoples accounts without even notifying customers. Tell us how this will be resolved? ".
Coventry Building Society agreed to purchase Co-op Bank for £780million last month. The agreement will result in a high street lender with assets worth £89billion and mark the return of the private equity-owned Co-op Bank to mutual ownership.