Contractor News Roundup: July 2020
There will be thousands of contractors being affected by the latest Natwest IT glitch, which started last week, as customers across the country are finding themselves unable to draw out money or pay bills.
Freelancers who don’t even bank with Natwest may have also found themselves suffering as a result of the technical problem, due to their clients being apart of the bank and not being able to pay them.
Although the initial technical problem has been fixed, Natwest is unsure of how long it will take to clear the backlog of payments. Stephen Hester, chief executive of RBS, which owns Natwest, has apologised to those who have been affected, saying that this has been an ‘unacceptable inconvenience.’
He said, “Right now my top priority, and the priority of the entire RBS Group, is to fix these problems and put things right for our customers.
“This is taking time, but I want to reassure people that we are working around the clock to resolve these problems as quickly as we are able.”
For contractors who have found themselves struggling because of the IT glitch should make a note that any customers who are able to prove that they should have received payments, are being offered emergency cash payouts.
The online FAQ section available on the Natwest website explains: “We will ensure that no customers will be out of pocket as a result of these issues.
“We can confirm that any fees and charges incurred by customers will be fully refunded. This includes charges levied by a third party; for example, if you were late paying a non-NatWest credit card or mortgage because your account wrongly showed there wasn’t sufficient cash.”
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