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Creditfix LB 03-2017

Compensation for Visa Problems

The first day of this month saw a meltdown for Visa as many card payments failed across the UK and Europe.

The company has since apologised for the problems on Friday 1st June, that were sorted out by the following day. However, many people have found multiple transactions were processed from their accounts when they tried to make payments.

All consumers that used VIsa on Friday the 1st have been advised to check their statements to ensure that they have not lost out due to the problems.

The crash happened at around 2.30pm when it was found that card purchases were failing.

Visa – who process ?1 in every ?3 spent in the UK – said that the problem was not due to unauthorised access or a cyber-attack, but due to a hardware failure with its back-end processing system.

Some banks have reported that any problems have already been sorted, while others have said that customers should contact them direct with any concerns.

Bank of Scotland, Halifax, Lloyds, NatWest, and RBS have announced that all incorrect pending transactions have now been removed.

Barclays, Barclaycard, and Nationwide have said that it can take up to seven days for pending transactions to drop off accounts, but customers should contact it if they need this to be quicker to avoid hardship.

Santander says all incorrect transactions have now been removed, except for certain gambling transactions, but staff can manually remove them if you ask.

There is no guarantee that customers will be able to claim compensation for extra costs incurred by the problems, such as such as paying higher charges while using a back-up card abroad or facing fees because your money was ringfenced by the pending transaction.

However, experts have advised customers to collect as much information as possible, including details of additional fees you?ve paid out and costs such as phone charges, and contact their bank – not Visa.

Most banks have said that they will deal with claims on a case-by-case basis.

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