The Co-operative Bank has issued an apology after a number of small business account holders reported a technical issue that resulted in payments being taken twice.
On social media, one user expressed their frustration, stating they were “almost £5k down thanks to this with no resolution in sight”. The bank responded on Tuesday, acknowledging the problem and confirming that it affected a “small number” of the 96,000 small business customers they serve.
A spokesperson for The Co-op Bank said: “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.”
They added, “We apologise for any inconvenience caused and are supporting customers during this period.” Customers took to social media to share their experiences, with some facing long waits to speak with staff, while others found themselves unexpectedly overdrawn.
One customer complained about “have loads of duplicated transactions from months ago” on social media. Another directly addressed the bank online: “Can someone in authority please tell us what’s happened to our business account.”
They continued, expressing their distress: “We have been in overdraft all day and still waiting to hear from you.”
A third disgruntled customer called the situation an “Utter shambles regarding duplicate historical transactions being taken from customer accounts without any notification from you this has happened.”
They demanded answers: “Thousands of £ out peoples accounts without even notifying customers. Tell us how this will be resolved? “.
Co-op Bank agreed to a £780 million acquisition by Coventry Building Society last month. This deal will result in a high street lender with assets totalling £89 billion and marks the return of the private equity-owned Co-op Bank to mutual ownership.
