The problem is the "delayed settlement" that occurred. Nobody had too much money deducted from their account, every deduction related to a real purchase that the customers had made. The problem was that the deductions from their accounts were made weeks after the original purchase. It didn't matter who they banked with, only that their card had been swiped through a FNB POS device in a store.
We heard from many people who were surprised to see that often large amounts of money had been withdrawn from their bank accounts, not realising that it was actually money they thought they'd spent weeks beforehand. Some were left with very little money or perhaps even nothing at all. A few found themselves suddenly overdrawn. Some customers were then charged penalties for going over their limits.
Of course the banks will say that these customers DID spent the money and they SHOULD have been checking their accounts every day to make sure than the money they spent had actually been deducted. But realistically, who does that? And should they really have to?
Barclays Bank have today issued a press release that suggests what Barclays customers should do if they were affected by the FNB problem.
Notice to our valued customersRight now it doesn't matter how irritated you might be with this situation but if you are a Barclays customer and you're in difficulties as a result of the FNB problem then talk to your branch as soon as possible. Don't delay.
Following a public notice from First National Bank of Botswana on the technical problems they experienced with their swiping machines resulting in delayed settlement of transactions performed from the 18th of August to 16th September 2014, some Barclays customer accounts were overdrawn. If your account was affected, we encourage you to visit your nearest Barclays branch to discuss available options. We sincerely apologise for the inconvenience that this fault may have caused you and remain committed to help you PROSPER.
For any enquiries, please contact your nearest Barclays branch.