People Race to ATMs after Bank of Ireland App Glitch Generates a Windfall

Local media reported on Tuesday that a bug in the bank's online app allowed customers with low balances or no money in their account to transfer up to 1,000 euros ($1,090) into a linked account with a digital banking app, such as Revolut, which could be withdrawn via ATM.

Irish police reported late Tuesday that they were aware of an unusually high volume of activity at certain ATMs throughout the nation. After the malfunction became a prominent topic on social media platform X, formerly known as Twitter, images purporting to depict ATM lines were shared on social media.

Tuesday evening, a Reuters correspondent did not observe any lines at any of the ATMs in the Dublin city centre.

According to a statement from Ireland's largest bank by assets, a number of Bank of Ireland services were impacted by a technical issue yesterday. Overnight, our teams restored these services, and this morning, all services are available to clients."

"We are aware that some consumers were able to withdraw or transfer funds in excess of their normal limits due to a technical issue. Today, these deposits and withdrawals will be credited to consumers' accounts."

Irish Finance Minister Michael McGrath tasked the central bank with establishing a comprehensive account of what transpired and determining whether additional measures are necessary to reduce the risk of such disruptions across the sector.

The central bank stated that it was monitoring the situation and working with Bank of Ireland to remedy any identified issues and errors for customers.

In response to a request for additional information about the problem, a bank spokesperson stated that it was a technical issue.

"We urge any consumer who may be experiencing financial difficulty due to an overdrawn account to contact us immediately. Sincere apologies for the inconvenience this outage has caused." bank's statement was included.

In addition, the bank's app and online services may be sluggish on Wednesday as the institution catches up with payment processing.

The spokesperson stated that the volume of transactions conducted on Tuesday night did not represent a substantial portion of the average daily volume and that customers would not be charged interest on any overdrawn balances.

Tuesday at 14:50 GMT, the bank first acknowledged that consumers using its mobile app and online service were encountering difficulties.

Customers had complained on social media to Bank of Ireland that they were unable to access their account online, that their bank card was declined for payment, and that they were unable to withdraw funds from their account.

At 11:15 GMT, Bank of Ireland shares were unchanged.

A Revolut spokesperson in London had no immediate comment. Earlier this year, the digital banking platform reported that it had more than two million customers in Ireland.

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