The Bank of Ireland experienced an unexpected bank run Tuesday night after a glitch with their ATM system allowed bank customers to withdraw more money than what was available in their bank accounts, according to local reports.
Irish reports claimed that customers could withdraw up to €1,000 from their accounts by transferring the money to an account with financial technology company Revolut – regardless of whether or not they had the money available – and then withdraw it from Revolut as cash.
Hundreds of people made their way to Bank of Ireland Lisduggan in Ireland’s southern province of Munster at 10:00 PM on Tuesday night to take advantage of the ATM glitch. One person told local station WLR-FM that they withdrew more than $1,000 from their account — which was more than they had in their bank account, while another said they were able to get $500 out of the machine.
If you were a Bank of Ireland customer, you were in luck Tuesday night. Due to a glitch, some customers were able to withdraw money from ATMs that they didn't have in their accounts. While the bank apologized, it noted that any transactions will be reflected accurately. pic.twitter.com/NK4odpha8o— NowThis (@nowthisnews) August 16, 2023
The Bank of Ireland released a statement on X (formerly Twitter) in which they acknowledged the error and said they are working to rectify issues.
“We are working to fix this issue as quickly as possible and apologize for any inconvenience caused. We will update here once service is restored,” the bank said.
A spokesman for Revolut told PA it was “looking into” claims that excess amounts of money had been transferred into customer’s accounts from Bank of Ireland, while Ireland’s national police, the Garda Síochána, told the Independent that it was aware of an “unusual volume of activity” at ATMs across the county.
While happy bank patrons may have thought they earned a free payday, the bank has warned that all withdrawals will be honored and that they will not allow customers to get away with the money for free.
The bank further warned customers withdrawing and transferring funds that exceeded the amount of cash in their accounts that they will have to pay the money back.
We would like to remind customers if transferring/withdrawing funds-including over normal limits-this money will be debited from their account.We are conscious customers may not be able to check balances,but should not withdraw/transfer if they are likely to become overdrawn— Bank of Ireland (@talktoBOI) August 15, 2023
“We would like to remind customers if transferring/withdrawing funds – including over normal limits – this money will be debited from their account. We are conscious customers may not be able to check balances, but should not withdraw/transfer if they are likely to become overdrawn,” the bank said on X.