Customers of Clydesdale and Yorkshire banks have not received their wages and failed to pay other payments due to an IT failure.
The group, which now includes Virgin Money, stated that it is carrying out a full investigation after most of the customers complained that they have not received their January wages.
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In a statement, the bank said transactions had been delayed because a file used to process them had the incorrect date.
“We are now working to get account balances updated overnight so that correct funds are available from early tomorrow morning,” the statement read.
In October last year, Clydesdale and Yorkshire Banking Group (CYBG) confirmed that it will rebrand itself as Virgin Money.
As a result, all customers of Clydesdale Bank, Yorkshire Bank, and Virgin Money are serving under one banking identity. All customers are provided with the full range of products under the group.
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By GlobalDataThis year, the new Virgin Money products will be launched, including an enhanced current account and a Virgin Money business banking account.
Afterwards, the rebranding of both Yorkshire Bank and Clydesdale Bank will start. The entire process is expected to be completed by 2021.
In November last year, Virgin Money announced that its FY2019 pre-tax losses rose by 41% to £232m after setting aside a further £385m for PPI claims.
Virgin Money FY2019 statutory loss for the 12 months to end of September rose by 34% to £194m.
Ongoing margin pressure results in a 12 basis point drop year-over-year in the net interest margin to 1.66%.
Other less than positive metrics include a 10% drop y-o-y in non-interest income.
