Bank of Queensland EFTPOS terminals celebrate 2016
Monday January 4, 2010
Bank of Queensland has had a disastrous start to 2010 after the banks thousands of EFTPOS terminals jumped from 2009 to 2016, meaning that the thousands of businesses and customers that use their terminals were deemed to have "expired" cards and accounts.
Bank of Queensland terminals internal clocks skipped to January 1, 2016 and halted in processing any sales for its business customers as all issued cards are due to expire before this date, meaning businesses using the Bank of Queensland's Eftpos terminals were unable to process electronic sales.
The issue was briefly rectified on Sunday 3rd January to a manual level, which meant that businesses were able to manually submit any payments but electronics were still out. This issue has been attributed to delayed Y2K bug activity with the bank stating that it is still working on the issue with an investigation underway.
To date, it is only the EFTPOS terminals that are confirmed as being affected by the Y2K bug with the banks ATMs yet to be cleared of any affect. However a spokeswoman for the bank released a statement saying that the bank was unsure how many of it terminals were affected, with 8000 being located around the country.
''There is an issue with the time and date stamp on Bank of Queensland Eftpos terminals and we are working with our service providers, Keycorp and First Data, to address this issue as a priority,'' a Bank of Queensland spokeswoman said.
''As of yesterday afternoon, we have a manual workaround in place and are continuing to investigate the root cause.''
It is unknown whether or not businesses that were unable to process sales over the New Year period will be compensated for lost sales.
Bank of Queensland recorded a net profit rise of 21 per cent in 2009 to $141.1 million last year, despite the fact it was one of the worst years on record for the brand. Additionally, it had to increase provisions for impaired assets to $134.3 million.
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