Customers affected by a system failure hitting Japan's payments clearing network last week will be compensated by their financial institutions for any charges incurred due to the service disruption, its operator said Wednesday.
The compensation will cover fees including transfer cancellations, late payments, and any overdraft fees charged on accounts that temporarily had insufficient funds, the Japanese Banks' Payment Clearing Network said in a press release.
MUFG Bank, which was among the 10 banks hit by the two-day system disruption through Oct. 11, said it has set up a consultation line for affected customers.
Transfers via automated teller machines, online banking and bank counters were all delayed in the first system problem to impact bank customers since the network was launched in 1973.
The issue, which affected over five million transactions, was caused by a problem in the computer system relaying transaction data between financial institutions and the clearing network.
