Word: bankses
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Customers of German savings banks, which are public institutions run by local councils, have been hit the hardest. More than 20 million of these banks' cards were not working when the glitch cropped up on New Year's Day. About 2.5 million cards issued by private banks such as Commerzbank...
German banks have been working round the clock for the past week to try to fix the problem, which involves reconfiguring tens of thousands of cash machines and payment terminals in German stores and supermarkets, as well as those in countries visited by vacationing Germans, to be able to read...
Over the past few days, bank officials say that most cash machines in the country have been reconfigured and are now reading the cards again. But they say that most payment terminals won't be fixed until at least Monday, which has led some crafty consumers to come up with...
The glitch comes as a heavy blow to retailers feeling the pinch after last year's recession - and the gloomy holiday shopping period when sales were largely stagnant. According to HDE, the German retailers' association, at least a fifth of all payment terminals in German stores could not read the...
"Germany is a high-tech country and it's incredible this software bug could have happened here," Manfred Westphal, head of the financial-services department of the German Consumers' Association, tells TIME. "It's a lousy mistake - obviously the banks didn't test the software properly beforehand." Consumer groups say...