Bank of Queensland hit by “Y2.01k” glitch

A "Y2.01k" glitch has caused Bank of Queensland (BOQ) EFTPOS terminals to malfunction as clocks ticked over to January 1.

While Australians ushered in 2010, BOQ's machines jumped six years ahead and began date stamping January 2016.

Since most of the debit and credit cards that are in current use would have expired by 2016, the machines refused to process transactions.

A "large percentage" of BOQ's EFTPOS machines is reported to have been affected nationwide.

BOQ currently is investigating the cause of the giitch and working with service providers Keycorp and First Data to address the issue.

A manual workaround has been in place since Sunday, with businesses able to complete transactions by manually entering date information.