Yes that appears to be some sort of bug... I know this has been brought upon OS before and they did not acknowledge it as a bug, but I'm not sure if that is still the case.
Background info
Support FAQ:
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Quote:
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Guild Storage buffer is full
Please be aware that there is a zone server limit that only allows up to 300 guild storage spaces to be open at once. If you are getting this message, it means that too many people are in that zone.
There are three zones available; they are Roumen, Elderine, and Uruga. If you are having trouble opening the storage in one zone, try a different area or ask a guildie to log out to decrease the number of storage spaces open in that zone.
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Source
That's what's supposed to happen, but it seems like once you get the bug, it will keep on bugging up.
Possible fix?
Try Roumen, Elderine and Uruga NPC. If they all don't work, you will have to wait till maintenance occurs. Apparently, if you log on right after maintenance, and access the guild storages on your character, then your character will be able to access it for the rest of the week.
Reason being is that the server is empty, so the buffer is "not full". CSR Joker stated that "guild storage spaces" was actually population count. Not sure why the FAQ is worded like it is.
More info
Read more about it here:
http://outspark.com/forums/showthread.php?t=199061