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Tuesday, November 08, 2005

Check the account number

I surely hope that this is not the common practice in other countries and their financial institutions, besides in South Africa.

Here, a bank said that they cannot be held liable for wrong transfers if the customers failed to state the correct number. I mean, okay, a customer should know the account number they are transfering money to, however, there is also the problem with bad handwriting or a wrong interpretation of a nicely written number, or a left out number.

Apparently, an online banking customer has complained that money was wrongly paid to a beneficiary after he had entered eight digits instead of nine for an account number. A spokesman responded to the complain that banks cannot be expected to cross-reference names and numbers as they would have to access each other's client records.

Whatever it is I hope for the customer that the mistake was undone.

(By Asia Business Consulting)