Cost of in­ter­net bank­ing bun­gle

The Star Early Edition - - NEWS -

MY HUS­BAND ex­pe­ri­enced a sim­i­lar prob­lem with in­ter­net bank­ing to Michael C (July 10) in March. Money in his cur­rent ac­count was with­drawn as well as un­used por­tion of his credit card fa­cil­ity at a ma­jor bank. The fraud was fa­cil­i­tated by a SIM swop on his cell­phone in the af­ter­noon.

The bank was aware of the fraud but did not re­port it to him. It took weeks of frus­tra­tion deal­ing with the sub­stan­dard ser­vice of the bank’s fraud divi­sion – wait­ing for 20 min­utes for a call cen­tre to re­spond; con­sul­tants not re­turn­ing calls, not re­ply­ing to e-mail cor­re­spon­dence – for the same re­sponse as Michael C: a 50% pay­out as “the loss was not caused due to any neg­li­gence by the bank”. The bank did not re­verse the in­ter­est charges in­curred by the credit card pay­ment, due to its tar­di­ness. WC (name with­held)

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