Because banks handle other people’s money, you can expect that these financial institutions practice an extremely high level of accuracy. But even with an institution that is a stickler for doing things the right and proper way, errors still occur because, really, there’s no perfect system in the world.
Bank errors will happen and it is an unfortunate luck of the draw if that bank error happens to you. What should you do if a bank error happens while you’re doing a bank transaction?
1. Notify the bank immediately.
Contact your bank the moment you encounter the bank error. Even though there is a strong likelihood that the bank will also notice the error, err on the side of caution and report it, too.
2. Have your transaction documents ready.
The bank will always ask for proof to verify the bank error. That’s why you should have all of your transaction documents with you and be ready to show it. It is good practice to keep all of your transaction documents and file it just in case something happens and you’ll need it. Keep all of the proofs of your deposit and withdrawals. Don’t just rely on the bank’s copies of the documents. The bank will likely ask for your copies as well to compare it against what they have on record.
3. Remember all of your discussions with the bank.
Make a record of all the calls and visits you’ve made at the bank. Don’t forget to ask for the name of any person you will talk to and list it down as well on your record. Other things that you should keep track of and list down include the transaction dates, the things that you and the bank officer discussed and agreed on, among others. This will always serve as your proof in case a situation arises and you’ll need evidence.
4. Wait for the bank to make the appropriate actions
Usually, a bank can correct a bank error within the day, but for more complicated errors, changes won’t take effect until 10 to 45 days after the error has been reported and resolved. During this time, the bank will usually make an investigation on what happened.
5. Do not touch any money on your account
In the event that the bank error involves the mistaken deposit of a sum of money to your account do not touch it. Do not withdraw it, transfer it to another account or, worse, spend it. Remember, that money is not yours.
6. Be prepared to elevate it to the main office
In the event that your bank error is not resolved in the branch where you have your account be ready to bring it up to the bank’s main office. Prepare all of the details and be ready provide the documents to officers in the main office.
Photo from eoinbutler.com
Bank errors can be very frustrating!