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A Bark Di Trute supporter realized that funds were missing from her Scotia account. This matter has been reported to the police, the Bank of Jamaica Governor, the Consumer Affairs Commission, and Bark Di Trute.,
Thanks and commendations to all the agencies for responding in a day. However, I was taken aback by the response of a Scotia Bank official. The first paragraph in the email from the bank is shown below:
Clients are required to review their monthly statements and promptly report any anomalies or unrecognized transactions. This requirement is outlined in our Personal Financial Services Agreement (PFSA). In addition, the formal dispute process, guided by the rules of the respective card brands, Mastercard and Visa, requires that any dispute be raised within 120 days from the date the transaction was initiated. Transactions reported outside of this timeframe fall outside of the investigation window and cannot be pursued.
It is clear from this response that long gone are the days when you lodged your money in the bank and forgot about it. Probably, we will be better off hiding it under our mattresses, where we can check it nightly.
I find it interesting that there is a time frame when queries can be made about missing funds to the bank. If this is a case of fraud, can the bank tell the police that 120 days have passed and it has fallen out of the 120-day window? I did not know that the banks can set their own statute of limitations for crimes. The banks have a responsibility to investigate all fraud affecting the institutions and to report the matter to the police.
The fifth paragraph in the bank's reply stated the following:
To ensure we fully understand the matter, kindly advise whether there was any specific reason you were unable to monitor your account activity during the period the transactions occurred.
The banks need to state to what extent they are satisfied that they monitor their customers' accounts. What systems have been put in place recently to ensure that fraud is minimized? Scotia, for example, allows your credit card to be used by just tapping it on the cashier's machine. This means that anyone who finds your credit card is free to take it up and go tapping and shopping. Customers have told me that the fraud is being committed right there in the banks. The easy way out is to put the onus on the customer to watch the funds that are in the bank. They have even set up a system so that if your funds are stolen by persons in the bank, it will not be investigated. I wish the Integrity Commission had the power to look into this matter.
For those who only see corruption in political corners, you need to start looking in other corners.
The banks seem to make their own laws, leaving our leaders powerless and the BOJ toothless. Bank customers oonu open oonu eyes and oonu ears.
A parliamentary committee should be empowered to summon these bank executives to parliament and ask them some searching questions. The public might end up having a heart attack when they hear the full story.
Yu know what, yu better check yu bank account now!
The police have some work to do!
Please share this post. If you have lost money from your bank account in Jamaica, please add a comment to this blog and tell us about it.
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Phillip Dinnal former Knox College student in the 1960s, please WhatsApp Bark Di Trute at 876 816-5261.
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Ruff..
ReplyDeleteBanking is officially legalized scamming designed to benefit the operators of their various legal parasitic pyramid schemes.
ReplyDeleteSo many unfortunate cases of people’s funds gone missing I cannot believe the banks callous response they already know how the funds escaped from people’s accounts I’ve heard of so many stories where millions of dollars go missing from people’s accounts it’s a darn disgrace! Personally I lost confidence in our banks long time ago!!
ReplyDelete