💡🏦 Take a lesson from resolved banking complaints handled by the Ombudsman for Banking Services! Here's how TheCitizenNewsBusiness ⤵️
Consumers can learn from banking complaints resolved by the Ombudsman for Banking Services to prevent it happening to them. It is important to know your rights as a bank customer to ensure you make informed decisions and keep your money safe.
The bank granted him a lower loan amount, with a difference of R912 543 less than the initial amount. His interest rate was also higher and the bank says the reduced offer was due to the consumer’s ability to afford the loan. The principle here was that in instances where a bank’s error caused a customer distress and inconvenience, an award for the distress and inconvenience should be considered after considering the facts of the matter and the consequences to make amends for its error. This is in line with what the Conduct Standards for Banks envisages.A consumer was scammed into making an EFT payment for a holiday. After realising he was scammed, he asked the bank to do a chargeback.
The principle here was that there are specific rules governing chargebacks and banks are obliged to adhere to these rules only.Stealing from deceased estate Fraudulent debit orders were also processed on the deceased’s account while he was alive but in ICU. The total fraud value was R925 000. Despite no evidence of negligence on its part, the bank made an offer to refund the estate R296 000, which the executor accepted.
However, when the ombudsman investigated, there was no signed email indemnity on the file that authorised the bank to act on an email instruction when it received the email to pay the funds into the cheque account. It is irrelevant whether there was a change of banking details scam and the depositor’s claim will be against the fraudulent beneficiary. Therefore, the ombudsman recommended that, without proof from the bank that it paid the correct beneficiary, the bank did not fulfil its obligations towards the consumer. The bank agreed to refund the complainant for her full financial loss of R2 million.
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