Online banking can be headache too.

Online banking can be headache too.

This is the second time I want to raise alarm over the recent new banking processes.  Last time it was about the very slow delivery at the ATM for a withdrawal and cash money did not come out after I cancelled the transaction after requesting the amount. The said bank later refunded me the cash amount. 

Now it is again on the new banking online transactions.

After obtaining my requested bank statement for the month ( bank does not post statement now) where the allegation of transfers had gone missing, I can confirm that I  had transferred online two sets of money to another bank account but the receiving bank did not record such transactions.

The two banks accounts are under my control and so I could view the statements.  My personal account can be accessed online but the other account has no online access hence I could not check it except when the said bank statements are obtained.

I am also told by an associate that someone had the transferred money denied by the receiving party but how to confirm with ease when both statements are private to the holders.  This can present long drawn affairs as banks are concerned while the clients do encounter financial difficulties.  Is there any easy solution there?

In my case, it is a total sum of RM1,900 and the receiving party is not an active concern and without the transactions recorded, the bank of the receiving party would not send out any bank statements of the months concerned.  I had to go to the bank to obtain the statements for the period for the purpose of updating the annual accounts.

So there are many questions as which bank is to be held responsible for such missed transactions?

The receipt alone of the paying bank would not be conclusive of such transactions when the receiving bank does not record such transactions.

So there lies the big questions of online transactions when they go haywire.

Would it be a case of Police report for further investigations?

Would both banks concerned resolve the case with compensation on tow for the alleged failures?

The banks concerned would be arguing themselves over such failed transactions to identify the wrong party between them.  Hopefully the banks concerned can come up with the solutions with their own records held by them.

It may be argued that millions of such online transactions occur daily and why these two items?

Maybe many do not check their accounts as I have seen in my accounting works except now it is handled by software. My case is simply manual for the few transactions annually.

I also append the statements with this letter.

Can it be a banking fraud and hopefully not detected?  Or the paying/receiving banks failed in communication.

I will be writing to the banks concerned with documentary evidence hoping for an early answer. But the process can take months. Maybe, it is still safer using the cheques except for the transaction float.

Joshua Y C Kong 7/12/2018