Typos in the processing of online transfer of amount (!)

LoveTrees

Frequent Poster
Messages
105
Hi, I am opening a case with the Financial Ombudsman asap because I moved an amount from a financial institution to another just to discover this morning that someone manipulated it on the way by switching a couple of figures and I am getting a lower amount. Check all your amounts when sent and received! It looks like what should be simple electronic "copy and pastes" of amounts can get manipulated on the way!!! :(
 

RedOnion

Frequent Poster
Messages
4,594
Was it a domestic or international transfer? Have you complained first to the institution receiving the funds?
Sometimes straight through processing doesn't work, and manual intervention is required, but there should be controls in place to identify errors like this. But it could be a day or 2 later.
 

LoveTrees

Frequent Poster
Messages
105
Thank you RedOnion. It was international via 1 unique electronic transfer. What I am concerned with is: We live in the 21st Century and no manual writing on books should be involved like in medieval times. How could a typo in copy-and-pasting happen? I am so disappointed:(and at the same time quite angry (but I'll channel this diplomatically), I can't avoid this:mad:consumers need to be protected by these typos
 

RedOnion

Frequent Poster
Messages
4,594
Unfortunately, there are manual interventions in a small number of cases. For example:
1. For urgent international transfers, some banks re-key these manually. If you want STP, they use SEPA. The low volume doesn't justify the IT spend required to automate between usually legacy systems.
2. On the receiver side, the details on transfer might be wrong. I once paid my credit card manually from another bank, and git a digital wrong. The receiver bank couldn't match details, so had to manually add the details. Depending on who you transferred to, there is a different level of sophistication in their exception processing.

Yes, we're in the 21st century, but the majority of errors I see are down to customer input errors. I spend some time developing validations to prevent the customer proceeding with these, but you can only programme around a certain amount of them.

You need to see if error was on sender or receiving side. Sending bank should be able to provide a screenshot of the payment message sent.
 

huskerdu

Frequent Poster
Messages
2,207
Have you contacted the financial organisations involved in order to rectify the situation ?
Do you have any reason to believe that they will not rectify it ?

The Financial Ombudsman will not be interested unless you have done so,
 

LoveTrees

Frequent Poster
Messages
105
Yes, we're in the 21st century, but the majority of errors I see are down to customer input errors. I spend some time developing validations to prevent the customer proceeding with these, but you can only programme around a certain amount of them.
Sorry, maybe I forgot to specify but this was an online transfer. I didn't go to a branch to get someone involved in front of terminal. This should be a matter of copy and paste. I'm in shock:eek:
You need to see if error was on sender or receiving side. Sending bank should be able to provide a screenshot of the payment message sent.
I just got news that it's from the sender's side.
Have you contacted the financial organisations involved in order to rectify the situation ?
Do you have any reason to believe that they will not rectify it ?
The Financial Ombudsman will not be interested unless you have done so,
I agree. They will rectify this but my concern stands. This was online and copy and paste should have been involved. No typing
 
Last edited:

LoveTrees

Frequent Poster
Messages
105
I just updated the title accordingly so that every potential reader might be aware... Here we're talking about consumer's protection on online data handling in my opinion.:eek:
 

roker

Frequent Poster
Messages
1,698
See my post: Lost £200 with Electronic Transfer, there is no system to resolve this
 
Top