Deposit saving acc

lionela

A deposit / saving acc. that was set up and requilred 2 signatures to withdraw money.
It transpires that one of the assignees who has also got another acc. in the bank mistakenly used the one signature acc. number to withdraw money from the 2 signature account.

The bank has breached its rules on this account in question that 2 signature were required to withdraw monies.
Now there is no loss of money to any of the acc holders but the lack of security by the bank branch in question has shagged up an arrangement that was set up to fund a particular project.

It beggars belief that when you go to a financial institution to get your hands on your own money ..you are required to produce evidence that you are the acc holder ....and here is a situation where 2 signatures are required to withdraw monies from an acc .and one signature was not just accepted it should not have been possible.

The person mistakenly presented the wrong accound No to the cashier/teller to withdraw cash and it appears there was a breach of that arrangment

Any opinion on this welcome....should the bank be rapped on the knuckles for this breach.

Pat Mustard

https://www.financialombudsman.ie/complaints-process/default.asp?m=1

Peregrinus

lionela wrote: »

. . . Any opinion on this welcome....should the bank be rapped on the knuckles for this breach.

Yes. You should close both accounts and take your business to a competent bank, and you should let the incompetent bank know why.

lionela

Have been informed that the Bank has breached the contract and there is no way it should have happened and the manager has some explaining to do coming this Tue.
He will have a letter on his desk requesting a meeting s.a.p to rectify the situation
and compensate the other account holder for her half of the monies withdrawn without her signature.


The account required 2 signatures to make a withdrawal...and not "either one".

BornToKill

Well, at least the error is easy to rectify. The bank simply debits the account of the person who withdrew the money from the wrong account for half of the withdrawal and credits the 'both to sign' joint account. Fixed.

Little CuChulainn

lionela wrote: »

Now there is no loss of money to any of the acc holders but the lack of security by the bank branch in question has shagged up an arrangement that was set up to fund a particular project.

lionela wrote: »

He will have a letter on his desk requesting a meeting s.a.p to rectify the situation and compensate the other account holder for her half of the monies withdrawn without her signature.

Why would they compensate anyone if their was no loss of money to either acc holder?

lionela

I take that comment.
But what if the other account was emptied ...there would be nothing left to transfer back. However we must await what the end result will be.
The bottom line is that the account was compromised by a bank staff employee and if it went to law then where the monies went to .....may or maybe not count.

Watch this space .......

Little CuChulainn

lionela wrote: »

I take that comment.
But what if the other account was emptied ...there would be nothing left to transfer back. However we must await what the end result will be.
The bottom line is that the account was compromised by a bank staff employee and if it went to law then where the monies went to .....may or maybe not count.

Watch this space .......

What? No money is missing so they owe no compensation in that regard.

Peregrinus

There's no loss. You'll get no compensation. Well, maybe a free pen.

The bank debited the money to the wrong account - the account number give was for the single-signature account, and the debit slip bore a single signature, that of the signatory to that account. They should have debited the single-signature account. Debiting money to the wrong account is an embarrassing error, but easily corrected by crediting one account and debiting the other.

And you shouldn't be fussed about getting compensation, either. You should be fussed about knowing what measures the bank has taken to prevent an error of this kind happening again. If you're not satisified about that, walk.

lionela

Got that....but the point has been missed . The wrong acc No. was given and used over several withdrawls and on one occasion last week the cashier told the person withdrawing cash that the other signer to the acc must be present.....and that person came to the bank and co-signed the withdrawal slip. On enquiring the balance in the acc.was told that EU8.00
was left in the acc. There should have been in excess of EU 2000 in that acc minus that withdrawal on the day in question when the cashier requested the second signer to make that withdrawal.
I fully understand that the monies can and should be taken from the other acc. can be transfered and everyone is happy.
But if the other signer made that last transaction without a hitch and thinking all his birthdays came toghether with the bump in his other "own" account and not knowing how the extra cash was accumulating over time and spent it wily nilly....the other signer in this contract knew nothing at all about all those withdrawals .
Would you be content with that....and leaving any compensation aside. The second signer in my estimation would have a right to demand that the bank reimburse his/her half share in that account irrespective of where the cash has gone.

Anyway it will of coarse be resolved but there is a serious breach of contract on the banks part.

Sure its an interesting discussion anyway and thanks to all who took an interest and the comments

Cheers

lionela

The situation is being resolved...
Will post results soon on conformation