As a result of the blog on Fim’s banking problem I was made aware of a similar occurrence that co-incidentally happened to another SPMR. SImilar in that a cash amount deposited by the SPMR at their own PO to the recipient, in this case, the SPMRs son, where it appeared as 100 times the deposited amount.
The time scale for rectification was startling. Over 2 years despite the SPMR raising the problem with POL who were not interested and again it was the recipient’s bank who eventually asked for the money back.
There are lots to be drawn from this new piece of information.
- I have connections via the internet to a limited pool of SPMRs who provide me with these examples. I would say 200 at most. And yet here we have already a further example of the same error. While the sampling rate is extremely low it is clearly not a one off exceptional error and surely if the truth be known far more common than the banks and POL would have us believe (remember banks don’t chase after credit card fraudsters nor report them to the police to avoid panic and reputation damage)
- The recipient did not raise the matter with their bank in this case yet eventually after 2 years the error was spotted and rectified. This suggest that of course there is some reconciliation process but far more importantly there is such a back log that it takes an incredibly long time to resolve.
- If there is such a delay – recalling what I said regarding Fim’s error – then POL would be out of pocket for the error amount for 2 years and this amount would sit no doubt in one huge suspense account!
- No wonder POL threw Second SIght out once they started asking questions about the suspense accounts!
Anybody else out there who can report a similar experience please let me know.