P46-M Accidentally Withdrawn By Clients During BPI Glitch, BPI President Says
BPI president and chief executive officer Cezar Consing said that about P46 million was accidentally withdrawn by clients during system glitch.
The bank executive of the Bank of the Philippine Islands (BPI) said that the huge amount accidentally withdrawn by their clients were still being processed of being recovered after the massive system glitch happened.
The technical glitch caused unauthorized transactions such as debiting or crediting some accounts of BPI clients last June 7 and 8, 2017. The bank received numerous complaints from their clients due to unauthorized transactions, which debited their account.
On Thursday (June 22, 2017), Consing told the Hose panel that there were mis-postings and amount accidentally withdrawn by some bank account holders.
Eastern Samar Rep. Ben Evardone, chair of the House committee on banks and financial intermediaries asked Consing if the accidental withdrawal is illegal. Consing answered that it was accidental and most of the credited bank holders are willing to settle.
“There’s still P46 million that outstanding. Most of them are merchants, small businesses. We are making arrangements with them to settle. Almost all of them have expressed willingness to settle,” said by Consing quoted by Inquirer.
The average mis-posting of both debit and credit was about P7, 000, according to Joseph Gotuaco, chief financial officer and executive vice president at BPI. He also said that an amount P7, 000 will be multiplied into an estimated 750, 000 depositors, which will make a total amount of about P5.2 billion.
Gotuaco said that about P1.6 million was the highest amount debited and P2.5 million was the largest amount credited from their clients.
Ramon Jocson, executive vice president for enterprise services said that they will go through a reconciliation process. He also said that the process will both check the ATMs time stamp and CCTV ensuring the client that no money will be lost.
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