Business

Only limited number of customers affected by processing error: CIMB

Bank says accounts involved will not be frozen

Updated 4 years ago · Published on 11 Feb 2022 11:09PM

Only limited number of customers affected by processing error: CIMB
CIMB says the processing error led to transfers made to its customers being accidentally processed twice, resulting in affected customers receiving duplicate credits into their account, a duplicate transaction that effectively doubled the total amount of funds received by the customer. – Bernama pic, February 11, 2022

KUALA LUMPUR – CIMB Group Holdings Bhd today reiterated that the processing error impacting its customers last month was related to a specific third party financial remittance service, involving a limited number of customers that undertook international to local transfers only.

The financial services provider said the processing error led to transfers made to its customers being accidentally processed twice, resulting in affected customers receiving duplicate credits into their account, a duplicate transaction that effectively doubled the total amount of funds received by the customer.

”Funds for the duplicate transactions were drawn from the bank’s own money, not the sender nor the receiving customer,” it explained in a statement. 

In line with banking practice for such occurrences, CIMB said, it had placed a hold and earmarked the duplicate amount that was processed in order to recover the mistaken payments made to affected customers’ accounts.

“We would like to reiterate that these accounts were not frozen, and customers are still able to utilise balance funds in excess of the earmarked amount placed on hold,” it said. 

CIMB was responding to Bank Negara Malaysia (BNM) governor Tan Sri Nor Shamsiah Mohd Yunus’s comment today that appropriate supervisory steps and action will be taken on CIMB if it found any breach of legal or regulatory requirements regarding the bank’s recent processing error incident. 

CIMB said it “takes note of BNM’s call to ensure fair treatment for customers and is fully committed to adhering to BNM’s Policy Document on Fair Treatment of Financial Consumers in dealing with this matter.”

The group also said it has been engaging and continues to work closely with affected customers to ensure a fair and managed resolution.

“This includes providing clear evidence and documentation of the double credits in their bank statements and formulating flexible repayment schemes based on the individual circumstances,” it said. 

CIMB has also set up a dedicated hotline for customers to contact at +603 2295 6188. Customers can also contact its customer call centre at +603 6204 7788 for assistance. – Bernama, February 11, 2022

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