KUALA LUMPUR (Feb 11): CIMB Group Holdings Bhd said Friday that it has been engaging and continues to work closely with affected customers to ensure a fair and managed resolution over a processing mishap.
The lender said in a statement that 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.
“In line with banking practice for such occurrences, we 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 also reiterated that the matter revolves around a processing error related to a specific third party financial remittance service, involving a limited number of customers that undertook international to local transfers only.
“The processing error led to transfers made to our customers being accidentally processed twice. This resulted in affected customers receiving duplicate credits into their account, i.e. a duplicate transaction which 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.
It also said it takes note of Bank Negara Malaysia (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.
CIMB's response came after BNM's Friday comments regarding duplicate credits made in error to a limited number of CIMB's customers.
BNM said it has required CIMB to provide “reasonable options” for customers to return excess funds deposited into their accounts by the bank following a processing error in late January.
CIMB was also required not to affect customers’ ability to access their accounts in the process of rectifying the issue.
Late last month, CIMB had reported a processing error in its banking system where it supposedly credited funds into customers’ accounts due to erroneous duplicate credits.
According to reports, affected customers said their accounts had been frozen at the time, and that they received messages about funds in their accounts being deducted accordingly, some to the tune of tens of thousands of ringgit.