Yet Another Problem With the Banking System

Just got off the phone with a representative of our bank. He called to say that the problem with our account (which has been repeated six or eight times over the period of the last year) has been resolved, the account has been flagged, it’s an isolated problem, blah, blah, blah.

I sympathize with the poor guy. There’s nothing he can do about it. However, I’ve been involved with bank systems at an internal level for long enough that I know that there’s no conceivable way that the problem could have occurred if the bank had been conforming to the standards of practice that have been in place for a century or more and the mere fact that the problem occurred once, let alone multiple times, means that they aren’t conforming to the established standards.

My guess: the work has been off-shored and the poor souls who are doing the work don’t know or care about sound operational procedures. They’re probably compensated based on the number of items they enter in soul-deadening, heads-down data entry rather than group compensation for batches processed correctly.

Check every bank statement very, very closely.

2 comments… add one
  • Yet another reason why I do all of my banking with local banks and local credit unions.

  • Brett Link

    I always double-check my bank transactions on my account at home. It’s what enabled to me to catch when the bank put a deposit into the wrong account (the person whose account it was deposited into literally had the same first and last name except for the first letter of their last name).

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