BPI system glitch causes mispostings on client accounts

BPI system glitch causes mispostings on client accounts


(UPDATED) An internal data processing error causes account balances to seemingly inflate, lose money or become negative

MANILA, Philippines (UPDATED) – Numerous clients of the Bank of the Philippine Islands on Wednesday, June 7, unauthorized transactions that deducted money from their accounts or worse, even led to their account balances becoming negative.

In a statement issued around 8 am on Wednesday, BPI attributed the fiasco to an “internal data processing error.”

“Due to an internal data processing error, some clients may have seen their accounts debited twice or credited twice for a past transaction. We are currently correcting the mispostings,” the bank said.

“We apologize for the inconvenience that this may have caused.”

It then issued another statement at around 9:30 am, specifying that “transactions occurring between April 27 and May 2” were “double-posted as of June 6.”

“We have identified the root cause of this error, and are temporarily suspending access to electronic channels to speed up rectification. All BPI branches will open on time this morning, and will continue to service your needs,” BPI also said.

It assured clients that the issue would be resolved on Wednesday, and that their bank accounts would return to normal.

“We wish to reassure our clients that this matter will be resolved expediently, and that none of them will lose money from this incident,” BPI said.

On social media, clients had complained that the amounts deducted ranged from several hundreds to thousands of pesos.

BPI is owned by local conglomerate Ayala Corporation, the Roman Catholic Archbishop of Manila, and Singapore’s GIC Private Ltd.

The Ayala-led bank is the 3rd biggest universal bank in the country in terms of deposits. As of March 2017, its total deposits reached P1.44 trillion and total resources hit P1.73 trillion.

It reported net income of P6.3 billion in the first 3 months of 2017, up 26% from the same period a year ago.

As of end-2016, it has 821 branches across the country, including 35 kiosk branches, and has a network of 3,061 automated teller machines and cash deposit machines. – Rappler.com

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