OFX Statement Errors

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Bank Errors in Electronic Statements

The Original Calculation of Repayment amount is incorrect

e.g. a client's repayments were $19.00 per month more than it should have been for 22 years (if not discovered this could have resulted in the customer paying an extra $15,800 based on an interest rate of 9% p.a.).

The Incorrect Interest Rate was Applied

e.g. 7.75% used instead of 7.25% (if not discovered this would have resulted in the customer paying an extra $9, 760 in additional interest).

An Incorrect Amount is Credited (Debited) to the account

e.g. $17.50 is credited to your account instead of $175.00

e.g. $2,050.00 is debited to your account instead of $205.00.

Incorrect Statement Data

Consider the following fragment of an electronic statement enumerating Investment positions in a 401k statement


According to this data 1.1059 units of a mutual fund were purchased for a total of 16.20. However, bank forgot to place a decimal point in the number and what should have been a $14.468/per unit became a whopping $14,648,041.00 per unit.

Similarly, pricing mistakes are very common.

We suggest that you pay special attention to these areas when checking your bank statements.

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