OFX Statement Errors
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(New page: == Bank Errors in Electronic Statements == Mistakes by banks and financial institutions have been discovered or are likely in the following areas. We suggest that you pay special attentio...)
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Bank Errors in Electronic Statements
Mistakes by banks and financial institutions have been discovered or are likely in the following areas. We suggest that you pay special attention to these areas when checking your bank statements and your dealings with Financial Institutions:
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.
