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 == | == Bank Errors in Electronic Statements == | ||
| - | + | === The Original Calculation of Repayment amount is incorrect === | |
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| - | == 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.). | 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 == | + | ===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). | 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). | ||
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| - | == An Incorrect Amount is Credited (Debited) to the account == | + | === An Incorrect Amount is Credited (Debited) to the account === |
e.g. $17.50 is credited to your account instead of $175.00 | e.g. $17.50 is credited to your account instead of $175.00 | ||
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e.g. $2,050.00 is debited to your account instead of $205.00. | e.g. $2,050.00 is debited to your account instead of $205.00. | ||
| - | == Incorrect Statement Data == | + | === Incorrect Statement Data === |
Consider the following fragment of an electronic statement enumerating Investment positions in a 401k statement | Consider the following fragment of an electronic statement enumerating Investment positions in a 401k statement | ||
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Similarly, pricing mistakes are very common. | Similarly, pricing mistakes are very common. | ||
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| + | We suggest that you pay special attention to these areas when checking your bank statements. | ||
Revision as of 18:16, 10 June 2010
Contents |
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.
