Banking Negligence?

[prk888]

Sensible answers and facts will be much appreciated. Question 1: In your view does an International Bank had a fiduciary and legal responsibilty to manage and take care of depositors money? Question 2: A good International Bank can and does monitor various client accounts (eg) credit card accounts, and if anything seems irregular, unusual or out-of-the-ordinary will typically call the client direct to check. A result of simple software and good banking procedures protecting ever-threatening fraud. Does your bank also monitor savings account activities? In your view is it reasonable for a Bank to allow on a normal run-of-the-mill client savings account, say, the maximum of 5 x cash withdrawals per day each of the maximum one-time limit amount for say 30 consecutive days with NO other account transactions occurring during tha 30 days and NOT contact the account holder? In your view would you class this as irregular and unusual activities? I believe a bank that allows this to occur and NOT check with the client is negligent ......... despite any possible small print. What say you? Sensible comments much appreciated.

[Naam]

Sensible answers and facts will be much appreciated. Question 1: In your view does an International Bank had a fiduciary and legal responsibilty to manage and take care of depositors money? Question 2: A good International Bank can and does monitor various client accounts (eg) credit card accounts, and if anything seems irregular, unusual or out-of-the-ordinary will typically call the client direct to check. A result of simple software and good banking procedures protecting ever-threatening fraud. Does your bank also monitor savings account activities? In your view is it reasonable for a Bank to allow on a normal run-of-the-mill client savings account, say, the maximum of 5 x cash withdrawals per day each of the maximum one-time limit amount for say 30 consecutive days with NO other account transactions occurring during tha 30 days and NOT contact the account holder? In your view would you class this as irregular and unusual activities? I believe a bank that allows this to occur and NOT check with the client is negligent ......... despite any possible small print. What say you? Sensible comments much appreciated.

that depends on the client's instructions Prk. years ago i experienced an extremely embarassing situation when i bought -rather was trying to buy- for my wife some expensive jewelry and was told "transaction not approved" and the Kuwaiti jeweler said smiling "maybe no money in your bank?". all that in the presence of arab friends who -with broad grins on their faces- flashed their own cards and one of them paid on my behalf.

then a few years years ago i got a call from another bank at 02.00 hrs in the night "did you just charge £ XYZ in restaurant ABC in London, Uk?" inspite of the fact that i was rudely woken up and still sleepy i replied "sure! i have multiple personalities. amongst them the one you called just now in Thailand and the one who had dinner in London" then after a minute or so it dawned to me that my Mrs. was in London. since then my instructions are "DON'T ASK, DON'T CALL, MIND YOUR OWN BUSINESS!"

[prk888]

Sensible answers and facts will be much appreciated. Question 1: In your view does an International Bank had a fiduciary and legal responsibilty to manage and take care of depositors money? Question 2: A good International Bank can and does monitor various client accounts (eg) credit card accounts, and if anything seems irregular, unusual or out-of-the-ordinary will typically call the client direct to check. A result of simple software and good banking procedures protecting ever-threatening fraud. Does your bank also monitor savings account activities? In your view is it reasonable for a Bank to allow on a normal run-of-the-mill client savings account, say, the maximum of 5 x cash withdrawals per day each of the maximum one-time limit amount for say 30 consecutive days with NO other account transactions occurring during tha 30 days and NOT contact the account holder? In your view would you class this as irregular and unusual activities? I believe a bank that allows this to occur and NOT check with the client is negligent ......... despite any possible small print. What say you? Sensible comments much appreciated.

that depends on the client's instructions Prk. years ago i experienced an extremely embarassing situation when i bought -rather was trying to buy- for my wife some expensive jewelry and was told "transaction not approved" and the Kuwaiti jeweler said smiling "maybe no money in your bank?". all that in the presence of arab friends who -with broad grins on their faces- flashed their own cards and one of them paid on my behalf.

then a few years years ago i got a call from another bank at 02.00 hrs in the night "did you just charge £ XYZ in restaurant ABC in London, Uk?" inspite of the fact that i was rudely woken up and still sleepy i replied "sure! i have multiple personalities. amongst them the one you called just now in Thailand and the one who had dinner in London" then after a minute or so it dawned to me that my Mrs. was in London. since then my instructions are "DON'T ASK, DON'T CALL, MIND YOUR OWN BUSINESS!"

[prk888]

Thanks for the confirmation of banks checking for apparent irregular activities on credit cards (despite por timing!). Your answer implies that they will check unless instructed otherwise, correct?

[Naam]

Thanks for the confirmation of banks checking for apparent irregular activities on credit cards (despite por timing!). Your answer implies that they will check unless instructed otherwise, correct?

the answer to your question is yes. most banks use a special software which evaluates unusual transactions and raises alarm.

[Soutpeel]

Sensible answers and facts will be much appreciated. Question 1: In your view does an International Bank had a fiduciary and legal responsibilty to manage and take care of depositors money? Question 2: A good International Bank can and does monitor various client accounts (eg) credit card accounts, and if anything seems irregular, unusual or out-of-the-ordinary will typically call the client direct to check. A result of simple software and good banking procedures protecting ever-threatening fraud. Does your bank also monitor savings account activities? In your view is it reasonable for a Bank to allow on a normal run-of-the-mill client savings account, say, the maximum of 5 x cash withdrawals per day each of the maximum one-time limit amount for say 30 consecutive days with NO other account transactions occurring during tha 30 days and NOT contact the account holder? In your view would you class this as irregular and unusual activities? I believe a bank that allows this to occur and NOT check with the client is negligent ......... despite any possible small print. What say you? Sensible comments much appreciated.

I can only talk for the two banks I use, one in Thailand and one is an offshore account. For my Thai bank I have a credit card with them and they are very quick to get on the phone and call me if they spot what is perceived as irregular transactions, ie C/C being debited with mutliple transactions in the same day, whether in-country or out of country (if I am travelling).

On my offshore chequing account, If my ATM card gets used "too many" times in day in Thailand, they call me, if being used in other counties they phone me, if cannot contact me by phone an email is sent me to contact them urgently.

I would not agree that not informing the client is negligent on the banks part, but should be part of the customer service, if you are not happy with the customer service you receive from your bank...easy vote with your feet...I was with HSBC for many years and was not getting the service I expected and as a result closed my account and moved to another bank and could not be happier with the service I get...

[Chaimai]

then a few years years ago i got a call from another bank at 02.00 hrs in the night "did you just charge £ XYZ in restaurant ABC in London, Uk?" inspite of the fact that i was rudely woken up and still sleepy i replied "sure! i have multiple personalities. amongst them the one you called just now in Thailand and the one who had dinner in London" then after a minute or so it dawned to me that my Mrs. was in London. since then my instructions are "DON'T ASK, DON'T CALL, MIND YOUR OWN BUSINESS!"

Must have been a deep sleep, Naam, to take more than a minute to realise that your wife was 6000 miles away

Seriously though, I have some sympathy with the banks (at least on this subject) because they are in a no win situation. The "mind your own business" thing is OK until the activities by some fraudster prevent YOU using YOUR card when you want to. Equally, the customer will be the first to beat if the bank has not fulfilled it's "fiduciary responsibility" - <deleted> is that - they are deposit takers and will use the latest software to automate their systems to give them the most cost-effective monitoring and control systems. For example, Nationwide in the UK no longer want you to tell them when you travel abroad, they will look for 'abnormal' patterns to transactions. In the case a friend this was withdrawing only 1,000 Baht (normal took out 18,000) after 2 wrong PINs - Nationwide 'froze' the account comlpelling him to call the fraud number. Quickly resolved by advising the usual security information and accoubt active within half an hour. So the Naam "leave me alone" system works - it provides protection to client and bank with 'minimal' inconvenience.

[Shotime]

I once had to make multiple withdrawals from my bank over a period of about one week.I needed cash to pay for a deposit. I was contacted by my bank to make sure the withdrawals were valid. Is that good or bad? From some of the posts, I'm not sure. I was very happy to see they were looking out for me.

[prk888]

I once had to make multiple withdrawals from my bank over a period of about one week.I needed cash to pay for a deposit. I was contacted by my bank to make sure the withdrawals were valid. Is that good or bad? From some of the posts, I'm not sure. I was very happy to see they were looking out for me.

[prk888]

many thanks to all who replied. useful input. I actually dont believe in just voting with my feet without first trying to get an acceptable answer, reasonable explanations and/or acceptable redress. Mine is an International UK bank who can be referred to UK Ombudsman. I accept that there's no point involving BIB here despite there being a criminal offence but as a retiree i have time to pursue other approaches or options. Any other ideas/comments/suggestions still welcome. Thanks again.

[Soutpeel]

I accept that there's no point involving BIB here despite there being a criminal offence but as a retiree i have time to pursue other approaches or options. Any other ideas/comments/suggestions still welcome. Thanks again.

What criminal offence...missed something here..

[prk888]

sorry it was not clear - provable, unauthorised withdrawals by ANOther.

[geriatrickid]

My VISA card is issued from major western bank. Friday after 1 withdrawal of 10,000 baht all activities were frozen. (This card had just replace a previous cloned one.) Yesterday, I had to call and the card was reopened.

My ATM card is issued from a large multinational western bank. card is restricted to max. 25,000 baht withdrawal per 24 hrs. Forgot the limit until my liquidity crisis arose 48 hrs ago. Bank has since advised it will increase limit if need be. Bank does monitor withdrawals based upon historical activity. If it saw 25,000 baht every day for a week, it would freeze the account.

A bank does have a responsibility to conduct itself in a prudent manner. It is expected that if there has been no historical withdrawal pattern, that the bank is to make an inquiry to protect the customer.

[prk888]

In agreement then (geriactickid and others) and many thanks. I am new to this forum so how can i email you direct (and any others respondees) whose banks give them protection?

[Crash999]

Sensible answers and facts will be much appreciated. Question 1: In your view does an International Bank had a fiduciary and legal responsibilty to manage and take care of depositors money? Question 2: A good International Bank can and does monitor various client accounts (eg) credit card accounts, and if anything seems irregular, unusual or out-of-the-ordinary will typically call the client direct to check. A result of simple software and good banking procedures protecting ever-threatening fraud. Does your bank also monitor savings account activities? In your view is it reasonable for a Bank to allow on a normal run-of-the-mill client savings account, say, the maximum of 5 x cash withdrawals per day each of the maximum one-time limit amount for say 30 consecutive days with NO other account transactions occurring during tha 30 days and NOT contact the account holder? In your view would you class this as irregular and unusual activities? I believe a bank that allows this to occur and NOT check with the client is negligent ......... despite any possible small print. What say you? Sensible comments much appreciated.

I believe most major credit cards have a fraud protection scheme which tracks purchases to see if there are any unusual ones. I bank with HSBC and travel all over and they don't call me very much. However one day I was in Pattaya decorating a new apartment and purchased a TV and audio system. Got a call about 30 minutes later asking me to verify the purchase. For me it's good knowing that someone is watching my back and not accepting random Russian jewelry purchases or whatever on my card.