CIMB trying to recover ‘excess amounts’ credited to customers, says BNM

 

Bank Negara Malaysia said CIMB has contacted the affected customers to discuss the recovery arrangements.

GEORGE TOWN: Bank Negara Malaysia (BNM) said a recent error by a local bank that left hundreds of accounts frozen and their holders in debt was due to “excess amounts” credited by the bank into their customers’ accounts.

In an emailed response to FMT, the central bank said CIMB Bank Bhd (CIMB) was now trying to recover the excess amounts credited to their customers.

BNM said it had asked CIMB to ensure that whatever “recovery” measures it was taking would not burden the customers, especially those who were unaware that the excess money had flowed into their accounts.

“An investigation into this incident is currently in progress. BNM will take appropriate supervisory and enforcement actions (against CIMB) if warranted.

“CIMB has been required to ensure that the process of recovering amounts that do not belong to customers does not impose unexpected financial burdens on customers who were not aware of the error.

“CIMB will discuss recovery arrangements with individual customers. Customers who have received notices from the bank are urged to contact them immediately,” BNM said.

Recently, FMT reported the grievances of CIMB customers whose account balance had a negative value and their accounts were also frozen.

The disgruntled customers had lodged reports with the police and BNM. Some have sought legal advice about filing a suit, according to a chat group of about 2,700 affected customers.

CIMB said it had discovered a “processing error”, which led to a small number of customers receiving duplicate credits in their accounts.

“We are reaching out to these customers to ensure a fair and managed resolution,” it said earlier this week, adding that affected customers could call a hotline for further discussions. - FMT