Is it legal for banks to reverse amounts from customer accounts?
Can someone advise the procedure for mistakes on the banks part where the Customer has to suffer. I have a deficit in my current account for -4700 QAR because of a mistake that QNB bank had committed in December 2013 and they have realized it now. I had transferred 15000 QAR back on 17thDec 2013 and the transaction was reversed into my account as well as the beneficiary account . I did not check the reversal as I was in India then, today I received a call from QNB telling me about their mistake and before I could confirm checking my account , they transferred QAR 15000 from my account just by informing me over a telephone call.
This has left my account in deficit of -4753 QAR, who is responsible for this error. Although I confirm that the transaction was reversed and I am ok with the money being taken back but what do I do for the rest of the month? What if I have cheque’s hitting my account and bouncing back .who would be taking this responsibility?
I need an explanation from the bank regarding the same please. Is it even legal to transfer amounts from customer accounts without any written consent just over a phone call even without receiving an acknowledgement? Can someone from banks advise the email address for someone senior in QNB Customer relations who can look into this ? The Call centre just tells me to put more money in the bank so that they can deduct the rest as well. I need to escalate this while I wait for my salary to get credited this month with QAR 4753 SHORT already. :-(
i don't understand, why exactly do you have a deficit in your account and what are the reversals for? what mistake did they do?
the bank could reverse a transaction if they posted an amount that's not supposed to exist there in the first place. but it is difficult to judge when your story is not very clear
In addition, the relationship between you and the Bank is contractual in nature, and QCB is a regulator of banking system, it does not act as a court or an intermediary. For your grievance if any, you would be required to file a complaint in the civil court.
With due respect any offense, and in view of the above noted facts, you are fighting for a wrong cause.
The banking law does allow the bank to reverse the wrong entry from the respective customer's account, and so has happened to your account as well. Salary account is generally a non checking and non business account where issuance of cheque is not prevalent. It was totally wrong on your part to use the bank money despite knowing it for so long. As an honest customer, you must had informed of the Bank there and then. And remember when you sign the opening contract, it contains an inbuilt clause that allows the bank to reverse any wrong entry. The only thing you can fight for is non accrual of interest on the overdraft amount of 4753, till its full adjustment.
They shouldn't have deducted the amount straight away. that's wrong. but again, this transaction has happened in 2013 and you were aware that there was a mistake from bank as the beneficiary and you got credited. so you should have expected an action from bank anytime and you had enough time to inform the bank on this error
Yes I did have 15000 in my account on December 17 2013. I have now filed a complaint with QCB. Lets see what happens.
Query: Did you have 15000 in your account on Dec17 2013? If so, you have a legitimate complaint. File it with the Qatar Central Bank. If not, you are out of luck.