Banks ease up on payment penalties

Tuesday 25 November 2008

Article by Mozo

While the internet has enabled people to transfer their money between bank accounts easily and quickly, banks are only just coming round to supporting customers who get things wrong on the web.

Such is the claim of Peter Vincent, a bank account expert at the Sydney Morning Herald, who has pointed out that trying to retrieve funds paid into the wrong account can prove a long and laborious process.

“Most mistaken payments are resolved without fuss but some are not. At times the unintended recipients refuse to repay their unexpected windfall [or] spend the money before they can repay it,” he claimed.

However, banks are now revising the process to take the hassle out of retrieving money inadvertently sent to the wrong bank account, with new rules expected to be finalised in mid 2009.

In other developments computer security firm Symantec has recently urged Aussies to be on their guard when accessing their account online after the group witnessed a huge surge in the number of web-based fraud cases.ADNFCR-1761-ID-18895050-ADNFCR

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