Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
- Mr. P N Vasudevan, Managing Director & CEO, Equitas Small Finance Bank
- Mr. Rajesh Bhojwani, CEO at Vakrangee Limited
- Mr. Vishweshwaran R, Vice President Business Technology Group at IDFC FIRST Bank
- Mr. P B Prakash, Head Financial Institutions Group, Indusind Bank
- Mr. Hemal Shah, Technical Product Manager, Mastercard
- Mr. Ramasubramanian S, Application, Transformation, Management and Operations Head, DXC Technology
- Mr. Raghu Veer Dendukuri, Product Owner, Intandemly
- Mr. Abhay Warik, Techno Legal Consultant
- Mr. Shashank Chowdhury, Former Executive Vice President-Inclusion Initiative, Vakrangee Software Ltd
- Mr. Vikas R Panditrao, Co-founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
FIAKS community member shared news article of Pennsylvania couple charged with theft for spending over $100K after banking error. A BB&T bank teller punched in a wrong account code and accidentally attributed a $120,000 check to Robert and Tiffany Williams of Montoursville, Pennsylvania, on May 31. The deposit was supposed to be credited to Dimension Covington Investment LLC. [1]
FIAKS community puts forth the following question regarding the above post: Once monies are wrongly credited in the account then it’s lapse at the bank end. So how can this be charged as theft? Here are some views of the community members in response to the question raised above:
- Supposedly, if tomorrow shares are wrongly credited into some other Demat account then the onus of such error is with the banker and not the customer.
- This is like if the Diwali sweet box wrongly gets delivered to the wrong address then you will receive empty box only irrespective of how expensive the sweets were. The needle on honesty is needed here, money that doesn’t belong to you should be reported and not spent.
- However, leaving morals apart it is the duty of the receiver of the wrong credit to return the funds as soon as he/she spots the wrong entry. This is established the law. Only exceptions are when the customer claims he didn’t notice the credit and spent it without knowing. But in the above-mentioned case, it can’t be claimed clearly as the amount is too big to explain away like that. Register and read the complete discussion