B Of A Online Banking

Banks liable to reimburse for faulty ATM transactions

Upset, he called the helpline number to report the matter. The person at the other end was anything but sympathetic. Saying that the server was down, he dismissed this as a "common problem" and said the bank could do nothing in the matter. "Complain to your bank", he was told.

The colleague visited his bank to report the incidence. He expected the bank to commiserate with him and help him, but he was in for a rude shock. Before accepting the complaint, the colleague was warned that if his complaint turned out to be false, the bank would impose as penalty, 18% interest on the amount of Rs500 (for how long, it was not clear) and deduct it from his account! Then, as an after thought, he was told that if his complaint proved to be right, he would get an SMS notifying that the money had been credited to his account. He is still awaiting that SMS.

Is this where banking service is heading these days? First and foremost, banks do not ensure that ATMs function properly. And then when consumers who are victims of ATM malfunctioning complain, they treat them like criminals! This is despite clear instructions from the banking regulator on the subject. Even at the cost of being repetitive, let me quote once again for the benefit of consumers, the RBI circular of July 17, 2009, which makes it clear that

(a) It is mandatory for banks to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions within a maximum period of 12 working days from the date of receipt of the complaint.

(b) For any failure to re-credit the amount within 12 working days from the date of receipt of the complaint, the bank shall pay compensation of Rs100 per day, to the aggrieved customer. This compensation shall be credited to the customer's account automatically without any claim from the customer, on the same day when the bank affords the credit for the failed ATM transaction.

(c) Non-adherence to this directive shall attract penalty as prescribed under the Payment and Settlement Systems Act 2007.

If things are to improve, the banking regulator should impose on banks, stiff penalty on two counts (a) for failing to maintain their ATMs in good working condition and (b) for non-compliance of its directive on redress of complaints pertaining to ATM transactions. And in both the cases, the penalty should come from the pockets of those officials who fail to do what they are expected to do.

Bank Of America Online Banking | Blog Corner

Bank Of America Online Banking

Bank of America online banking is available to any customer who currently does business with the bank. Participation in the Bank of America online banking program is free and easy to set up.

One feature that sets the Bank of America online banking program apart from its competitors is the way it handles bill payments. You’d think a lot of data entry would be required, but that’s not the case. The program already knows the billing addresses of the most commonly used payees.

To set up a payee such as your electric company, start by accessing the built-in list of payees that the Bank of America online banking program maintains. The program already knows the names of the major players in the community and maintains the names and billing addresses that most customers are likely to use such as electric, cable, and utility companies, area department stores and local major financial institutions.

Pick the payee from the list, enter your loan or account number and in seconds, that payee is set up.

If the payee does not exist in the list, you enter payee details one time, and you never have to deal with a payee again until there’s a change in address or other account details. When you have all your payees entered, they appear listed in alphabetical order. Next time you open the Bank of America online banking program to pay bills, you select the payee, enter the amount due and the day you want the payment to show up at the payee address.

Now here’s the cool part about the Bank of America online banking bill paying option. The money for the payment is not debited from your account until the payment arrives at the payee billing address. Most other bill paying options debit the money the day the payment is mailed not delivered, meaning the bank has 4 – 7 days to earn interest on your money! So in effect, you actually earn money by using the Bank of America online banking option.

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