Complaints of unauthorized withdrawals and duplicate transactions experienced by accountholders of the Ayala-backed Bank of the Philippine Islands flooded social media on Wednesday prompting action from the Bangko Sentral ng Pilipinas.
Users complained that the amount of money in their bank accounts unprecedentedly dropped, which caused many of them to panic.
In an advisory, BPI confirmed the double postings of automated teller machines, cash accept machines deposits, point of sale, and e-commerce debt transactions from 30 to 31 December but it vowed to immediately resolve the issue within the day.
BPI stated that transactions through automated teller machines, cash accept machine deposits, point of sale and e-commerce debit transactions were among the transactions uploaded twice.
Access intermittent
BPI added users should also expect intermittent access to its website and mobile application platforms due to the high volume of inquiries in its online banking channels.
In a separate statement, the Bangko Sentral ng Pilipinas said it is closely coordinating with BPI to fully resolve the issue.
BPI added users should also expect intermittent access to its website and mobile application platforms due to the high volume of inquiries in its online banking channels
“The BSP is closely coordinating with BPI (about) the double debit transaction incident affecting BPI account holders. The BSP has instructed BPI to submit a timeline and updates on the reversal of its erroneous transactions,” the central bank said.
BPI is the country’s
third-largest universal bank in terms of assets. It is owned by Ayala Corp., the Roman Catholic Archbishop of Manila and Singapore-based GIC Private Ltd.
Last year, BPI announced its plan to merge with Gokongwei-led Robinsons Bank Corp. to expand their customer and deposit base. The merger is expected to be complete before the end of this year.
Rizal Day incident
The transactions occurred on Rizal Day and New Year’s Eve, respectively, from 30 to 31 December 2022.
“Please be informed that we expect (the) correction of the duplicate transactions within (4 January),” BPI said on its official Facebook page.
BPI also assured its clients that their accounts were safe amid the recent fiasco.
Several BPI clients aired their dismay on social media following the double posting incident and that both “0431 Debit Memo” and “Hoy (Hey) BPI” trended on Twitter Philippines.
The term 0431 Debit Memo is a general term for all debit transactions, whether for withdrawals, funds transfers, and bills payments, the lender said in a previous explanation.
In a viral Facebook post, Joyce Lipa said she and her colleagues lost money on their BPI accounts.
“Complaints are all over their Facebook page, check yours ASAP and file a complaint to your branch,” Lipa said.
“0431 debit memo after the aiport fiasco. From one glitch to another? Ang saya naman ng 2023. Is this the retrograde at work?” another user wrote on Twitter.
“Hoy BPI nagkautang pa ako ibalik niyo sakin [P]11K ko (Hey BPI, please return my P11k),” one Twitter user added.
Other BPI clients told Daily Tribune that BPI logged “more credit (deposits)” and “less credit (withdrawals)” twice.
BSP’s take
The Bangko Sentral ng Pilipinas is collaborating with BPI regarding the problem of double debit transactions.
Additionally, BSP acknowledged that BPI had determined the “main cause of the operational problem” and had promised to reverse the “erroneous transactions” and quickly resume online banking services.
The central bank has given BPI instructions to provide a schedule and updates on fixing the problems.
BSP director general Chichi Fornacier said the central bank would validate BPI’s representations and that BSP would take “appropriate actions” against the Ayala-led bank after its investigation.