[Resolved] ICICI — Errors in Online FundTransfer

[Resolved] ICICI — Errors in Online FundTransfer

A Anand V

I have been the recent victim of the online transfer facility with ICICI. I am sure most of the customer (including myself) are enjoying this option. But it is error pron, especially with ICICI-ICICI account transfers. All you need is the account number. It does not matter what is the account holder name (it won't verify mapping of account number to name even in the back ground) or branch (no IFSC code required). After entering the account number, it won't even show the account holder name (for confirmation that you are transferring to the right person). This opens space for human errors and there is a huge probability that we can transfer the money to the wrong account. If it happens by mistake, there is no way that one can get the money back. The process is very complicated and it needs written authorization from the person who received the funds by mistake. If the person is in Abroad (as in my experience) then it will be a night mare. If the person is not willing to revert the money (even for no reason or for any reason), then your money is gone. I am not sure whether you can take or how and on whom you can take any legal action. I demand ICICI to change the process to find out Human mistakes before even adding the payee in the interest of all of its customers. Some of the actions could be 1) Account number and name should match OR 2) If there is any legal problem in showing account holder name, the process should try to match the number and name in the back ground and Fail the transaction if they don't match OR 3) Insist on providing the branch name (or IFSC code) for adding the payee OR 4) Bring up the account name and show for confirmation after entering account number OR 5) Simplify the existing process to revert the funds after human mistake ( accept e-mail authorization or Take evidence from Remarks given when the transfer initiated etc., ) Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

Anand V

Here are the details about my experience. Bank says that they need to get authorization from the person and the person says he needs to get proof from the bank that this is genuine case (the person is in Saudi Arabia and do not have online access to his account for verification). Bank says they did not receive any communication or authorization from the person and vice versa.

From: nitin bhatt <[protected]@yahoo.com>
Subject: Re: Erroneous credit in a/c.[protected] on[protected]
To: keval.[protected]@icicibank.com, [protected]@icicibank.com, shailesh.[protected]@icicibank.com, "PAVAN I /RCLG/IBANK/HYD" <pavan.[protected]@icicibank.com>, pavan.[protected]@icicibank.com
Date: Saturday, February 28, 2009, 2:43 AM

I am sorry to respond late regarding this matter as I was out of station.

How do I know that you r a correct person?

Pl. get a mail from Jamnagar branch(he should write to me).

I hope u understand my problem as so many fraud takes place now a days.

I[censored] r a right person pl. contact me on following mobile number.

+966 -[protected] (KSA)

Regards,

Nitin S Bhatt

--- On Fri, 2/27/09, T.V.PAVAN KUMAR <pavan.[protected]@icicibank.com> wrote:

From: T.V.PAVAN KUMAR <pavan.[protected]@icicibank.com>
Subject: Erroneous credit in a/c.[protected] on[protected]
To: keval.[protected]@icicibank.com, [protected]@icicibank.com, shailesh.[protected]@icicibank.com, "PAVAN I /RCLG/IBANK/HYD" <pavan.[protected]@icicibank.com>, [protected]@yahoo.com
Date: Friday, February 27, 2009, 10:30 PM

Dear Mr.Bhatt,

In the account[protected] in the name of Mr.Bhatt Nitin Shivshankar
Rs.12000/- was erroneously transferred from a/c.[protected] MR.Sridhar
kumar in internet banking on[protected]. This amount is actually to be
transferred to account[protected] but was erroneoulsy transferred to
Mr.Bhatt's account.

Please permit us to reverse the entry by giving authorisation to debit
your account for Rs.12000/- and credit to correct account as the
customer in need funds urgently.

Regards & Thanks

T.V.PAVAN KUMAR
BRANCH OPERATIONS MANAGER
ICICI BANK LIMITED
ABIDS BRANCH
HYDERABAD - 1
MOBILE.[protected]