Money Transfer (between accounts/between banks/3rd Decision Reference 2022-0140

• Case Outcome: Rejected
• Subject Matter: Money Transfer (between accounts/between banks/3rd
• Reference: 2022-0140
• Date: 22 April 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to process instructions in a timely manner,Delayed or inadequate communication, Failure to process instructions in a timely manner, Failure to provide correct information, Fees & charges applied

Decision Ref:

2022-0140

Sector:

Banking

Product / Service:

Money Transfer (between accounts/between

banks/3rd

Conduct(s) complained of:

Failure to process instructions in a timely manner

Delayed or inadequate communication

Fees & charges applied

Failure to provide correct information

Failure to process instructions in a timely manner

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant is a Sole Trader, and this complaint arises from his transfer of a sum of

monies through the Provider’s ibusiness banking facility, to a recipient bank account, outside

of the EU.

The Complainant’s Case

The Complainant questions the exchange rates and costs applied when it became necessary

to refund the monies back to the Complainant’s business account. The Complainant says the

Provider has failed to adequately explain how the transaction happened without usual

safety verifications and how the sum was substantially reduced when returned to the

Complainant’s account. The Complainant says that the Provider, at the time, did not advise

him of the exchange rates or the transfer fees applied.

The Complainant explains that in the course of his business, on Friday 20th March 2020 he

intended to transfer €2,000.00 to a client’s account through the Provider’s ibusiness banking

(iBB) facility. Unfortunately, in error €409,166.00 was transferred to the recipient’s account.

The Complainant says the error was realised within minutes and a call was made to the

Provider to stop the transfer and to recall the monies.