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ECT News Community   »   E-Commerce Times Talkback   »   Re: Report: Critical Errors in Online Banking

Re: Report: Critical Errors in Online Banking
Posted by: ECT News 2001-04-18 03:43:31
See Full Story

Many financial institutions risk losing market
share because they are concentrating too much on developing new online
and wireless products, rather than improving the experience customers have
on their existing Web sites, according to a report released
Tuesday by Jupiter Media Metrix.

The report, "Integrated Finance: Composing a Symphony Out of
the Discord," found that while executives at financial services
companies believe that creating new mobile and online
offerings is their No. 1 priority, consumers believe that working on
trust and security issues is paramount.

Re: Report: Critical Errors in Online Banking
Posted by: s_dingman 2003-05-17 08:31:43 In reply to: ECT News
Bank of America
Recently I had an experience with your bank, which has left me feeling uneasy with your Online Banking System. On April 18, 2003, $22036.00 was paid to AT & T Wireless out of my Checking account. The bill was actually $22.36.
This was a letter recently written by me to the BofA. As of 5/17/03 I'm still waiting to get my money back.
I think that this error on whoever's part could and should have been avoidable. I am not aware of the inner workings of the online bill paying system and how it works. Is there someone on the banking end who reads and interprets the transaction before they send it through, or is it automatic?
If it's automatic and I was the one who typed in a zero instead of a decimal point, then there should have been software alarms essentially going off, warning, "There isn't enough in your account to cover the ammount of your payment". Or somthing to that effect.
If someone in the bank interprets what I type in for the transaction ammount, then the bank is responsible for any loss of interest, internal transfers charges due overdraft protection, other charges that the bank chooses to levy. The way I feel is the bank is responsible for protecting my money.
Since this amount was so far removed from the historical record of my payment to this vender, I should have received a phone call from someone in authority asking me if this transaction was what I intended to do. Enough venting.
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