Glitch Snags RBC Bank Debit Card Holders
February 16th, 2009 by Kenneth Long
Some RBC Bank debit card holders experienced an unexpected surprise: a true Friday the 13th scenario! They discovered their bank accounts were being reported as severely overdrawn due to a glitch through TSYS, a debit card processor used by RBC Bank.
Transactions were denied due to the severe nature of the reported overdrafts. One Chapel Hill, NC resident reported that he was denied an 89-cent transaction for a bottle of water. Bank records showed his account overdrawn by a whopping $52,394.19!
The glitch affected debit card customers in North and South Carolina, Virginia, Alabama, Florida and Georgia. The problem that affected the system was discovered early Friday morning and was quickly corrected that same day.
The processor TSYS reports that there was no breach of data and attributed the problem to a simple “processing error”. Customers that experienced problems or have related questions may contact their local RBC Bank branch office.
This entry was posted on Monday, February 16th, 2009 at 1:57 pm and is filed under Financial News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
February 17th, 2009 at 10:14 pm
RBC Bank President Gordon Nixon – Salary $11.73 Million
$100,000 – MISTAKE (FISHERMEN’S LOAN)
I’m a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn’t familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
February 18th, 2009 at 9:30 am
Dear Paul Fraser:
It is unfortunate to see bad things happen to good people. I hope that your situation improves.
I would like to remind our readers that at the end of the day, it is what is on the actual contract that is legally binding. Please read through everything before signing a legal contract. I especially want to emphasize that these contracts can and do change. Banks make modifications to their contracts all the time. Sometimes, even the loan officers may be unaware to certain changes. Therefore, please take the time to read through everything.