KARACHI – A Foreign Currency Account (FCA) holder faced immense inconvenience when his bank was unable to trace his long-maintained account. According to the 2020 Annual Report issued by the Office of Banking Mohtasib Pakistan, the complainant claimed that he had opened an FCA with a local bank branch in 1996 before leaving for Saudi Arabia.
During a brief visit to Pakistan in 2012, he approached the same bank branch to inquire about his account. To his surprise, the branch manager informed him that the FCA could not be located, and there was no available record of his account in the system. The complainant submitted a formal claim with the bank before returning to Saudi Arabia.
Upon his return to Pakistan in 2019, the situation remained unresolved, and the bank still failed to trace his FCA, leaving the complainant frustrated. The deposited amount of $2,652 remained unaccounted for, and no reimbursement had been made. Disheartened by the inaction, the complainant filed an official complaint with the Office of Banking Mohtasib Pakistan.
After receiving the complaint, the Mohtasib’s office initiated an inquiry and took up the matter with the bank. A thorough investigation was conducted by the bank, after which it accepted the legitimacy of the claim. The FCA was finally acknowledged, and the deposited amount along with profit was calculated. A total sum of $2,891 was refunded to the complainant at the conversion rate of Rs160 per US dollar. The final payout, made through a pay order, amounted to Rs462,560.
The complainant confirmed the receipt of the amount and expressed full satisfaction over the resolution, according to the Banking Mohtasib Pakistan. This case highlights the importance of proper record-keeping and accountability in maintaining FCA records, and also demonstrates the critical role played by the Banking Mohtasib in resolving customer grievances against bank negligence.