Careless bank record keeping creates difficulties for foreign currency account holder

Careless bank record keeping creates difficulties for foreign currency account holder

KARACHI: Foreign currency account holder faced serious difficulties when the bank flatly replied they could not trace his account.

According to the annual report 2020 issued by the office of Banking Mohtasib Pakistan stated that a complainant approached the office stating he had been maintaining his Foreign Currency Account with a bank’s branch since 1996.

“After opening of account, he went to Saudi Arabia. The Complainant visited Pakistan in 2012, and visited the branch where he came to know from the branch manager that his account was not traceable.”

The complainant lodged claim with the bank and left the country for Saudi Arabia.

However, on his return to Pakistan in 2019, he was shocked to know that the bank failed to trace out his account and the amount of $2652 deposited at that time in the account was not refunded by the bank.

As the matter has not been addressed by the bank, he lodged a complaint with the office of Banking Mohtasib Pakistan. Upon receipt of the complaint, the matter was taken up with the Bank.

The bank after thorough investigation accepted the claim of the complainant and refunded the deposited amount with profit of $2891/- at 160/-PKR per USD in the sum of Rs 462,560/- through pay order.

The complainant confirmed the receipt of the said amount and expressed satisfaction over the amicable resolution of his complaint.

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