Friday, July 22, 2022

CIMB transfer to other bank (BPI) unsuccessful. Now what? Will I get my funds back?

CIMB transfer to other bank (BPI) unsuccessful. Now what? Will I get my funds back?


I've opened an account in CIMB bank through the Gcash application via their Gsave option last year. Since then, it has been my preferred bank though digital because I had to save up the money that I owe and I won't be easily tempted to spend it since I won't be able to easily access the funds. Digital banks like CIMB provide better interest than your traditional banks. They offer 2.6% per annum for Gsave accounts and it could increase to 4% should you qualify for their promos like maintaining 100,000 in your account and the likes. I tested the waters first before using the CIMB's application in transferring from my CIMB account to my BPI account with a minimal amount first so that when it doesn't go through, I wouldn't fret. However, last Friday night I got surprised and my anxiousness shoot up when the fund transfer that I did Friday morning didn't went through. I got a text message that stated that the bank transfer was unsuccessful. By the way, this is my first time transferring a 6 digit fund (and no, it doesn't fall into the Anti-Money Laundering Act). I was able to transfer maximum 5 digits successfully before. In their CIMB application, I clicked on their contact us Email and sent a message. I tried dialing their customer care hotline but some of the option aren't applicable so I opted for the Lost/Fraudulent transactions just so I could talk to a real agent. But when it was 5 minutes and counting and I'm still on hold that I've decided to cut off the line. 


This is taken from https://www.cimbbank.com.ph/en/help-and-support/faqs/bank-transfers/transfer-to-other-banks/are-there-any-instances-in-which-my-transaction-could-be-unsuccessful.html


Are there any instances in which my transaction could be unsuccessful?

Crediting to receiving of a beneficiary bank account may be unsuccessful due to any of the following reasons:

 

1) Invalid account (e.g. wrong account number, closed, dormant or blocked account)

2) Suspicious transaction (e.g. Anti-Money Laundering compliance)

3) Wrong information /details (e.g. Account Name provided is not the full and actual account name of the recipient)

4) Unsupported currency (not PHP currency)

 

It is highly advised that you obtain and provide the correct information to avoid any delays in the interbank fund transfer.











I opened my e-mail and there I found out that the reason why the transaction was unsuccessful was because the Account name of the Beneficiary Account does not match the name of the Beneficiary indicated. I used my Favorites in the CIMB app relying that it worked before so why not now? And then this happened. Later I realized that maybe it's because of their new application as they recently upgraded their application.


The information above just point out the possible causes why the transaction was unsuccessful. But the next question is, will you'll be able to get your money back?


I went through the internet if there are anyone who had encountered the same problem. One said that her funds were sent back to her 1-2 hours after she was notified.


The next day, I checked my account in the CIMB bank application and nothing was returned. In my email, I was given a ticket number. I also came across in their official Facebook page that:




From their reply post, I'm expecting that there will be a reversal and the funds will be returned by Monday or Tuesday.



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