BDO may reimburse clients for losses | SunStar

BDO may reimburse clients for losses

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BDO may reimburse clients for losses

Monday, June 19, 2017

Who moved my money? BDO account holders transact at automated teller machines at the bank’s Fuente Osmeña branch in Cebu City. Depositers first complained of reductions in their bank balances at BDO last Friday, raising the specter of unauthorized withdrawals. (SunStar Foto/Arni Aclao)

FOLLOWING reports of unauthorized transactions among some BDO Unibank’s clients, the Sy-led bank in a disclosure yesterday said it may reimburse customers for funds lost.

“Customers with unauthorized transactions may reach out to the bank via formal channels so that their cases may be properly investigated and, where confirmed as impacted, may be reimbursed,” BDO Unibank said in a statement published in the Philippine Stock Exchange website.

The country’s largest bank also said it has disabled ATM (automated teller machine) cards that may have been compromised. It was on Friday last week when reported losses from cardholders erupted in social media.

“ATMs are compromised every now and then, and banks take the precautionary measure of disabling cards if we have reason to believe they may have been compromised,” the bank added.

It also reminded clients that “there is no cause for alarm” over the reported glitch.

An official of the Cebu Bankers Club also pacified the public, reminding them to remain calm and continue to trust the country’s banking system.

“The banks are on top of the situation. We have very competent regulators, the Bangko Sentral ng Pilipinas. Skimming is a worldwide problem, and banks are acquiring new technology and equipment to combat the problem. The public should remain calm and continue to trust the banking system,” said CBC past president Maximo Rey Eleccion in a text message.

As a full-service universal bank, BDO has one of the largest distribution networks, with more than 1,100 operating branches and over 3,600 ATMs nationwide.It also has 26 overseas remittance and representative offices in Asia, Europe, North America and the Middle East. As of December 2016, BDO was ranked as the largest bank in the Philippines in terms of total assets, loans, deposits and trust funds under management.

Published in the SunStar Cebu newspaper on June 20, 2017.

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