Is it possible for a bank to not know which company deducted GIRO from my account?

[firsttimebuyer]

I recently had a GIRO from my OCBC account. The transaction stated that it was an insurance premium for GIRO but no other details.

I don't recall any premiums being due for payment for that time period so I checked with the bank and they said they had no ability to see which company actually made that GIRO deduction. Is that accurate? or just BS?

 

[lzydata]

Check your GIRO arrangements. The deduction should only have gone through if it is one of the GIRO arrangements you have, and within the limit deductible.

 

[reddevil0728]

I recently had a GIRO from my OCBC account. The transaction stated that it was an insurance premium for GIRO but no other details.

I don't recall any premiums being due for payment for that time period so I checked with the bank and they said they had no ability to see which company actually made that GIRO deduction. Is that accurate? or just BS?

They should be able to trace.

ask them to trace. May take sometime

 

[epigram]

At least for hsbc, Citibank and UOB you can see who made the deduction from internet banking

 

[swathe]

I recently had a GIRO from my OCBC account. The transaction stated that it was an insurance premium for GIRO but no other details.

I don't recall any premiums being due for payment for that time period so I checked with the bank and they said they had no ability to see which company actually made that GIRO deduction. Is that accurate? or just BS?

Transactions that are non traceable breaches MAS rules right? OCBC has no compliance in place which potentially allow money laundering which cannot be traced?

 

[Kidneypool]

I'm shocked if that is true. How can there be any incoming and outgoing transactions in a bank account, without a record of the corresponding sending or receiving parties account info?

Is that why crypto is created, because this can be seen in the blockchain.

 

[reddevil0728]

I'm shocked if that is true. How can there be any incoming and outgoing transactions in a bank account, without a record of the corresponding sending or receiving parties account info?

Is that why crypto is created, because this can be seen in the blockchain.

Actually sometimes very sceptical about what TS post.

cause ts tends to create a lot of thread and subsequently never follow through

 

[firsttimebuyer]

I'm shocked if that is true. How can there be any incoming and outgoing transactions in a bank account, without a record of the corresponding sending or receiving parties account info?

Is that why crypto is created, because this can be seen in the blockchain.

Transactions that are non traceable breaches MAS rules right? OCBC has no compliance in place which potentially allow money laundering which cannot be traced?

At least for hsbc, Citibank and UOB you can see who made the deduction from internet banking

Check your GIRO arrangements. The deduction should only have gone through if it is one of the GIRO arrangements you have, and within the limit deductible.

Very sorry for the late reply, had been quite busy. I went to slowly call up each company (mainly insurance) that I had a GIRO arrangement with and they said it wasn't them. I was quite worried that the bank officer said she could not check. But mystery solved, I opened a mail and saw a notification for that same amount of money and realized it was an internal GIRO deduction; OCBC deducted it to themselves. But still quite surprised that the bank customer officer could not inform me.

 

[limster]

I recently had a GIRO from my OCBC account. The transaction stated that it was an insurance premium for GIRO but no other details.

Very sorry for the late reply, had been quite busy. I went to slowly call up each company (mainly insurance) that I had a GIRO arrangement with and they said it wasn't them. I was quite worried that the bank officer said she could not check. But mystery solved, I opened a mail and saw a notification for that same amount of money and realized it was an internal GIRO deduction; OCBC deducted it to themselves. But still quite surprised that the bank customer officer could not inform me.

What insurance policy do you have with OCBC that you had forgotten about? GE their subsidiary should have separate billing arrangements.

 

[reddevil0728]

Very sorry for the late reply, had been quite busy. I went to slowly call up each company (mainly insurance) that I had a GIRO arrangement with and they said it wasn't them. I was quite worried that the bank officer said she could not check. But mystery solved, I opened a mail and saw a notification for that same amount of money and realized it was an internal GIRO deduction; OCBC deducted it to themselves. But still quite surprised that the bank customer officer could not inform me.

I don’t see why you should be worried cause you didn’t probe the bank officer further.

 

[firsttimebuyer]

What insurance policy do you have with OCBC that you had forgotten about? GE their subsidiary should have separate billing arrangements.

It was actually fire insurance. I only realised when I received a physical letter in my mail box and the dollar value matches up. But still pretty surprised that at least a helpful description, other than just "insurance premium", did not show up in the online banking account

 

[sglandscape]

Good to hear you resolved your mystery. However it shows how badly coordinated OCBC is internally to not be able to tell you it's for fire insurance purchased with them

 

[fire]

I recently had a GIRO from my OCBC account. The transaction stated that it was an insurance premium for GIRO but no other details.

I don't recall any premiums being due for payment for that time period so I checked with the bank and they said they had no ability to see which company actually made that GIRO deduction. Is that accurate? or just BS?

Just BS... You have to submit form to the bank for giro arrangement, bank will know.