We trust our banks so much that some of us put our life’s savings in them.
But some of us forgot that banks are run by both humans and machines, both of which can fail us, just like what happened to DBS.
Recently, it was made known that there have been duplicate transactions on selected credit and debit cards by DBS and POSB.
Simply put, if you use your card to make a purchase of a cup of bubble tea for $5 three days ago, another $5 might be deducted from your card three days later from the exact same outlet…even if you’re serving a SHN in a hotel.
With more people complaining about this issue online, DBS posted an update on their social media page yesterday, saying that they were aware of the “duplicate transactions on selected debit and credit cards” and that they are “fixing the issue.” They then assured customers that all duplicate transactions will be refunded.
A few hours later, they said that it was a technical issue that caused the duplicate transactions, and promised that all duplicate transactions will be refunded by 20 June 2021.
DBS Says All Refunds for Duplicate Transactions Have Been Made & Will Waive All Fees or Charges for The Error
In the latest update by DBS this morning, they said that all duplicate card transactions have been successfully refunded.
However, unless you’re poor like me, you won’t have thought of one problem: What happens if I didn’t have enough money in my bank account for the duplicate transaction?
Well, if you’re lucky (or unlucky), your transaction will fail but if you’re unlucky (or lucky), your account might be in a negative balance—in other words, your account might go into overdraft, whereby you kind of owe the bank money.
When that happens, you need to pay an overdraft fee and interest because it’s considered a loan liao mah.
In its latest update, DBS said that “any fees or charges as a result of this will be waived.”
In addition, DBS also posted a handy website for you to know more details: https://www.dbs.com.sg/personal/support/card-transaction-duplicate-transactions-190621.html
Quite a bit of details, eh?
MAS has already instructed the bank to conduct a thorough investigation.
Featured Image: Tang Yan Song / Shutterstock.com + TY Lim / Shutterstock.com
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