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Bank Errors

Bank errors are those mistakes which are done by bank. At the time of bank reconciliation, accountant should also include as one reason of not matching cash book with bank statement. Suppose, you have deposited $ 60000 in bank and bank has credited $ 50,000. Bank has credited $ 10,000 less and this error will be bank error. Other example of bank errors may be deposit your money in wrong account or any body has deposited money in his account but bank has deposited same amount in your account etc.

One of most often happened bank errors is ATM server error. It has happened with me. I have three ATM cards of different banks. Once, I needed big amount. I used my other bank ATM in SBI ATM machine shop. I entered that big amount in SBI ATM. Money did not come from ATM but my slip was showing debit of that big amount. I contacted with my bank customer care and he told me that is ATM server error. So, your amount will automatically be credited in your bank account within 15 days. After 15 days, something was happened. I was lucky.


Biggest bank Errors Example


What would you do if any of the above happened to you? Would you:
  • Be honest and report the error to the bank as soon as possible.
  • Sometime, it may not be the mistake of bank employee. Some one may hack your online bank account or visited your ATM account through ATM cloning or ATM card skimmer and at that time, you should co-operate with bank to solve this problem in future. You can also contact Financial Crime Devision.

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Accounting Education: Bank Errors
Bank Errors
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Accounting Education
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