Thousands of rupees lost from HBL accounts: Here’s what really happened

Here's what happened.

 

Several HBL users lodged their complaints earlier this week about unusual transactions in their bank accounts. They took to social media reporting a “sudden loss of thousands of rupees from their HBL accounts without an explanation”.

Customers posted screenshots of their bank accounts displaying negative balances following unusual and unexplained deductions. According to the affectees, their accouts were debited on the account of “Recovery of IBFT Adjustment”.

IBFT: inter-bank funds transfer.

”My account was “debited for Rs11,500 in the name of Recovery of IBFT Adjustment. I then contacted the branch manager and she said she’ll work on it tomorrow,” wrote a customer.

HBL’s Head of Corporate Affairs Farhan Ahmed, however, claried the reason for this and told that it was due to a software malfunction.

He explained that due to this technical error, anyone who was transferring a sum of Rs10,000 to their account, received it twice (Rs10,000 + Rs10,000).

“Most of these incorrect postings have been reversed by the bank,” he further expanded.

Why did some customers see a negative balance?

The bank official said some clients had spent the extra amounts they had received.

“Now when the amount has been deducted, due to insufficient balance, their account shows a negative balance,” he said.

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