If you are a customer of the Bank of the Philippine Islands (BPI) and you find yourself unable to login to BPI ExpressOnline or the mobile banking app, or worse, you’re seeing negative balances or unauthorized withdrawals in your account, here’s why:
BPI is currently experiencing an IT system error that caused some transactions to be posted and to affect deposit accounts even if they weren’t authorized by the customer.
Here’s the official statement from BPI, posted on their official Facebook page.
BPI’s statement on the IT system problem
“Further to our announcement this morning, we have identified an internal system error that caused some transactions occurring between April 27 and May 2 to be double-posted as of June 6.
We have identified the root cause of this error, and are temporarily suspending access to electronic channels to speed up rectification. All BPI branches will open on time this morning, and will continue to service your needs.
We anticipate full resolution of this error within today. We wish to reassure our clients that this matter will be resolved expediently, and that none of them will lose money from this incident.”
“No customer will lose money”
The error has caused panic among some BPI customers; with some even posting on Facebook and Twitter their negative balances or posted transactions that they did not make.
Some examples:
From Katherine Cess on Twitter:
From Suzette Sales on Twitter:
Other user complaints we saw on Twitter:
We do hope BPI gets to resolve this as soon as possible. We trust that they will remain true to their promise of “full resolution” within today and that no customer “will lose money from this incident.”
UPDATE from the Bangko Sentral ng Pilipinas (BSP):
BSP Deputy Gov. Nestor Espenilla said the BSP will look into the BPI system problem, but he said BPI assured that no customer will lose money (from Twitter).
We hope this problem gets resolved very soon.
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