Key Post Crossed cheque : stolen & cashed : whose liability?

AMatt said:

I'm wondering why PTSB didn't do a direct credit to begin with instead of posting a cheque. Banks are supposed to be discouraging cheques and encouraging electronic transfers these days. The whole situation could've been avoided if they'd done that. Perhaps the situation necessitated a cheque and I'm being unfair?

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I agree! I was never given the option of money transfer, but it would have saved a lot of hassle, and as you point out, cheques are on the way out... Client facing people in the banks obviously haven't been told to encourage electronic transfers - though they should be...

Fascinating reading. The PTSB always in the wrong, finally admitted to it and are now it appears addressing the issue. What's of greater concern is that (a) PTSB staff gave the wrong information and (b) so did IFSRA.
Anyone with a modicum of training in basic banking would have been able to deal with the problem. The real concern from a consumer perspective is that this went on for so long and was only sorted by someone spotting the thread or quality controlling phone calls.
If I were you I would copy this thread to the CEO of both The Regulator and PTSB as an example of what amounts to appalling standards of customer service.

As far as the CU is concerned ...I'd imagine they will learn their lesson and no longer cash crossed cheques but insist on them being negotiated through an account. (on a minor techncial note a CU is not a banker in law so the crossing or general/specific instruction does not apply to them)


Riddler

So - PTSB finally transferred the money into my account today. The delay? They got my bank account number wrong. The same bank account that they take money out of each month... They mustn't be very used to crediting accounts...

Thanks again for all your help and encouragement. I am going to ask PTSB for a written explanation of what went wrong, and share it with you when I get it...

I work in a bank and took advice on a similar situation recently. Basically if you never received the cheque then thats all you have to report / all that is your responsibility. If the cheque was inappropriately cashed/lodged, thats the credit unions problem and they have to chase that. The CU has no obligation or no right to release ANY information to you in relation to where what when the cheque was cashed etc. Its outside the legal guidelines for them to do that. It is up to them to advise the guards that they feel there may have been an inappropriate transaction on the account. The only reason for you to get involved is theft of post if thats what happened. As someone who works in a bank the best thing you can do is call and make an appointment with the branch manager (if a branch) and get it sorted. You ll get the run around on the phone. Its not your fault and not your issue if you are genuinely not complicit in the fraud, however, you have to understand that they need to reassure themselves of this. Put your foot down, or failing that phone Gerry Ryan !

smmb said:

phone Gerry Ryan !

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I would rather chew off my own foot than have to listen to that... person...

But yes - you're unfortunately quite right. It does seem that the client facing people on the phones are advised to try to pass the buck no matter what. This has little to do with customer service and everything to do with call turnover. A problem addressed is a half dozen incoming calls delayed...

It's all been an interesting insight into the disconnect between what banks do do and what banks should do... And I'll know better next time than to accept what I'm told at face value...