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unauthorised direct debit.
leena ally
Posted: 02 March 2016 14:55:41(UTC)

Joined: 11/02/2013(UTC)
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my bank account was debited by an investment manager without my authorisation or notification. i did give the manager my bank details, but did not buy any investment or products. although my bank has credited the amount the inv. manager has not responded to my letter, e-mails. i would like to know how was this d/d charged to my account and why did my banker debit my a/c. without proper scrutiny of my authorisation.? appreciate comments and thank you in advance. A.ALLy
Andy W
Posted: 06 March 2016 13:47:26(UTC)

Joined: 07/04/2013(UTC)
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The huge majority of banking txns are conducted automatically these days.

Your investment mgr will have set-up the D/D electronically and debited you without a human at your bank actually reviewing or approving it
- how many D/D's will your bank have set-up on all their customer accounts every day ? There won't employ someone to manually sift through the paperwork and check every one.

Similarly, if you write a cheque (once every blue moon admittedly these days) - do you think they check every signature on every cheque against the one they have on file for that account ?

When things go wrong, then it'll get rectified - but that'll be if the accountholder notices it and tells them.

Check your statements
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leena ally on 06/03/2016(UTC)
Alan Selwood
Posted: 06 March 2016 18:19:17(UTC)

Joined: 17/12/2011(UTC)
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Andy W makes a very good point about cheques.

In these automated times, where branches don't have any clerical staff (nor does mine even hold foreign currency except by pre-order 24 hours earlier), the banks don't compare the date on the cheque with that day's date - post-dated cheques will go through if presented.

They don't check the signature.

They probably don't check whether an account needing two signatories on a cheque has two valid signatures on it.

Moral of the story - keep your cheque book locked away, and always check your bank statements, preferably every few days rather than once a quarter or once a year.
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