I made a transfer of 500k via online transfer from my diamondbank account to a keystone account. After 2days,the person contacted me that he didn't get the money. After much enquiry from his bank,he was told that there is a restriction on his account. After much talk with them, the restriction was lifted. The transfer I made to him was not credited in his account neither was my money reversed back to me. I've called their contact center and the ladies I've been speaking with keep telling it takes 3 working days and the money will be reversed back to me. I've also gone to my branch and they told me to write a letter for the money to be reversed. Up till now,I'm yet to get the money. Pls any suggestion on how to go about it? What are my options if I decide to sue them. Pls I need advice

Customers are not to be treated this way.
Get a lawyer & also sue them for damages too.

Op ur title is rather too strong. It is not yet "defrauding"; it's a case of poor customer care (note: I am not a banker, and have no special interest in any bank).

Now, ur issue is with Diamond Bank and not Keystone. And if dey have executed ur instruction in transferring d fund to d account ur friend (the beneficiary) gave you, den I don't think they are liable to you.

And if it is the same account the beneficiary gave to you, that is, if you did not make any mistake, then you don't even have any problem. Let the beneficiary sort out the problem his account has with Keystone which made the fund to "hang". I don't think a credit transfer is automatically reversed on grounds of such account restriction.

Typical case of money entering "voicemail."

Dont understand how any of the bank defrauded you.
diamond bank did transfer the money. but keystone couldnt pay your friend due to a restriction on his account, so it's left for him and his bank to sort each other out.

I called diamond contact center and they said its their responsibility not keystone.that they are tracking the money. Since 23rd ? If you're in my shoes,you'll be more hash cos I'm so angry with the whole thing.Both banks can't tell where the money is and the money was meant for business which the beneficiary will not conclude his own part till he gets the money. All I need now is the way forward to settle this. For the account details,it was confirmed by both banks that its correct. The lady I spoke with said the money should be authomatically reversed after 3 working days if it is not credited to the beneficiary
quote author=Provie]Op ur title is rather too strong. It is not yet "defrauding"; it's a case of poor customer care (note: I am not a banker, and have no special interest in any bank).

Now, ur issue is with Diamond Bank and not Keystone. And if dey have executed ur instruction in transferring d fund to d account ur friend (the beneficiary) gave you, den I don't think they are liable to you.

And if it is the same account the beneficiary gave to you, that is, if you did not make any mistake, then you don't even have any problem. Let the beneficiary sort out the problem his account has with Keystone which made the fund to "hang". I don't think a credit transfer is automatically reversed on grounds of such account restriction.[/quote]

That's just it.serious voicemail

stevecantrell: Typical case of money entering "voicemail."

if i were u, i will go there with a GUN and gv the bank manager a one week ultimatum..........

frenex: I called diamond contact center and they said its their responsibility not keystone.that they are tracking the money. Since 23rd ? If you're in my shoes,you'll be more hash cos I'm so angry with the whole thing.Both banks can't tell where the money is and the money was meant for business which the beneficiary will not conclude his own part till he gets the money. All I need now is the way forward to settle this. For the account details,it was confirmed by both banks that its correct. The lady I spoke with said the money should be authomatically reversed after 3 working days if it is not credited to the beneficiary
quote author=Provie]Op ur title is rather too strong. It is not yet "defrauding"; it's a case of poor customer care (note: I am not a banker, and have no special interest in any bank).

Now, ur issue is with Diamond Bank and not Keystone. And if dey have executed ur instruction in transferring d fund to d account ur friend (the beneficiary) gave you, den I don't think they are liable to you.

And if it is the same account the beneficiary gave to you, that is, if you did not make any mistake, then you don't even have any problem. Let the beneficiary sort out the problem his account has with Keystone which made the fund to "hang". I don't think a credit transfer is automatically reversed on grounds of such account restriction.

I understand u perfectly. If u get wat I mean, u have every right to be mad at the banks; my position is dat d term "fraud" is too STRONG (not HARSH). U ar not being harsh: we ar talking about 500k here, aside damages dat u may have incurred. What I mean is dat if u make it a case of Fraud, it will even be harder for you to recover d money. Someone somewhere is just not doing their duty.

Your partner is not helping matters (to put it mildly), maybe because he has not released his own consideration (goods or services) to you. Wat caused the whole problem was a default on his part, ie, d bad account he gave u. If u decide to go to court at this stage, he is the first person u will sue. If d lady told u dat ordinarily it should be reversed within 3days, dis tells u dat it is not an ordinary case. Dat's why I said the money it "hanging". Working wit the facts you have, what makes your case extraordinary is dat he gave u a bad account. So he should clear his end first. We dont even know the nature of the restriction: whether it is the type that will give the bank or someone else a lien over any money c coming into the account. And he is here simply telling you that your transfer didn't enter his account.

Alternatively, you can approach the bank on your own since he is not forthcoming. Ascertain whether this is one of the situations dat a transfer can be reversed; that is, where money is posted into a RESTRICTED account. When dat is done, we can now determine who should reverse that has failed to do so. The lady you spoke with might just be telling you what is generally the case, & not really what happens in a peculiar case like you have, (or rather your friend has).

Provie:

I understand u perfectly. If u get wat I mean, u have every right to be mad at the banks; my position is dat d term "fraud" is too STRONG (not HARSH). U ar not being harsh: we ar talking about 500k here, aside damages dat u may have incurred. What I mean is dat if u make it a case of Fraud, it will even be harder for you to recover d money. Someone somewhere is just not doing their duty.

Your partner is not helping matters (to put it mildly), maybe because he has not released his own consideration (goods or services) to you. Wat caused the whole problem was a default on his part, ie, d bad account he gave u. If u decide to go to court at this stage, he is the first person u will sue. If d lady told u dat ordinarily it should be reversed within 3days, dis tells u dat it is not an ordinary case. Dat's why I said the money it "hanging". Working wit the facts you have, what makes your case extraordinary is dat he gave u a bad account. So he should clear his end first. We dont even know the nature of the restriction: whether it is the type that will give the bank or someone else a lien over any money c coming into the account. And he is here simply telling you that your transfer didn't enter his account.

Alternatively, you can approach the bank on your own since he is not forthcoming. Ascertain whether this is one of the situations dat a transfer can be reversed; that is, where money is posted into a RESTRICTED account. When dat is done, we can now determine who should reverse that has failed to do so. The lady you spoke with might just be telling you what is generally the case, & not really what happens in a peculiar case like you have, (or rather your friend has).

the 3rd paragraph of your message is just what I want to hear,the way forward. Thanks. Any other suggestion is also welcomed

frenex: the 3rd paragraph of your message is just what I want to hear,the way forward. Thanks. Any other suggestion is also welcomed

U're wlcom.

While exploring the informal suggestion in the 3rd paragraph, u can also formally write Diamond Bank Hqtrs in Lagos, copy to ur domicile branch. Make it snappy. Tell dem dat u did the said transfer on d date in question and dat the money was neither delivered to the intended beneficiary, nor did dey return it to ur account. Tell dem as well dat u have lodged an oral complaint with the bank and dat despite their promise to return d money to ur account within d next couple of days, the default has continued till date.

IMPORTANT: Do not mention anything about d beneficiary's account being restricted. Or anytin about Keystone. I am sure dey will investigate and get back to u in writing in about one week. If dey don't reverse it, dey will officially tell u why, so dat u know whom to hold responsible. Their reply letter will definitely be a great weapon in case further action is needed.

U can find a lawyer in ur location (if u dont have one already. Lawyer's letterhead commands greater attention and the letter usually ends in a threat of court action if demands are not met within a stipulated time. Yet you can still use ur own letterhead, and end it with a threat to brief your lawyer to sue them outright.

Good luck.

With 500k missing and u are still calling customer care, go to the bank and ask to see the manager or whoever is in charge on that branch

I've gone to the bank,since then and they told me to put the complain in writting which I did. Infact,someone called me from the headquarters today and said they're following it up as a matter of urgency. I even went to the bank again today and they promised to reverse it before close of work today. I'm yet to get it. Tomorrow I'll still go back there but this time I'm going to make serious trouble with them.

sluvy4tune: With 500k missing and u are still calling customer care, go to the bank and ask to see the manager or whoever is in charge on that branch

Thanks for the info,I'll look for a lawyer,I think that's what will solve this

Provie:

U're wlcom.

While exploring the informal suggestion in the 3rd paragraph, u can also formally write Diamond Bank Hqtrs in Lagos, copy to ur domicile branch. Make it snappy. Tell dem dat u did the said transfer on d date in question and dat the money was neither delivered to the intended beneficiary, nor did dey return it to ur account. Tell dem as well dat u have lodged an oral complaint with the bank and dat despite their promise to return d money to ur account within d next couple of days, the default has continued till date.

IMPORTANT: Do not mention anything about d beneficiary's account being restricted. Or anytin about Keystone. I am sure dey will investigate and get back to u in writing in about one week. If dey don't reverse it, dey will officially tell u why, so dat u know whom to hold responsible. Their reply letter will definitely be a great weapon in case further action is needed.

U can find a lawyer in ur location (if u dont have one already. Lawyer's letterhead commands greater attention and the letter usually ends in a threat of court action if demands are not met within a stipulated time. Yet you can still use ur own letterhead, and end it with a threat to brief your lawyer to sue them outright.

Good luck.

Update,I got a call from Diamondbank headquarters telling me that the acct has been credited,the beneficiary confirmed it too. I thank you all for your time to advice and give suggestions. Pls moderator close the thread the matter is settled thanks