hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 30, 2015 19:48:37 GMT
Below is an e-mail from REBS. Quite honestly I moved on from the site some time ago. Given what I think they are saying I am quite glad I have done so. Please read and judge for yourselves.
I'm writing to inform you about an adjustment to your online balance with your rebuildingsociety.com account. A recent audit has revealed an inconsistency between the transactions on the system and the client account bank balance that we manage on behalf of all lenders.
What has happened?... On January 17th 2015 a credit was applied to your online balance £62.39, however this was not received by our bank.
How did this happen?... The client account receives hundreds of transactions every day, since much of this data is processed manually, we do have a small margin for error, which is why we perform internal audits to periodically review all transactions.
What does this mean?... The erroneous transaction has been removed, your available balance has been decreased by £62.39.
What are we doing about it?... We apologise for the inconvenience. We have now taken action to correct the mistake.
What are we doing to prevent this from happening in the future?... We are working to integrate a daily feed of transactions from the bank, which will further reduce the margin for human error. We have also introduced extra review procedures regarding the management of the client account.
I noticed that you have not used your account since 28th Feb 2014, So I have applied a credit to your account of £103.92, bringing your balance to 0. If you would like me to close your account, please confirm.
If you have any questions regarding this adjustment, please email support@rebuildingsociety.com.
Kind regards,
Daniel Rajkumar
Managing Director
|
|
shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
|
Post by shimself on Oct 30, 2015 20:12:53 GMT
Well I think the handling of the problem shown here is immaculate, really top class.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 30, 2015 20:30:17 GMT
IIRC this originated from a transaction in 2013.The implication is that my account has been in deficit by some £31.53 since either Jan 2015 or 28thFeb 2014. I thought it was zero. By the way the reason I left REBS was that I felt they did not have a clue about their banking/accounting procedures.
|
|
|
Post by danraj on Oct 30, 2015 21:29:41 GMT
Thanks for sharing. I hope the transparency reflects well on us..
We're working through some minor discrepancies like this and will be contacting the few affected lenders in due course.
We hold a balance in the client account to offset any negative lender balances. So any negative lender position (however temporary) is effectively money borrowed from us & not other lenders.
We've recently enabled a function that takes the feed of bank transactions into our client account reconciliation process. This reduces the margin for human error on credit transactions. This was a control introduced from one of our first internal audits.
Adopting CASS 7 compliance is something we take seriously and is a regulatory protection that ensures no lender is adversely affected.
For as long as there isn't a direct API interface with the banks there is scope for human error. We're working towards a perfect solution, however, until we get there we'll do all we can to promptly identify & redress any errors.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 30, 2015 21:36:36 GMT
I am sure your reply is meant well, but quite honestly I understand less now that I did when I received your original e-mail. I am an ordinary investor and would rather like REBS to explain themselves in plain, straighforward terms.
|
|
|
Post by danraj on Oct 30, 2015 22:43:41 GMT
We made a mistake. We found it. We corrected it.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 30, 2015 22:51:31 GMT
good reply, and thankyou. May I ask what was REBS doing in the past 18 months/2 years?
|
|
shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
|
Post by shimself on Oct 31, 2015 8:34:11 GMT
We made a mistake. We found it. We corrected it. and we've done things to try to stop it happening again.
|
|