There have been reports in the media about the issue of retrieving funds transferred to the wrong party via ATM.

The action taken by the bank, which is rather passive, consists of merely conveying the information to the party which has received the funds in error.

The sender can only hope that the other party would respond to the bank's request to return the funds.

The bank's fiduciary duty to a customer does not extend beyond conveying his request to the other party, and as a profit- oriented entity, it makes no economical sense for the bank to go the extra mile.

Thus, the onus is on the account holder to be more proactive.

In order to compel the other party to return the funds, the party who has made the mistake should make a police report and attach a copy to his request to the bank to retrieve the funds.

The bank's request to the other party to return the funds should alert him to the fact that a police report has been made.

That would put pressure on him not to act indifferently and ignore the request.

Mr Chin Kee Thou

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