BOSVG customers ‘receive’ $700 in ‘error’

Some customers of the Bank of St Vincent and the Grenadines (BOSVG) were made $700 richer, albeit temporarily, when an apparent system glitch resulted in accounts being credited in error.

On the morning of Wednesday, July 12, some customers who checked their online banking saw a direct deposit made to the chequing account dated July 3, 2023 in the amount of $700. The credit appears to have been made to customers who were not registered under this category of account.

The document attached to the deposit showed a bank form for a Customer Account Deposit for $700 dated July, 3. The customer’s name and the account number, as well as the depositor’s signature are included in the document. The form also carries the bank’s official stamp.

The situation caused a stir on social media with those who received the credit begging the bank not to take the funds back.

By lunchtime, Wednesday the $700 credit ‘disappeared’ from the mobile banking app, after which the management of BOSVG issued a statement explaining the source of the credit.

“We are aware that some customers reported errors on their online banking profiles earlier today. This resulted from a scheduled upgrade executed last evening.”

The statement also said the “root cause” was “isolated and fully resolved”. Please further note that account balances were not impacted in any way by this incident.

The release from the bank did not indicate how many customers were affected by the mobile mishap.

Last month, BOSVG was affected by an attempted fraudulent scheme when several customers reportedly received calls from someone impersonating an officer of the Bank. The scammers requested sensitive information concerning cards and online banking credentials.

Since the acquisition of the former customers of CIBC First Caribbean International Bank, as well as the transfer of some accounts following the appointment of receiver for First St Vincent Bank Ltd., BOSVG customers have experienced numerous logistical difficulties, including service disruptions.