09-04-2022, 03:56 PM
650 customers file RM650mil class-action suit against CIMB
Best to be careful if you are a customer ....
Best to be careful if you are a customer ....
![](https://i.imgur.com/CLvY2jA.png")
650 customers file RM650mil class-action suit against CIMB
09-04-2022, 04:03 PM
GEORGE TOWN: A group of 650 CIMB Bank account holders have filed a RM650 million class-action suit against the bank for negligence over a processing error that left their accounts frozen and in debt.
They are seeking an overall recovery of RM1,007,702.91 – which they claim was forcefully taken away from their accounts by the bank, following its debt recovery exercise.
The group has also asked for at least RM1 million to be awarded in aggravated damages to each account holder.
Watch the video here.
They are also seeking the High Court to unfreeze their accounts within seven days of a ruling, besides general, exemplary and aggravated damages with a 5% interest per year from the day the summons was filed, and costs.
According to their filing at the High Court in Kuala Lumpur on Wednesday, the account holders claimed they have gone through hardship after their savings accounts were prevented from being used.
They said such action to freeze their account and the further debit of funds from their accounts later was unlawful, as they claimed not to have received any form of notice nor a court order for the purpose.
They claim the duplicitous credit and the forceful freeze and later, a debt recovery exercise by the bank was unlawful, as the credit error was due to the bank’s negligence.
“The bank’s action in debiting the money from the accounts is illegal and in breach of the regulations involving financial institutions in the country.
“The bank’s move to debit money has violated the guidelines and rules set by Bank Negara Malaysia regarding disputes by financial institutions and depositors,” their statement of claim read.
Lawyer Nazmi Mohd Zaini, who is representing all 650 account holders in the claim, said he would apply for a similar suit as the one filed last month by 12 account holders against CIMB to be tried together with the latest case.
In the latest suit, he said only 26 persons are named to represent the 650 account holders.
“The named plaintiffs in the suit must be someone who can commit to court proceedings, including those who can testify before court. We don’t want the honourable court to be burdened with many plaintiffs as the cause of action sought is the same,” he said.
In an immediate reply, CIMB said: “As part of its recovery measures, CIMB has exercised its contractual and legal right to debit the accounts of a limited number of customers who have not, directly or through lawyers, responded or engaged with the bank, despite attempts by the bank. The bank has proceeded to set-off the amounts debited against the mistaken duplicate credits received by those customers only after prior notice was given.
“All recovery measures taken are in line with industry-standard practice and after due notice and notification. The bank remains committed to ensure a fair and managed resolution and we will continue to engage all affected customers who received the double credits. Insofar as matters that are the subject of legal proceedings, CIMB will leave this to the due process of court,” it said in an email to FMT.
In February, CIMB claimed a processing error by a remittance service led to fund transfers made to customers being wrongly credited twice. As a result, the bank earmarked affected accounts to recover the duplicate sums, which led to frozen accounts.
In their defence following a similar suit filed by the 12 account holders on Feb 28, CIMB said it had not violated any contract with its account holders as the bank was free to debit or put on hold any account as they wished.
The bank said as a result of the duplicate credits, the account holders had been “unjustly enriched” at the bank’s expense, with account holders not alerting the bank over the duplicate amounts in their accounts.
CIMB said it was allowed to recover the duplicate sum as it was legally and contractually entitled to do so.
The matter first came to light on Jan 31, when FMT reported the grievances of CIMB customers whose account balance had a negative value and their accounts were frozen. The disgruntled customers had lodged reports with the police and Bank Negara Malaysia (BNM).
CIMB said the problem involved “a limited number of customers that undertook international to local transfers”, and pledged to offer a fair and managed resolution to affected customers.
The central bank had ordered CIMB to ensure that whatever “recovery” measures it was taking would not burden the customers, especially those unaware that the excess money had flowed into their accounts.
They are seeking an overall recovery of RM1,007,702.91 – which they claim was forcefully taken away from their accounts by the bank, following its debt recovery exercise.
The group has also asked for at least RM1 million to be awarded in aggravated damages to each account holder.
Watch the video here.
They are also seeking the High Court to unfreeze their accounts within seven days of a ruling, besides general, exemplary and aggravated damages with a 5% interest per year from the day the summons was filed, and costs.
According to their filing at the High Court in Kuala Lumpur on Wednesday, the account holders claimed they have gone through hardship after their savings accounts were prevented from being used.
They said such action to freeze their account and the further debit of funds from their accounts later was unlawful, as they claimed not to have received any form of notice nor a court order for the purpose.
They claim the duplicitous credit and the forceful freeze and later, a debt recovery exercise by the bank was unlawful, as the credit error was due to the bank’s negligence.
“The bank’s action in debiting the money from the accounts is illegal and in breach of the regulations involving financial institutions in the country.
“The bank’s move to debit money has violated the guidelines and rules set by Bank Negara Malaysia regarding disputes by financial institutions and depositors,” their statement of claim read.
Lawyer Nazmi Mohd Zaini, who is representing all 650 account holders in the claim, said he would apply for a similar suit as the one filed last month by 12 account holders against CIMB to be tried together with the latest case.
In the latest suit, he said only 26 persons are named to represent the 650 account holders.
“The named plaintiffs in the suit must be someone who can commit to court proceedings, including those who can testify before court. We don’t want the honourable court to be burdened with many plaintiffs as the cause of action sought is the same,” he said.
In an immediate reply, CIMB said: “As part of its recovery measures, CIMB has exercised its contractual and legal right to debit the accounts of a limited number of customers who have not, directly or through lawyers, responded or engaged with the bank, despite attempts by the bank. The bank has proceeded to set-off the amounts debited against the mistaken duplicate credits received by those customers only after prior notice was given.
“All recovery measures taken are in line with industry-standard practice and after due notice and notification. The bank remains committed to ensure a fair and managed resolution and we will continue to engage all affected customers who received the double credits. Insofar as matters that are the subject of legal proceedings, CIMB will leave this to the due process of court,” it said in an email to FMT.
In February, CIMB claimed a processing error by a remittance service led to fund transfers made to customers being wrongly credited twice. As a result, the bank earmarked affected accounts to recover the duplicate sums, which led to frozen accounts.
In their defence following a similar suit filed by the 12 account holders on Feb 28, CIMB said it had not violated any contract with its account holders as the bank was free to debit or put on hold any account as they wished.
The bank said as a result of the duplicate credits, the account holders had been “unjustly enriched” at the bank’s expense, with account holders not alerting the bank over the duplicate amounts in their accounts.
CIMB said it was allowed to recover the duplicate sum as it was legally and contractually entitled to do so.
The matter first came to light on Jan 31, when FMT reported the grievances of CIMB customers whose account balance had a negative value and their accounts were frozen. The disgruntled customers had lodged reports with the police and Bank Negara Malaysia (BNM).
CIMB said the problem involved “a limited number of customers that undertook international to local transfers”, and pledged to offer a fair and managed resolution to affected customers.
The central bank had ordered CIMB to ensure that whatever “recovery” measures it was taking would not burden the customers, especially those unaware that the excess money had flowed into their accounts.
09-04-2022, 04:20 PM
Quote:In February, CIMB claimed a processing error by a remittance service led to fund transfers made to customers being wrongly credited twice. As a result, the bank earmarked affected accounts to recover the duplicate sums, which led to frozen accounts.
In their defence following a similar suit filed by the 12 account holders on Feb 28, CIMB said it had not violated any contract with its account holders as the bank was free to debit or put on hold any account as they wished.
The bank said as a result of the duplicate credits, the account holders had been “unjustly enriched” at the bank’s expense, with account holders not alerting the bank over the duplicate amounts in their accounts.
CIMB said it was allowed to recover the duplicate sum as it was legally and contractually entitled to do so.
If the above account is true. Tye bank is merely recovering money that it double credit to accounts by mistake.
I don't see any case to fight for the account holders. Surely they cannot expect to keep the extra money?
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
09-04-2022, 04:32 PM
Jiu hu kia siao one la..including their stupid lawyer
09-04-2022, 04:49 PM
Monkey see monkey do.
Copy US daylight robbery.
Copy US daylight robbery.
09-04-2022, 05:36 PM
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