Author Topic: PrivatBank Warning  (Read 597 times)

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Online Reggie

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PrivatBank Warning
« on: 22:16 23-May-2017 »
One of the Mods asked me to post this because it can be of help to you.

Basic Story: 

A friend asked me for help with a PrivatBank problem (post-nationalization); with his permission, a short version and a photo. 

Below you will see a photo.  It shows he paid about 600 US dollars to a third party utility - a good chunk of money; those are the receipts on the left issued by Privat.   On the right we see Privat's website (Privat24).   

Several months later, PrivatBank's online platform (Privat24) tried to double-bill him for the same and similar amounts. 

Pay attention people.
 
- Correct accounting is Privat's responsibility. 

- And it's also Privat's responsibility to avoid incorrect or fictitious billing when called to their attention.

Typical Ukrainian response so far.  "Not our problem" - "track down the utility." - "maybe a computer problem."  ???

This is a highly truncated version of the false billing and documents.  There's no conjecture about this.

Lessons of the Story

Be careful and check to see if Privat will try to slip you the same bill twice through one of their partners.

If they don't correct these types of issues, I don't see how this bank will be able to retain consumer confidence.  Impossible.

I'll update this thread if the problem has been fixed, on the day it has been fixed.  So use that as a metric.   

Keep all of your banking receipts.

« Last Edit: 22:29 23-May-2017 by Reggie »



Online Vitaliy50

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Re: PrivatBank Warning
« Reply #1 on: 08:33 24-May-2017 »
I try to keep my money out of Ukraine as much as possible. Using the privat account for day to day funds and on an as-needed basis. I simply cannot trust Ukraine with my money at this point.

Offline somanylollipops

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Re: PrivatBank Warning
« Reply #2 on: 09:24 24-May-2017 »
I stay as far away from Privat as possible. Their ATM fees are bullpoop, and they try to sneak their bullpoop currency exchange by using intimidation tactics.

On top of that, they offer no fraud protection for when you send money to a merchant who stiffs you, ridiculous fees for cash transfers, etc.

They're just a poopty monopoly. Whatcha gonna do about it..

Online Reggie

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Re: PrivatBank Warning
« Reply #3 on: 13:29 02-Jul-2017 »

Update:

So as promised, the thread is being updated when the problem has been fixed.

Problem is fixed.    If it reoccurs, I will post that here also. 

Time to fix:  1 month and 7 days.
« Last Edit: 21:19 02-Jul-2017 by Reggie »

Online Fraucha

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Re: PrivatBank Warning
« Reply #4 on: 16:48 02-Jul-2017 »
WOW you guys. I have never had any problems with them except when my US Credit Union would not do a SWIFT transfer to Privat.
Peace is the failure of the military to convince the government that it can and should kick its enemies ass.

Online Ron-n-Sveta

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Re: PrivatBank Warning
« Reply #5 on: 21:17 02-Jul-2017 »
i have had my account over 2 years no problems. not even while back in the states

Online Reggie

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Re: PrivatBank Warning
« Reply #6 on: 00:38 06-Jul-2017 »
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WOW you guys. I have never had any problems with them except when my US Credit Union would not do a SWIFT transfer to Privat.

Fair enough if you have been fairly treated by them.

I highlighted the Privat records so you can see that Privat double-billed for the same and similar amounts several months later.

It's unusual to have 15,000 UAH ($580) requests for payment, so maybe someone thought they could pull a fast one and double-bill for a big sum, or maybe sloppy record-keeping; but there it is, in black-&-white, no conjecture. 

If it was intentional, any good class-action lawyer will tell you that it was the dumbest way to do it because the people that get away with this type of record keeping screw the most amount of people out of the least amount of money, then it usually goes un-reported or underreported because nobody wants the hassle for a dollar or two; while the perps make out like bandits by socking it to a lot of people. 

But if you are requested to pay the same $580 debt twice; it tends to get noticed.


Offline Paulenko

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Re: PrivatBank Warning
« Reply #7 on: 16:34 06-Jul-2017 »
What happened there is terrible error(could very well of been deliberate) on Privat Banks behalf. :o They really need to get their act together. The fact that they charge people for using their cash machines is absurd as well, seeing as most other cash machines do not charge for withdrawals.

Offline Дідусь

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Re: PrivatBank Warning
« Reply #8 on: 20:39 06-Jul-2017 »
The only way you can blame the bank (despite who the past/present owners are) is if the staff on the payments side were working with the bank in some form of fraud. To my mind, that is unlikely.

However, it IS possible that one of the staff duplicated a payment with the beneficiary of the second payment being him/herself or others involved.

It is a fairly simple matter for the bank to check the payments and receipts for the day in question. That's why banks have internal auditors or do they not in Ukraine?

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Re: PrivatBank Warning
« Reply #9 on: 21:21 06-Jul-2017 »
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The only way you can blame the bank (despite who the past/present owners are) is if the staff on the payments side were working with the bank in some form of fraud. To my mind, that is unlikely.

However, it IS possible that one of the staff duplicated a payment with the beneficiary of the second payment being him/herself or others involved.

It is a fairly simple matter for the bank to check the payments and receipts for the day in question. That's why banks have internal auditors or do they not in Ukraine?

"What is word internal auditor? Is something with stomach yes?"
Peace is the failure of the military to convince the government that it can and should kick its enemies ass.

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Re: PrivatBank Warning
« Reply #10 on: 21:52 06-Jul-2017 »
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The only way you can blame the bank (despite who the past/present owners are) is if the staff on the payments side were working with the bank in some form of fraud. To my mind, that is unlikely.

However, it IS possible that one of the staff duplicated a payment with the beneficiary of the second payment being him/herself or others involved.

It is a fairly simple matter for the bank to check the payments and receipts for the day in question. That's why banks have internal auditors or do they not in Ukraine?

You make a good point here.

Just so everyone knows how I got the problem fixed:  PrivatBank was nationalized; now a government body of sorts; that gave jurisdiction to refer it to the anti-corruption bureau (as a government owned body).  Suddenly the accounting was fixed.

You know, it's kind of bad news when an American lawyer comes calling, and the government owns the bank now, and they are trying to keep this main bank afloat and show that progress is being made, and it's a new and clean environment.   

All fair inferences welcome; including that I should drink less and eat more Salo. 
« Last Edit: 21:54 06-Jul-2017 by Reggie »