The influential Bankers Association of the Philippines (BAP) has thrown its full support to member Bank of the Philippine Islands (BPI) following a two-day technical glitch that resulted in erroneous account balances of some depositors.
In a statement on Saturday, BAP expressed “full support and confidence” in the efforts of BPI to resolve the internal system issues as the bank now proceeds to fully restore normal service operations.
An internal data error on June 7 made some BPI depositors unduly richer while others complained about unauthorized withdrawals and debit transactions, in some cases resulting in negative bank account balances. BPI had to shut down all its electronic banking channels—automated teller machines (ATMs), mobile and internet banking platforms—while addressing the internal data error until the evening of June 8.
“BPI has advised that bank accounts are up to date and account holders can transact business at bank branches. BPI has also taken steps to extend banking hours to accommodate its customers. In general, while system glitches are not uncommon, banks are fully equipped to cope with such and continue business transactions. We do not believe that this incident will affect the bank’s ability to service its customers,” BAP said.
The consequent disruption of electronic banking services on Wednesday and Thursday last week caused a mix of confusion and uproar among clients. BPI extended banking hours until 7:30 pm on those days so that clients could transact over the counter.
As of Friday, BPI said it had reactivated all electronic banking platforms but acknowledged “intermittent difficulties” due to the high volume of transactions arising from pent-up demand during the last two days that its system went offline.
“We collectively remain vigilant and commit to continuously harness technologies to better serve and protect the interest of the banking public,” BAP said.
“Suffice it to say, we believe that BPI remains a sound financial institution and that the public can remain confident in the banking industry’s efforts to ensure delivery of secure services,” the association added.
BPI, the country’s third-biggest bank in terms of assets, has a customer base of around eight million clients, of which only a “small portion” was affected by the technical glitch.