Wednesday, December 07, 2011

Vaporized Money

I've been away from Kuwait for the past three months studying in Bahrain. Last week my brother called me telling me the company that I'm storing my furniture at called him telling him they have not received any payments from me and they are going to press charges unless I pay.

The story begins at NBK. Three months ago I made a debt transaction directly to the company's account and for the past three months their money gets deducted on the 24th of each month however it neither goes into their account nor back into my account. Where is it?

I got back to Kuwait last Wednesday hoping to resolve this issue and get back to my study but as we all know no one can finish anything in one day, this is how our system works. When I went to NBK they said as long as the money never got back to your account then the transaction is accurate, and when I went to KFH (company's bank) they told me I cannot do anything, a company representative should come and deal with this issue.

The dilemma started when the company and I wanted to resolve the issue. They asked me to cancel the monthly transaction. I went back to NBK and they said we cannot cancel it unless you bring us a release paper stating that there are no outstanding amounts due to the company! WTH? I made that transaction personally, it is not an installment! I had the option of transferring the money online each month but I didn't want to deal with that hassle. The company accountant said they don't have release forms of any kind and since I made it I can cancel it but NBK refuses to cancel. W T F ?

I couldn't stay for long so I'm back in Bahrain now. I gave the company my account statement which clearly shows every deduction and they can look for their own money, and after talking to some people at NBK I signed some papers to cancel the transaction but it won't happen until transaction department look into it.

UPDATE: Jan, 2012 - Problem resolved


Anonymous said...

Evil banks :/

Ms Loala said...

Normally, any commercial standing order is cancelled by a release paper; releasing you from further financial liabilities. If it was a personal standing order then it can be cancelled per customer's request ay any given time without a release paper.

These issues do happen a lot. In this case, the customer should print out an account statement and present it to the liable bank, this clears your position. However, if they insisted on not receiving any amount then I suggest you speak to the manager. They have to check with their accounting department, so really it's not your problem anymore.

MacaholiQ8 said...

I have spoken to the manager himself and a couple of guys in their accounting department, they say the problem resides in the name of the company, NBK transfers the money to *company* GTC while the accounting department says it should be *company* Holding Co.

I asked about this at NBK and they assured me if there was any problem with the name or anything else the money should go right back into my account. It's been three and a half months since the first transfer and nothing came back to my account.

I printed an account statement and handed it to the company so they can look for their money at KFH, and I'm still waiting for NBK to confirm the canceling of my standing order.