Ontario Independent

Thursday, June 30, 2022

A man from Ontario who transferred $19,000 to a stranger’s bank was left without a solution

A man from Ontario who transferred $19,000 to a stranger's account was left without solution.

Key takeaways:

  • An Ontario man claims he has been attempting to recover $19,000 for months.
  • Guardado claimed he called the cops but was told there was nothing to investigate because he initiated the transfer.

After making a “minor error” when attempting to transfer money between two of his bank accounts, an Ontario man claims he has struggled to get $19,000 back for months.

Roberto Guardado of Milton stated he had recently purchased a new home and was attempting to transfer funds from his Bank of Montreal (BMO) account to his CIBC account in September to complete the down payment.

He stated he called BMO to set up the wire transfer because he thought it would be the quickest way to get the money to CIBC.

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Guardado stated that he has two CIBC bank accounts, one for personal savings and business. He was attempting to deposit the funds into his savings account.

He said that he accurately read out his CIBC savings account number while completing the transfer but accidentally gave his CIBC business account’s transit number.

The five-digit transit number assists the bank in determining which branch is receiving the funds.

He said that Guardado’s money was routed to a stranger’s CIBC account due to the error.

Guardado told CTV News Toronto, “I realized the money went out, but it didn’t go into my CIBC account.” “So I went home that day and started looking on my computer, and then I realized I had given the erroneous transit number.”

He claimed he immediately contacted BMO, who informed him that an investigation would be launched.

He stated it took five weeks to get any answers despite calling the bank every few days for an update.

Guardado claimed he was told his $19,000 had been transferred into someone else’s account and that the person had taken it out.

He claimed that both BMO and CIBC advised him that there was nothing else they could do to get his money back.

Guardado remarked, “I couldn’t believe I made the error.”

Guardado claimed he called the cops but was told there was nothing to investigate because he initiated the transfer.

“The cops informed me they can’t do anything since it’s not deemed fraud,” he explained.

Ontario man who accidentally transferred $19,000 to strangers account left  for weeks without solution
Ontario man who accidentally transferred $19,000 to strangers account left for weeks without solution. Image from Google

‘IT WAS JUST A SMALL MISTAKE,’ says the author.

Guardado claimed that while he completely accepts responsibility for the blunder, he doesn’t understand why the bank could not assist him in rapidly reversing the transfer.

“It was just a simple error,” Guardado explained, “and my money ended up in someone else’s account.”

Guardado stated he had no choice but to back out of the sale of his new home due to the lost money.

Guardado said he received a call from CIBC and BMO shortly after CTV News Toronto inquired about his predicament and that the banks informed him that his $19,000 would be refunded to his account.

On Saturday, CIBC spokesperson Trish Tervit verified that the issue with Guardado had been handled.

“When moving payments between financial institutions, it’s critical that the sender double-checks the recipient account number, as misplaced funds can be difficult to retrieve,” Tervit said.

According to Guardado, CIBC told him this is a “one-time incident” rectified.

Meanwhile, a BMO spokesman claimed they had a “nice talk” with Guardado but couldn’t go into detail because of privacy concerns.

While Guardado’s difficult two-month period is now over, he believes banks “need to develop a better mechanism” for employees making mistakes.

“I made a silly error,” he admitted, “but the method to repair it has to be simpler.” “I lost weight and couldn’t sleep because I was so stressed. It was bothering me.”

Source: CTV News

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