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#2161787 - 01/25/18 01:39 PM Annual Account Confirmations
Soccer Offline
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Utopia
Our annual account confirmations have recently been sent. Three confirmations from commercial customers were returned to our auditors with comments about payment posting .
Internal audit brought them to me asking if they should be logged as complaints?
My common sense say yes, what do others do in this circumstance?
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#2161789 - 01/25/18 01:44 PM Re: Annual Account Confirmations Soccer
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
Three unsolicited complaints from commercial customers on the same subject, regardless of how they arrived at the bank is more than unusual, which says you have a definite problem. I would not be ignoring them, that is for sure. Whether you log them or not is a bank policy issue. Fixing the problem however should be a top priority.
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#2161793 - 01/25/18 01:55 PM Re: Annual Account Confirmations Soccer
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Management is in the process of researching and addressing and I apologize I should have stated that.
Thank you for the response I will discuss up the chain further.
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#2161795 - 01/25/18 01:57 PM Re: Annual Account Confirmations Soccer
osucpa Offline
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My personal opinion, audit confirmations can not be relied on as test work any more. Tell us the total number of confirmations sent out. Auditors use them as a walk through process. In today's age of various scams and everything, we are lucky to get 75% of the confirmations back. I am sure your auditors will ask you to perform alternative procedures which will include reviewing account activity. Generally it is a timing issue as to when a payment was posted.

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#2161798 - 01/25/18 02:04 PM Re: Annual Account Confirmations Soccer
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
I don't think the question was on reliability or necessity of sending confirmations - a complaint is a complaint - and multiple complaints no matter how they are received by a bank requires proper follow through. Even if the problem is a customer perception rather than fact.
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#2161846 - 01/25/18 04:58 PM Re: Annual Account Confirmations Soccer
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After further discussion it appears there is only one issue, the others were timing as stated above. However the one that is remaining may also be a timing issue but based on past loan account history I am requiring a formal review and written response to ensure there can be no backlash that we did not take his concerns seriously.
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