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Fiji Island Financial Monetary Authority
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If the bank makes an error and transfers either more or less than what the account owner requested, the bank must immediately correct the difference. This stands for the transferred amount and the interest that result because of it. The same regulation applies in the case of funds being issued to the wrong account.

Secure your information

When you open a bank account and receive your cards, PIN, online or mobile banking options and so forth, the bank will give you instructions on how to secure each feature or option. It is important for each bank account owner to follow these instructions in order to protect their account. Account owners are also provided with important contact information in the case of stolen information.

Forced Payments

There are times when the bank can take money from you without your consent. Examples of this include using an account to pay off debt in a second account. Perhaps you failed to make a credit payment or a loan payment; the bank may use your account to pay off the difference.

In the event that the bank wants to force payments, it must follow the procedure.

  • Notify the account owner 14 days in advance for a first forced payment and 7 days in advance for chronic offenders.
  • Even where the bank needs to take forced payment they must leave enough money in the account for critical living expenses like food, rent and healthcare. In the event that the bank did not leave enough for food, rent and healthcare an immediate refund is obligatory.
  • In order for the bank to make a forced payment, they must include such a clause in the terms and conditions upon signing with the bank.
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Fiji Island Financial Monetary Authority

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