BPI says duplicate transactions resolved, online banking access intermittent

MANILA, Philippines (Update 2, 7:41 p.m.) — The Bank of the Philippine Islands said Wednesday evening that it had managed to resolve duplicate transactions that alarmed depositors earlier in the day as it assured them that their accounts are safe.

In an update posted on its social media accounts, BPI reported a "successful resolution" of instances where clients' accounts were debited twice over for transactions done over the holiday break.

"Given the high volume of inquiries on our online banking channels, you may experience intermittent access to our web and mobile app platforms," the bank also said. "Rest assured that your account is safe and secure."

The bank said earlier in the day that it was working to reverse duplicate transactions during the New Year’s Eve shopping rush after the bank’s social media accounts were deluged with complaints.

In a statement on Wednesday morning, the Ayala-led bank assured its clients that their account “is safe and secure.” This, after clients also said they had difficulty accessing their online bank accounts.

UPDATE: @TalktoBPI's online banking app is still inaccessible as of 9:47am. The Ayala-led bank said they're working to "reverse the duplicate transactions." @philstarbiznews @PhilstarNews pic.twitter.com/qc7YvXAdNp

— Ramon Royandoyan (@monroyandoyan) January 4, 2023

BPI said the reversal of erroneous transactions will be "automatic", meaning there's no need for affected clients to call the bank or file a complaint.

"Following the double posting of ATM, CAM deposits, POS and e-commerce debit transactions from Dec. 30 to 31, 2022, please be informed that we expect correction of the duplicate transactions within the day," BPI said in a tweet.

"Given the high volume of inquiries on our online banking channels, you may experience intermittent access to our web and mobile app platforms," it added.

Distressed BPI consumers trooped to Twitter on Wednesday morning to air their grievances. Social media users complained that they were debited twice for recent purchases, some claimed to have lost money in their bank accounts ranging from as low as P3,000 to six figures.

Separately, the Bangko Sentral ng Pilipinas said it is coordinating with the Ayala-led bank, adding it instructed BPI to provide regulators with a timeline and updates on the developments surrounding the erroneous transactions.

“The Bank already identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible,” the BSP said in a statement.

Editor's note: This story has been updated to add BPI's amended statement and the BSP's statement. A further update includes BPI's report that the issue had already been resolved.