This article was sponsored by Stanbic Bank
In recent years, the banking industry has been occasionally affected by duplication of transactions caused by technical glitches in banking systems.
A beneficiary who unduly benefits from an erroneous deposit into their account is legally not entitled to convert the funds for personal use as the bank that made the erroneous deposit remains the rightful owner of the duplicated funds.
The conversion of duplicated funds for personal use is referred to as theft by conversion and attracts criminal liability in terms of the Criminal Procedure and Evidence Act of Zimbabwe Chapter 9:07.
It is important to note that banks have a right to institute criminal proceedings against any beneficiary who refuses to reimburse any funds from which they have unduly benefitted.
Furthermore, the bank may also institute civil proceedings against any beneficiary and may result in a beneficiary incurring legal costs for the recovery of the claimed amounts.
With the information above, it is advised that should you be affected by any undue transaction duplications from any bank, you are urged to visit your nearest branch or contact the relevant Customer Care unit (usually via the toll-free lines provided by the bank) and make arrangements to return the funds.