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Stanbic Bank Warns Its Customers Against Theft By Conversion

Stanbic Bank Warns Its Customers Against Theft By Conversion

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.

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3 Comments

Marvellous Mapininga 6 months ago

My name is Marvellous Mapininga and a Public Relations Consultant and one of our client is Stanbic Bank. We do media work for them and we are grateful for the coverage your editorial team affords us in your esteemed online publication. Long may this continue. I,however, am concerned about the recent article you published which i sent about theft by conversion. While i am the one who sent the article, kindly be advised that it was not a Stanbic Bank statement and your attribution to the institution has a negative bearing on the bank because it is now seen as asuming the role of the RBZ. I have sent and email and now am using this platform as i seek to avoid any disintegration of exisitng, mutually beneficial relatioships between myself, yoursleves and the bank. The bank has evey right to protect its integrity and am seeking to avoid this escalating through this kind request to pull down the name of the institution as attribution.

Rgds


Ivy 6 months ago

vanozondipeiwo bcoz labour yakuzovatsvaga kut ndivape mari yavo


Mai muku 6 months ago

Kkkk nekuoma kwakaita zvinhu uku



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