[Martin]

A new one on me so thought I would share.

Members joining with good KYC passes. Set up large value direct debits monthly, lots of regular varied online withdrawals over the month keeping minimal savings balance at the end of each month. After 6 months large deposits (all withdrawn) member then asks Citibank NA for DDI recall leaving us with deficit. Four people at same address.

Now we will cap DDI to minimise exposure, with larger savers being told to use standing orders. Need to set limit on number or value of online withdrawals. Also need to establish monitoring of larger in/out transactions to try and identify such fraud.

Anyone know of any way of challenging the DDI clawback?

Yours in co-operation,

Martin Groombridge

Commissioner of Cunning Plans

CEO London Capital CU

Martin Groombridge, CEO & Dogsbody,  London Capital Credit Union, ceo@credit-union.coop      WWW.Credit-Union.coop

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