'Typically, there's no effect on your credit': ATB still working to fix duplicate payment issue
It’s been two days since ATB Financial alerted customers to a technical issue that led to many having payments withdrawn from their accounts multiple times, and the company is still working on fixing the mistake.
ATB says 1,400 customers were charged muliple times.
Lisa Regan is one of those affected. The Cold Lake resident, who has a loan through ATB for her trailer, says the loan payment was taken out 12 times. She’s now waiting for ATB to refund thousands of dollars into her account.
“It was close to $4,000 when you add it all up,” she told CTV News Edmonton.
“They’re saying that everything will be resolved in 48 hours. Well 48 hours is up, and I don’t know what clock they’re going by but it’s still in arrears, my account does not look good.”
She says ATB’s mistake is making it harder for her family to make ends meet.
“I just started back to work. I was off on sick leave, which I wasn’t paid for, so my funds were tight.”
And she’s worried the temporary shortage of funds could lead to financial problems down the road.
“I’ve done a lot to keep my credit good over the years, now this could affect it.”
But financial experts say Regan and other ATB customers should have a bit of breathing room if they’re worried about their credit.
Brian Betz is a counsellor with Money Mentors in Calgary. He says most financial institutions report to the credit bureau on a monthly or bi-monthly basis. That means that as long as long as all major bills are paid by the time the report goes in, there shouldn’t be any damage to a customer’s credit score.
Betz says this is a good reminder for customers to check their accounts regularly to ensure that there are no glitches, and that bills are being paid on time.
“If you made a payment on your mortgage, on your line of credit, on your credit card, if those items have been bounced and not caught in a timely manner, then it shows on your line of credit or credit card that you didn’t make that payment,” he said.
ATB says they hope to have all of the issues corrected by Thursday. Customers who are in immediate need of funds are asked to call 1-800-332-8383.
In the long term, Betz says customers should get a copy of their credit report to make sure there are no irregularities.
“Keep an eye on things; it’s as simple as that, because mistakes do happen.”