Exchange rate causes loses

Exchange rate causes loses

From Bisnis Indonesia

I am a Prima Dollar customer of Danamon Bank, Gajah Mada branch office.

On April 6, 1998, I decided to close my account at this bank. A customer service officer told me that to close this account I had to conduct an account transfer, a process which would take two days.

So, I asked Danamon Bank to transfer the amount, in the same currency of my Danamon account, to my account at another bank. The going exchange rate at Danamon Bank on April 6 was Rp 8,100 to the U.S. dollar.

By April 14 the money had still not been transferred. I enquired about this matter at the Gajah Mada branch office.

I was really very disappointed and shocked when I was told by the bank's transfer division that the transfer had not been carried out.

I then asked to have my deposit converted into rupiah in accordance with the going rate on April 6, the date when I closed my account at Danamon Bank. The officer in charge asked me to talk this over directly with Mr. Rudolph, the manager of Danamon Bank Gajah Mada branch office.

Mr. Rudolph told me that the transfer of my deposit was not conducted until April 14 and that, therefore, I could not have it converted into rupiah and neither could I have the going rate at the time I closed my account.

Only a few minutes earlier, in fact, I had been told that the transfer had not been conducted. On April 14, the exchange rate was Rp 7,200 to the dollar; I sustained a loss of Rp 900 per dollar (April 6 rate was Rp 8,100).

I have been really disadvantaged by what Danamon Bank has done to me. I had to wait for eight days before the bank transferred my deposit and had to wait for another two days before the transfer was completed.

CUCUN SUMIATI H.

Jakarta