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