A client of mine, who regularly donated to charity for over 20 years, got a rude shock last week when a bank’s statement scanning software identified the client as a potential gambler.
The client’s honest intention was simply to make a $10 donation each month to charity however that donation took the form of a $10 endeavour lottery ticket. Unfortunately, the word ‘Lotteries’ appears on his statement. The software identifies the word Lotteries showing up on a regular basis and therefore flagged a potential gambling problem.
You’ll be pleased to know the clients ‘gambling addiction’ was thoroughly explained and eventually ignored but it did create unnecessary delays and anxiety for the client and his broker.
As banks continue to utilise technology to speed up processing times the human element and common sense is becoming obsolete but get used to it because it’s here to stay. So before you apply for your next loan, look over your statements to see what nasty habits you’ve been getting yourself into to, because if you don’t, the bank will!