By Prior Beharry
PRICESMART is blaming what it terms a “technical issue” outside of its control for discrepancies in customers’ refunded amounts.
In some instances, angry customers took to Facebook to voice their dissatisfaction of refunds which were in lower amounts than initially withdrawn by PriceSmart. One even asked if PriceSmart had the authority to withdraw money form their account without them knowing.
In a release on Monday PriceSmart stated that in an effort to correct transactions, cardholders’ account may have different amount than what was initially charged due to foreign exchange fluctuations.
It stated, “PriceSmart has been informed about some transactions that affected its Members’ credit card accounts. This was due to a technical issue in processing, which has affected multiple banks and merchants outside PriceSmart’s control in Trinidad and Tobago.
“We understand that in an effort to correct the transactions, cardholders’ accounts may have a different amount than was initially charged due to foreign exchange rate fluctuation. The banks are working to rectify the transactions, and PriceSmart continues to collaborate with the banks to ensure our Member’s concerns are addressed. We will ensure that any Member who has a discrepancy on their account resulting in an overcharge will be reimbursed for the difference in charges.”
The Bankers’ Association of Trinidad and Tobago (BATT) stated on Monday that there was no issue of fraud as personal banking information remains secure.
It stated that it was aware of the reports from customers regarding a reversal of transactions on their bank card accounts at select merchants.
The association stated, “BATT would like to assure the public that this is not any type of fraudulent or cyber-crime activity against customers and their banking information remains secure. This reversal arose as a result of a processing issue which would have unfortunately impacted many of the banks.”
People affected by this issue included Minster in the Ministry of Agriculture Avinash Singh and professor emeritus at The University of the West Indies (UWI) Patrick Watson.
Singh posted, “What madness, PriceSmart? Unauthorised transactions of my credit card and $17.62 unaccounted for?”
Watson said, “I am checking my RBC credit card statements and PriceSmart has made deductions (how? I do not know), which it is reimbursing at a value lower than the deductions made. Please, check your own bank statements, especially RBC customers.”
Other people posted screenshots of the money taken from their account.
RBC, First Citizens and JMMB also issued statements regarding this issue.
