EGiveCash Problem

March 29, 2020 Update:

I am back to using egivecash since March 2020. So far, all the problems that I mentioned in my 2017 post have been addressed. Happy banking!

Original Post:

Being a busy person that I am, I pay my bills through Security Bank Online; I have been doing this for 11 years. For local remittance, I learned about the egivecash feature of Security Bank. This feature was heaven-sent for me because aside from charging a remittance fee of only PhP20.00, I didn’t have to go to a money-transfer agent, thus saving me gas and time!

To those of you who are not aware; the egivecash feature of Security Bank is a cardless transaction wherein a 16-digit code is generated and sent to the intended recipient as his account number. Then, a 4-digit passcode is sent to the sender and the sender then sends it to the recipient as his PIN to proceed with the withdrawal.

It sounds easy and practical, isn’t it? However, since July 2017, egivecash has been giving me headaches! First off, my recipient could not withdraw if the money that I transferred was not divisible by 500 pesos. My second issue happened in October 2017 when despite the unfulfilled transaction of my recipient, I was debited and the transaction was tagged as “fulfilled.” Security Bank credited back the amount three banking days later. The 3rd issue happened on the same month and it was just the same issue of being debited the amount despite my recipient’s unfulfilled transaction.

The 4th, 5th and 6th issue happened this morning, December 2017 when all three egivecash purchases were labeled as “suspect” transaction! Worse, the amount was debited for two of the three transactions that I made. Per the customer service, it would take at most 5 banking days to investigate this issue. Wow! Five banking days is TOO LONG for a customer who is not even at fault for their shortcomings!

With all these bugs happening, I suspect that the IT department of Security Bank is TRYING HARD to secure their system to the point of mistakenly securing some codes meant for cardless transaction.

For the meantime, I will patronize Western Union because they offer the lowest rates among money-transfer agents in the Philippines.