Vikram M.
I opened a business bank account with…
I opened a business bank account with Zil banking. I received a wire transfer into my account and I got an email from Zil that they have put a temporary hold on my account. I talked with them and they wanted senders statement and wire copy which I provided to them. Next day I received an email that they want to do a brief zoom video meeting with me for verification. We did that and I was assured my account will be active again in 2-3 hours. I waited for 5-6 hours and called them again. They said they need to investigate further before they can release funds and make account active again. They called the sender to confirm this wire transfer and it was successfully confirmed by the sender that he made a payment to my company. They called him again the next day and he confirmed again but they insisted to refund the money to him which he denied. Now they want another 2-3 days to do further verification. I am starting to lose my trust on Zil bank. I haven’t dealt with such unprofessional bank and agents. I will post again once I receive further details from them in the email.
Response from Zil USMar 29, 2023
Hi Vikram, We are sorry for the inconvenience caused. As a responsible banking institution, we have strict security protocols to ensure the safety of our customers' funds. In this case, we were unable to verify the transaction as the business owner's name and ID proof name were different, which raised suspicion of fraudulent activity. We immediately contacted the sender to verify the transaction, but they denied it. As a result, we had no other option but to cancel the wire payment and return the funds to the initiator to prevent any potential financial loss. We make sure that fund had credited back to the sender's account on time.