“Banks Have Created This Themselves”

Since UCP500’s “inconsistent with” standard was replaced by the “not conflict with” test of UCP600 Art. 14(d), has the number of these discrepancies based on “conflict” decreased? Not really. At best, things have stayed the same in this regard.

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During a discussion of discrepancy rates at the recent Hong Kong Annual Survey, one prominent banker pointed the finger at his own industry: “Banks have created this [problem] themselves. When [document] checking is out-sourced, then there is no relationship with the customer so there are more discrepancies.” An honest admission, for sure.   

What have your recent experiences been with discrepancies? We want to know! 

For more on discrepancies, view a snippet from the featured article in the Nov/Dec 2014 issue of DCW. This feature, entitled “Discrepancy Fees: An Inside Look at How (and How Much) Banks Charge” offers unique insight into the issue based on extensive polling and research. There was even a call for Dumb and Dumber Discrepancies”, which brought forth interesting responses. Visit the DCW page to learn how to get your first issue for free.


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