G Cash Licensed Rip Off

[hk blues]

6 hours ago, Mike J said:

You are both actually correct (but your wife is more correct).  Virtually all examples for accounting are written from the side of the financial institution, bank, business, corporation, etc.  The example posted is written from the banks side of the cash withdrawal.  For the bank your account is actually a lability (they owe you the money), but for you the account is an asset.   For Customer John additions to the account are debits and withdrawals are credits.  If Customer John kept a personal set of accounts at home a deposit would debit the "Check Account" and credit "Cash on Hand", the reverse entry would be made if you withdrew cash from the account.  The banks accounting entries for a deposit to John's account (which is a liability for the bank) would debit "Cash" and credit (John's Acct).  Again the entries would be reversed if John withdraws cash or writes a check against the account.  The bank's computer would credit "Cash" and debit "John's Acct".   

 

 

I haven't a bank statement to hand, but I wonder how much bank's are guilty of causing, or at least adding to, this confusion.  I seem to recall a poster suggesting credits and debits are detailed but from the perspective of the bank's books, not the account holder.  This is nonsense as it's not the bank's statement, it's the account holder's and as such should be displayed from the holder's perspective.

[Mike J]

16 hours ago, hk blues said:

I haven't a bank statement to hand, but I wonder how much bank's are guilty of causing, or at least adding to, this confusion.  I seem to recall a poster suggesting credits and debits are detailed but from the perspective of the bank's books, not the account holder.  This is nonsense as it's not the bank's statement, it's the account holder's and as such should be displayed from the holder's perspective.

Many banks agree with you and have changed customer reports from Debit and Credits to Deposits and Withdrawals.   

[RBM]

An update to this post.

For over two weeks my partner has been bombarding G Cash complaints with a screen shot of her P1300 transfer. Finally a few days ago she received a reply, a refund will be credited to your account within 3 days....... Sounded to good to be true.....sure enough.

Yesterday she received a credit for P41 yes no miss typo P41.

Moral......never again use G Cash for any transfer over P500.

[Kingpin]

7 hours ago, RBM said:

never again use G Cash for any transfer over P500.

How do you know GCash got the funds from BPI?  I've used Cash dozens of times without any issue, if a transfer to Gcash doesn't show up, you don't complain to Gcash, you complain to the sending bank, they're the ones who need to refund your account.

[RBM]

21 hours ago, Kingpin said:

How do you know GCash got the funds from BPI?  I've used Cash dozens of times without any issue, if a transfer to Gcash doesn't show up, you don't complain to Gcash, you complain to the sending bank, they're the ones who need to refund your account.

How do we know, BPI receipt states the funds were transfered to G Cash.

Yes we are going to BPI and request assistance, our branch is far from us but could be worth it.