BancorpSouth refunds money to customers

By Carlie Kollath/NEMS Daily Journal

TUPELO – BancorpSouth on Wednesday confirmed that a processing error duplicated debit card transactions from the weekend.
Randy Burchfield, director of corporate marketing at BancorpSouth, said the problem was system-wide and was not isolated to Tupelo.
The processing error caused all PIN-entry debit and ATM transactions from Saturday, Sunday and Monday to be withdrawn twice from customers’ accounts.
He said BancorpSouth on Wednesday was in the process of crediting customers’ accounts. He expected that all of the refunds should have posted by the end of the day.
And, he said, BancorpSouth will refund any overdraft fees related to the double postings. The bank expected the refunds to process Wednesday night.
“We obviously are sorry for any inconvenience it causes our customers,” Burchfield said.
He said it’s not necessary for customers to call about the problem.
“We know what we need to do,” he said. “We’re going to continue to work on it.”
BancorpSouth had a similar problem in December 2010. Transactions were withdrawn twice from customers’ accounts. Burchfield said that the processing error this week is different from the error in 2010.
“We are working to put stops in place to prevent this from happening,” he said.
He reiterated that the processing error is not related to the debit card phishing scam over the weekend.

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