1099s issued with old addresses on them or somebody else's addresses. Merrill sends list to FAs of their 1099r clients but wait, the list FA B received belongs to FA C...privacy issue?
Merrill mailed out checks with dupe check numbers. Offices get a list of clients to call to tell them to void checks, we will reissue corrected ones. Next day get notified the original checks May be good so they aren't reissuing unless the checks were bad...just wait for client to call you if returned by bank...seriously?
The week before all checks issued in one day did not the MICR info printed on bottom and can't be deposited.
My guess is some of this unhappiness is spilling over and employees are sabatoging our systems. Thoughts?
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When you operate with goals that state 5% error rate is acceptable, things like this occur on because there's no expectation of error-free processing. Mistakes happen, but there is a difference between an attitude that good enough is good enough and one that demands excellence. Anyone working here knows which is the cheaper option.
Surprising. Merrill tech worked just fine when designed and implemented. Of course that was last century..
@1jcw+1fbR4x0z Ah, the old 'everybody messes up' defense, so it's okay....The boss is playing golf, sleeping with the secretary who conveniently takes the blame. I think there is a movie about this one...or it should be.
Wrong excuse. Mistakes like that, in a financial institution like BofA, should not exist nor tolerated. It shows a dysfunctional system, borderline fraudulent and definitely incompetent...speaking of the sending of checks out and without any regards to client privacy and I'm being modest here and overly simplistic.
There are a lot of departments, reconciliation processes and approval levels for this information, allegedly correct, to go out. It is not only one person cranking out reports, sending the 1099's and the checks out and updating the client's address. There are brokers and financial analysts who track all the investments, trades, portfolios, payments...etc. There is the Accounting department who's booking all these entries to the GL and they require back up for every entry...accruals, payments....etc. There is the Treasury Department who is printing the checks and and they have very strict rules regarding what is going out.
Heads should roll...
All the brokerage companies mess up 1099s all the time. In my experience they have some cowboys who are out somewhere maybe playing golf, and a woman admin who does all the work.
The check situation is crazy. Expect backlash.
The check situation is crazy. Expect backlash.
It seems the Financial Advisor's lists with the 1099r is an IT problem or whoever ran that query to pull the info and do the merging. They ran the reports w/o testing to see if it's accurate.
The second issue seems odd because you cannot use/print duplicate check numbers, the software will not allow you to do that unless the issue is related to MICR - Magnetic Ink Character Recognition, which seems to be missing from checks. That info has to be printed on checks, with routing number, check number...etc, in order for the check to be deposited and clear.
They both can't be coincidences.