CASE STUDY 7 (Saving and Investing)

Lyza Jocelle C. Pacibe

Mira is a hardworking Certified Public Accountant. She works on a well-known

accounting firm. She is so determined individual and she always make sure that she gives her
100% everytime she works. Mira is the oldest in her family. As her parents are old, she is the
provider of her family. She earns pretty good on her job. She can provide well to her family and
there has something left for her. The money that is left for her is divided into her daily expenses
and other is for investment. She realizes that she can earn more money if she invests it in the
bank. So, she invested it on a bank. Every month, a part of her salary goes to investment. Two
years later, she checked her investment on the bank. As she is checking her investment, she
noticed that something is wrong. She invested 10,000 per month, and in span of three years, it
would be 360,000. But as she checked it, she only have 180,000 money invested. She asked the
bank why is that happen, so the bank investigate that incident. After review, the result is it's bank
error, they input wrong amount of money of Mira. So, she ask if what will happen on her money
that she invested, the bank said that they will correct their mistake and Mira will get all of her
money.

STATEMENT OF THE PROBLEM:

1. What appropriate action should Mira will do everytime she deposited her money in the
bank?
2. What is the primary reason of committing error in recording transaction?

COURSE/S OF ACTION:
1. Mira as a determined woman to save money and gain interest every year, she should be
vigilant on the balance of her bank account especially when she invested it. She must
check her bank account’s balance as soon as she invested money to ensure that the money
she invested reflect on her account with the correct amount.
2. The primary reason of committing bank error in recording transaction is the typing
mistake by the teller, he/she confident that he/she recorded the right amount of money
invested and withdrawn by their customer. As money is very crucial in one’s life, the
teller must count well the money invested by the customer and he/she must sure that
he/she recorded the right amount to avoid mistake and error, so that the customer will
fully entrust the bank.

SOLUTION AND RECOMMENDATION:

1. Mira as a regular customer of the bank, she must asked for her bank account’s balance
monthly or yearly , so that she will monitor on how much money she already invested in
the bank. Also, she can download the mobile application of the bank if it has, so that she
will not need to go to the bank personally to check her bank account’s balance. She must
include it in her daily routine as her money is important to her life.
2. The manager should educate well his employee to be careful on doing their job so that no
mistakes and error will happen. Also, the teller should communicate well to the customer
so that the customer will not be hesitant to ask something from them. Moreover, the best
way to ensure that this error might not happen is for the bank’s management implements
a monthly report of customer’s account balance, to make the customer safe as their
money is kept safe inside their bank and no further mistakes and error will happen.