A BUSINESSMAN has asked the Bangko Sentral ng Pilipinas (BSP) to sanction the local unit of Citibank in connection with the issuance of an allegedly fully funded check that was dishonored at the bank’s Alabang branch.

Businessman Victor Siasat lodged a complaint with the BSP for the  “distress and damage” done  when Citibank refused to honor a check he issued in connection with the purchase of a condominium unit.

Siasat told the BSP in a letter complaint that the check he issued in favor of Kingdom Hotel Investments allegedly bounced and that the refusal caused him personal harm.

Siasat currently manages a number of businesses such as Guess Philippines, Mango, Gloria Jean’s Coffee and Gold’s Gym.

“Confident that he had more than sufficient money deposited and further  buoyed by the protection afforded to him under Citi Check Protect a checking account program, he issued the check for the purchase of a condominium unit,” his lawyer Pablo de Borja said.

Siasat was thus “understandably shocked and dismayed” when the customer-relations officer of the bank’s Alabang branch called to inform him that the check would be dishonored for “insufficient funds,” de Borja added.

“Truth to tell, the bank statement for the account of Mr. Siasat readily revealed that it was more than adequately funded at the time the check was issued and presented for payment,” his lawyer said.

“While the program denominates the enrollment as an ‘accommodation,’ dependent on the bank’s ‘sole discretion,’ said accommodation and discretion must be provided and exercised whenever certain guidelines or conditions are observed, namely: relevant timelines, availability of funds, validity of accounts and the completeness of, and compliance with, all related documentation,” de Borja continued.

“In the transaction at hand, Mr. Siasat did comply with all these guidelines and conditions,” he said.

“While the bank sought to correct the consequences of its own ‘inadvertent oversight,’ Mr. Siasat had to go through the indignity of assuring Kingdom Hotel Investment of his intention and capability to continue with the purchase of the condominium unit and going through the process of replacing the check, with a check from one of his accounts in another banking institution,” de Borja said.