A Banking Experience

People tediously fill out page after page of personal information when opening a bank account. But why?

I have a number of bank accounts, opened in various stages for various purposes. In all my experience, banks do not bother to call the account holder when a deposited check bounces. They just file it away and do the customer a huge favor by digging up the files if and when asked about it. On the other hand, you may well receive a marketing call of their new credit card offer!

Nor do most banks deem it their responsibility to inform customers by any means when they increase charges. When my locker fees was increased nearly three-fold, the bank simply deducted the increased amount from my account and even adjusted back-dated charges. The fine print legalizes this but one would be unable to even upload photos to Facebook if one read those!

Just a couple of days ago I coincidentally learned that a minimum balance system has been introduced at my local bank and so they are deducting a monthly/quarterly charge if the balance is below that. This was explained when another customer in front of me questioned two charges in the statement under the same heading (the heading was erroneous too). Needless to say this decision was not communicated to me as a customer. When I raised the issue, the official mumbled unintelligibly that a letter will be sent out to those whose balance is lower than that required.

Then once I wanted an official letter for a Sanchay Patra I had en-cashed. Only at the end of the slow short process, I was charged Tk 275 for this one printed paper. The officer never mentioned the charge before starting to process my request. Similarly banks charge up to Tk. 300 when stock brokers needed a certificate from banks. There is a account closing fee as well, so its wiser for you to leave your account with Tk. 0 (zero) balance) rather than to close it!

It should not be these charges and fines that are the banks source of income. Banks no longer seem to me the hassle free place for safe keeping of my money. I have to be always alert and scrutinize every transaction in every statement.

The statement once granted to you as your right has become a chargeable item almost everywhere. And mailed free statements are irregular, especially at the fiscal year end. There is no accountability whether the bank dispatched it at all. In this particular local bank, I gave a written complaint about not receiving statements but they were not bothered. An officer tried to put it on the courier service, but that is not a valid excuse to the customer.

For a soon to be digital Bangladesh, it is indeed sad if your bank claims to have 'online' banking just because you can cash your check at any of their branches.

Also annoying is the fact that you do not get any account related (non-cash) task done in a single visit. You have to apply one day and the officer will ask you to come back 3 days later. Many of these may be avoided I believe. I was rather impressed when I went to SCB to reorder my soon-to-expire ATM card and found it ready for collection. But to return after 3 days for a statement or even a check book in this jammed city is a pain.

And guess what, at the branch where you have been banking for the last decade, you never receive a smile but rather feel that your visit means increased work for them. The teller tells you that you should sort your depositing notes so that they are all of the similarly faced. An employee sitting at the free chair in front of (not behind where she is supposed to be) service desk does not bother to offer the seat to a customer standing and waiting for the employee chat to be over.

All these experiences from a so called leading first-generation bank. I am not mentioning the name because I do not believe any other bank is much better, and as I mentioned above, I have tried a variety of them. I have lost confidence that our corporate world has any sense of customer service and responsibility.

First Version: The Daily Star 10 Aug 2009 Witness