Are we married to our Banks? I have just read this headline on Financial 24 and brings me to ponder on this and the services our Banks ought to offer, the very terms and conditions we sign our trust and confidence to them. Why are we reluctant to change Banks? Why are we always astonished at our financial statements at the end of a former month or beginning of a new one? Banks are regulated by the Banks Act, according to this, Banks are supposed to provide clear and professional services under the regulatory eye of an Ombudsman. That Includes, security and privacy. My sister this morning woke up to a debit order that she never consented to. No, it wasnt a loyalty points programme. When she signed to this bank, she hoped the bank would have her best interests at heart. Unfortunately, she was letdown, and thus a breach of confidence on the Bank, and its obligations. This has happened to many, but, we are reluctant to change Banks, let alone lay a complaint, could our relationship with our Banks be that comparable to a bad, abusive relationship that we have grown numb to? As an upcoming corporate commercial expert, it worries me that we are not getting our moneys worth when we sign on the dotted line (no, mi dont mean marriages, lol). Digitization and marketing is also one of my greatest concerns, that maybe, relieving personal relationship in banking has opened doors to a higher risk in financial transactions. Banks have to follow legislation, amongst this, is the Protection of Personal Information Act and Promotion of Administrative Justice Act, as we have seen with these scams, it leaves a doubt in my mind regarding this fact. But then why are we still attached to this matrimony? Is there a way out? Lets talk...
Posted on: Wed, 26 Nov 2014 06:44:10 +0000
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