Wed | Aug 21, 2019

Bank’s inconsistent requirements

Published:Thursday | October 25, 2018 | 12:13 AM

THE EDITOR, Sir:

I am involved with a non-profit organisation, which has a savings account with one of our largest banks. This organisation is affiliated to an international entity to which quarterly reports, inclusive of copy of the figures in the account, have to be submitted.

Up to two years ago, we would copy the relevant page of the bank's updated passbook and send it to those affiliates. However, after making a lodgement and presenting the passbook for updating two years ago, we were informed that passbooks were no longer used and that if relevant information was required regarding the account, a written request had to be made. The information would then be provided for a fee of about $720.

The demand was strange, as up to then, details on accounts were expected by customers and routinely provided by banks.

As captives, however, we had to comply with the new requirements.

Two signatories are normally required on the account when deductions are made. On the other hand, anyone can make lodgements and up to Tuesday, the accounting information required was obtained on the basis of a letter signed by one signatory. On Tuesday, however, I presented the necessary letter with a single signature, and was unceremoniously advised that the request had to be signed by both signatories. This was another sudden demand, which can only contribute to further deterioration of the tenuous bank-customer relationship.

The bank seems emphatic about maximising profit, and equally mindless about the inconvenience caused to its customer. Is it aware that customers are interested in a healthy bottom line, too? Does it realise that customers are willing to cooperate, with a view to both enjoying some mutual benefit?

However, with this authoritative stance of the bank, how can such mutual benefit be achieved?

Eberle Dawes