Do you know, banks can rip you off without you knowing? If you are reading this and are a customer of a Ghanaian bank, it is likely your bank is exploiting you in more ways than one which you aren't aware of. This illicit practice has survived for a long time because we have a weak consumer watch-dog group in
Some time ago, the Bank of Ghana (BoG) gave directives to banks to abolish or reduce what it described as unwarranted bank charges and fees. But all this appears to have fallen on deaf ears. As a result, undue exploitation of customers, unfair and uncompetitive practices by the commercial banks in the country have conjoined to discourage many Ghanaians from patronizing the services of the banks.
The last time fire gutted the Kumasi Central Market, cash exceeding millions of cedis got destroyed. Similar incidents have taken place previously at the Makola Market in Accra and other markets countrywide. This is because the services of banks in the country lack human face so traders have no recourse but to keep millions of cedis under market tables.
The irrational minimum initial deposits, punitive deductions for maintaining balances below thresholds, punitive charges for cheque withdrawals, salary processing, use of ATMs, extremely low interests on savings are just a few of the various complaints from the banking public. And BoG’s inability to enforce its own rules and regulation makes most Ghanaians to have little faith in the banks. The bank tariff regime in the country is not only unacceptable but is illegal.
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My question again; “What happens, when you try using a bank’s ATM and its faulty? Does the bank pay you back?”
This afternoon, I went to the banking hall and was again met by a large crowd of people in the hall. The queue was just unbearable. I reported about my inability to use the ATM this morning and how embarrassed I felt. All the lady was able to tell me was; "sorry". I asked, when it would be fixed, she told me blatantly; "I have no idea, Mister". Worst case of customer service again..
Bank of Ghana would do the public good if pressure is put on the banks for them among other things to eliminate the minimum initial deposit requirement [heard some banks now open cashless accounts, though], abolish the fees for account closure, account maintenance, and reduce the Commissions on Turn Over by charging flat rates rather than percentage of volume of transaction, among others.
Foreign banks in the country are the major culprits in the excessive exploitation of customers. Services which these banks render in Europe,
I wonder, why people [including myself] keep saving/doing business with these banks. For your information; I closed my account and my might be trying Zenith Bank out.
Have you had a bad experience with any Bank in Ghana? Have you tried accessing an ATM of any bank and it was faulty? How long did you spend in receiving money from your bank? Would you recommend your bank to me? What makes your bank different from others? Your thoughts, comments are always welcome...!!!
2 comments:
Non-Service. A problem we will soon eradicate.
Because we have been quiet all this while, the banks add insult to injury by charging all these fees, and still provide shoddy service.
A lot of the things you have mentioned here unfortunately happen here in the US also. I dont know if banks send its customers statements in Ghana but every time you go into a bank to request an official statement, it costs money- $5. I know that there are some charges- ATM fees- when you use an atm other than your banks atm. I think you might get charged a very small fee even if you do use your bank's atm- some banks. So as sad as it is, I think is something that happens everywhere, even here in the US.
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