Aurora Magazine

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An 'ordinary' bank customer speaks out!

Updated 12 Dec, 2015 10:47am
Saad Niaz
Dear bank, I may not be your typical ‘high net worth’ customer, but collectively, we are the customer base you seek!

Hello banks, I’m your customer too. Why do you charge me for everything I do? Why do you deny me the services that I require?

The first time I walked through your doors to open an account, I underwent stringent due diligence by your representative who conducted a thorough KYC (Know Your Customer) process on me. I shared all my financial details, down to the last rupee I spend on the chai I drink with my friends at night.

I was impressed. In fact, I was reassured that my financial future would be secure with you. I could see greener pasture across the fence; my savings would grow manifold over time. I would be able to lease my favourite car, build my own home – oh and if I ever needed cash urgently in you would provide it to me at ‘affordable rates’.

I have been your customer for five years and as I am still standing across the same fence I thought you would help me make my way across. Now a barren wasteland lies beyond; one where each passing wind has drained me of every rupee in my pocket. You have charged me for everything. For not maintaining Rs. 5,000 in my account. For using a different branch to withdraw money through an ‘online’ transaction. For having had my ATM card stolen and daring to apply for a replacement. The list goes on.

I understand you have limitations; I may not meet your requirements for a loan. I am unable to deposit enough to earn a substantial profit. I don’t use my internet portal regularly to qualify for that Samsung Galaxy Note you are giving away this month. But I am still your customer, and here is how I fare along with your other ‘valued customers’.

You use MY money to lend to other customers. You use every hard-earned rupee I leave in my account, to lend to the government for a ‘risk-free’ return.

Mind you, it is only risk free because if the government defaults, our central bank will step in, print more currency, or our ministries will borrow more from international agencies to repay the debt. Who bears the brunt of such activities? ME! I will have to pay higher taxes and face exorbitant price hikes to clear this debt.

Here is my suggestion: lend me the money. It’s less risky, especially as my new car or home will be pledged to you and your team will harass me to repay my loan instalments even if I have to starve. In either case, the debt repayment will be borne by me, why not let me drive the new sedan whilst doing it?

You CHARGE me for all my transactions. I pay to subscribe to your internet banking portal. I pay to transfer funds online. I pay for my withdrawal instruments. And yes, I also pay taxes on the nominal amount (if any) that is credited to my account as ‘profit’ on my savings. And yet, you offer free instruments and services to large institutions, to individuals with sizeable deposits in their accounts; basically everyone who falls in your “high net worth” category.

Cut me some slack too. My earnings are not illegitimate, so why should I pay more for everything? Offer me a few free services, and watch how my account usage will increase. Watch how I use your cards to make more transactions. Watch how I save more with you to shore up my own wealth.

I too should be labelled as a ‘high net worth’ client. Everyone should be labelled as such! Don’t discriminate.

You know everything about me from the day I asked for that application form. I’m your customer too! Don’t treat me not as a source for a quick buck every time your revenue chart dips. Treat me as someone who will grow with you, who will trust you with my lifelong earnings, who will turn towards you in time of financial need and help you earn much more in the long run.

Be wary of one fact. My kind run in millions; collectively, we are the customer base you seek!

Saad Niaz is CEO and Co-Founder, MyBankersOnline.

Angry bank customer banking in Pakistan bank customers in Pakistan

Comments (49) Closed



Tariq Sayeed Khan Dec 12, 2015 11:11am
Several good points, but a very generalised view point of painting all banks with a single brush stroke. Not all bank's are like what has been mentioned by the writer. Not all products offered by banks have charges or fees.
soren Dec 12, 2015 12:01pm
Don't blame the bank's dear. Most of these policies are devised by state bank.
agha asad raza Dec 12, 2015 12:07pm
You have taken words out of my mouth! EXACTLY!! Only yesterday I went to bank that had FOUR counters (only Three were manned) and there was a long line of customers. I looked for the Senior Citizen one and saw only one senior person there, a lady. So I went and stood behind her waiting my turn. No one came there for over 10 minutes and I asked the next cashier where the person was and he replied. " I do not know, use the number one counter." That counter had a long line of people paying their bills. So the two of us went there and stood at the window and waited to be attended. The people in the line started complaining and saying that we should go to the end of the line, one chap even tapped me on the shoulder and told me to get back. I refused and told him that I am OVER 65 and I DESERVE some respect and privilege and it is NOT my fault if the Senior Citizens Counter is NOT manned. I did complain to the manager BUT I know NOTHING will come out of it!
haider Dec 12, 2015 12:13pm
Good Read ...
Waqar Ahmed Dec 12, 2015 12:26pm
very glade to read this, please share this with every bank and banker
khan Dec 12, 2015 12:28pm
The message this article is trying to send has good intentions, but the article is so poorly written that it is actually painful to read.
Sabih Saleem Dec 12, 2015 12:51pm
Excellently written. This highlights the problems by most of the customers of banks.
dr salman Dec 12, 2015 01:20pm
Pathetic dealing by banks when it comes to ordinary account holders,like ME,LIKE US.... true depiction Saad.
wellwisher Dec 12, 2015 01:21pm
same story in India.Well said.
Noorani Dec 12, 2015 01:49pm
Tremendous. That's some non-noticeable but hardcore truth, when ask to deposit money, you can be able to submit cash even half an hour later from closing of bank standard times. However, you can go even 2 minutes late from closing of bank time, you beg there or whatever... you will be not allowed to get your own money......
Pakistan Dec 12, 2015 02:29pm
Above all dear bank your services are poorer by the day but your CEO and his staff paycheques get richer by the day.
Babar Iqbal Dec 12, 2015 02:58pm
I have just managed to close my bank account with NAB. They have got so many different types of charges that I lost count and in the end had to close the account. It is true that our banks are very shortsighted and don't realise who are their more valuable customeres. I live and work in UK and here all services provided by the banks to regular customers are free of charge.
Usman Durrani Dec 12, 2015 03:16pm
Heart touching write up. Seems like we are all in the same boat. There should be a way to teach them a lesson somehow
Talha Dec 12, 2015 03:53pm
Spot on. I especially like the tone of your write up, the way it lends an emotional angle to the relationship.
Parvez Dec 12, 2015 04:00pm
You spoke my mind.......if there was a credible alternative to a bank I would shut my account down in a second.
Skeptic Dec 12, 2015 04:42pm
I finally had enough run-around, indifference and insults to my intelligence by my so-called 'RM' (Relationship Manager - who clearly didn't understand the definition of the term), and was nickled and dimed for every little thing, despite being 'Priority' customer. (You know which foreign bank I'm alluding to). So I finally closed my account and withdrew all my money, walked out of the branch in 'prestigious' part of the city no less, with utter contempt for this bank, its staff, and the management! And didn't mince any words!
So What Dec 12, 2015 04:47pm
Dear Customer Please rest assured that as a valued customer of our bank we are fully committed to ensuring that we listen to you even if you are a 'customer base'. As a commercial organisation, we have to listen to those who make us the most money, which far from being the high net worth individuals, are those with little money who who we can charge fees for practically everything. Regards THE (YOUR) BANK
sadiq cheema Dec 12, 2015 05:35pm
AWW ... so sweet :)
masood Dec 12, 2015 06:06pm
well said and you forgot to mention that you will not "settle with bank to write off the unpaid amounts"
Mdsr Dec 12, 2015 06:20pm
So true, i'm govt school teacher and i've bank account for the last 6 years, trust me i've been suffering from this, hats off for your keen observation.
javed qamer Dec 12, 2015 08:02pm
I love it. How beautifully you have written your complaint about banks. Keep up the good work. People need to complain rather than sit and bear it patiently. Bravo
atif khan Dec 12, 2015 08:05pm
finally someone..Bank o Bank teri konsi kal sedhi :)), a bank gave me new cc card and right after few days there was this chip fee, seriously? i am work for a tech company i need to know what does this chip fee is, do they have to put some fuel for chips to work? i didnt ask them to put chip , my card was lost and 900 rs for a new card. list goes on and goes..i cant evn ask supreme court for suto moto:) , as its unfair asking him to remove his attention from other far bigger matters.
Khaled Dec 12, 2015 08:34pm
A good write-up, a true reflection of our banking system.
safdar Dec 12, 2015 08:35pm
What a nice write up. The banks are looting ordinary man but sarkar is asleep. How the sarkar can claim that it is people friendly. Sarkar isnot people friendly as pm is keeping his illega money in uk and dar is keeping his illegal money in dubai
BNS Dec 12, 2015 08:43pm
Completely failed to get the message of this article...
Aziz Dec 12, 2015 10:04pm
Now let the "robber-banks" submit a reply. If they do not then should we assume that they have none?
tariq Dec 12, 2015 11:45pm
Very Good article. When I had to open a joint account with my wife, in the bank where i had salary account for more then 15 years, in the Area where I was living for 25 years, The bank officer checked my so many details as I had a police record, and took 2 weeks to open my new account. But than they will give this money to govt or such guys who default.
somethingfishy Dec 12, 2015 11:50pm
So true. Our banks are so greedy. Actually they are not banks, they do not work, they are as bad as other government departments. Our banks are rent seekers and make money of the high spread. Shame on them. There is practically no completion in efficiency, only in laziness and milking smaller customers.
Yasir Dec 13, 2015 12:02am
It seems the person who wrote this article doesnt know banking or any other business model at all. So they shouldnt charge you for the services and advice they give? How do you think they are maintaining IT/Banking/Branch Infrastructure? How do they pay salaries to their employees? If they charge you for card replacement, dont you think they are going to reprint a card which will cost them some amount of money. Ofcourse if they charge you 500, actual cost would not be 500 to them but again they are here to make profits, not to run charity organization. Supreme Court gave ruling that no financial institution can harass a customer by visiting their homes or offices. It is way more riskier than you can think to lend money to individuals whose net worth or profile doesnt qualify for that loan. They even stopped giving Credit Cards to random people after they suffered huge losses cos people used those cards and never paid their debts. Banks cannot visit them legally.
NoPunIntended Dec 13, 2015 12:11am
Very right, indeed the dilemma in every field of life.. unfortunately once anybody / bank gets business from ordinary customer then they stop taking care of, as they have already got money in there pocket. Height of lack of professionalism.
Thoroughthinker Dec 13, 2015 12:47am
Banking on banks can never make you safe at the safe bank. It has become a nightmare of thuggery!
Abdul Aziz Dec 13, 2015 01:01am
Correct account of how banks are fleecing customers.As for quality of service-not worth mentioning
Abdul Aziz Dec 13, 2015 01:02am
Correct account of how banks are fleecing customers.
Mr.T Dec 13, 2015 01:43am
On other side of customer is they can't put money on their home, secondly for worldly transactions you need banks which they support you, thirdly you have easy free access of your utility bills paid in every bank, fourthly customer need someone to manage their money (black or white) it's the only banks who do's that as a financial institute. For this column i agree there some loops in they system but it not because of banker its because of people who work in a bank...
Atif Khan Dec 13, 2015 04:47am
I like your comment "if the government defaults, our central bank will step in, print more currency, or our ministries will borrow more from international agencies to repay the debt. Who bears the brunt of such activities? ME! I will have to pay higher taxes and face exorbitant price hikes to clear this debt."
Mazhar Dec 13, 2015 06:31am
Do they really hear us as valued customer? Thery are indeed very polite & eager to help, I wish being an ordinary customer or account holder I would get all those facilities which they offer!!!!! Tricky part.
John Dec 13, 2015 06:45am
Don't like modern banking then stick to Islamic Banking.
Riaz Bachani Dec 13, 2015 09:22am
I totally agree with the writer. We all are in the same boat. After maintaining my company account for 5 years, I got a account closure letter from, so called, Multinational Standard Chartered Bank due to less activities for 1 year. It sucks. Banking industry here is impetuous and full of desires. Ad it proves by seeing there higher staff's life styles who are having fun on depositors money.
M Manzoorulhaq Dec 13, 2015 12:56pm
Every word is true, the story behind is hidden. Now banks are no more independent but are trying to compete with developed economies rather than looking at the local conditions like incomes and standard of living of tiny middle class. Banks are just focusing on IT which is the need of a fraction in Pakistan just trying to copy the foreign banks eke ignoring the local needs. At one time ( before Nationalisation) one could open an account with Rs-5/- only cuz services were manual and quicker. Am not against automation but banks are charging 99% population to cater to 0.5% just blindly. As the regulator is sleeping.
Akram Dec 13, 2015 10:08pm
The way to deal with such institutions is to create your own. Build a small customer friendly focused credit union or bank together with friends and family. Such institutions will not improve without genuine competition.
jb Dec 14, 2015 09:05am
Agree with the gist of it; i.e banks should be less exploitative of retails customers. However, some thoughts: Lending you Money: No its not less risky. Governments are regarded as risk free by local banks the world over. Government lending is also generally in the form of Bonds which are liquid and can be sold when required. Retails loans are not as liquid. Collective Customer Base: Yes, banks seek a vast customer base but it also has to make economic sense. A HNWI account pays for itself and banks can lay off on fees to those accounts. For a low usage and low volume account, there is a KYC and operational cost incurred and if the benefit is not commiserate, purely from an economic perspective, the bank is losing money for having that account. At the end of the day, it has to make economic sense.
jb Dec 14, 2015 09:05am
Interest Rates: These are partly determined by central bank's monetary policy. There also has to be a fair difference between Government lending and retail lending. If retail customer borrows at just 1% over Government's borrowing rate, how is that making economic sense? If anything, the Government should be pushed to borrow elsewhere so local banking market does not get crowded out for retail borrowers. Illegitimate Earnings: Its too far fetched to say every HNWI has illegitimate earnings. Its also discouraging.
Fazal Karim Dec 14, 2015 11:13pm
PlS account means, I as a depositor of my money in bank share profit and loss with bank. Instead of sharing profit with only share holders the profit should be shared with depositors of PLS account also. It is not done. Islami Nazaryati Council should take notice of it, direct banks to share profit with depositors or direct banks to remove word PLS from depositors account.
Faaiz Naseer Dec 16, 2015 04:50pm
I really appreciate your concerns in a sacristy manner. At the practical side, unfortunately it is the dilemma of every low net worth customer. Despite all the limitations by the prudential regulations and polices, bankers need to focus on the whole customer base.
Syed Abdul Haseeb Dec 17, 2015 09:34pm
They cant even pay you all if you were to withdraw all the money from your accounts at once. They dont have your money, all they are running on is a bunch of promises, broken promises.
shaz Dec 19, 2015 01:04pm
Banks need to hire more cashiers and tellers to serve customer quickly. no-one want to spend entire day in queues to pay bill or deposit cash in bank. seems that banks has no customer service training for their staff , no smile on their faces, pathetic and arrogance attitude.
Yahya Dec 20, 2015 04:57pm
Maximize profits is the most important parameter. All you guys think of yourselves as an entrepreneur and you will agree to it
Aadi Dec 23, 2015 09:33am
The article is very childish, i don't believe that a KYC officer would ask you regarding your CHAI expense with your friends. I still don't understand how come this article has qualified the Editorial checks of AURORA . There are certain regulatory requirements that all the banks are supposed to follow.n feeling Awful after reading this article
Watson Jan 04, 2016 01:33pm
@Tariq Sayeed Khan. Which bank does not take your hard earned money, transfers it to an over night liquidity instrument to generate a huge amount of interest and then still charges you the customer for the right of having an account with that bank. If you can not see the irony in that you must be a banker.