Every bank customer must know this: you do not exist because of the banks. Rather, banks owe their existence to your continued use of their services and products. Therefore, they are duty-bound to serve you and respect your rights. Yes! You heard that. Every consumer of banking services has rights and obligations. Consumertrics, in this article, focuses on the what are the rights and duties of bank customers.
Right to be informed
A bank must inform you about their products and services prior to your using the same. Such information must be complete, understandable, relevant, and truthful, and it includes terms and charges too.
Right to choose
No bank has a right to force a product or service on a customer. In other words, you have a right to choose from a bank’s range of products and services that which suits your purpose. Importantly too, you are at liberty to end a contract or even a banking relationship, provided you fulfil all outstanding commitments.
Right to safety
A bank has a right to protect you and take your safety seriously while on its premises. Therefore every bank is duty bound to adhere to safety rules and standards.
Right to privacy and confidentiality
Like in the medical services, your bank has a right to keep private details of your financial activities with it. This is to prevent third party intrusion, except in the situations where the bank is compelled by law or a customer agrees to the disclosure.
Right to redress
Many bank customers accept unsatisfactory responses from bank officials when a complaint is lodged. Get this clear: the bank officials are not doing you a favour by seeing to your complaint. It is your right to make a complaint by unsatisfactory services, while it is their obligation to listen to you and get it resolved. Don’t accept anything less!
Right to good service
As bank customer, you have a right to receive good services and get your money’s worth. For the umpteenth time, the banks exist because of their customers and without which they are nothing but empty shells! If you patronising a bank, demand value. Make complaint, if necessary, and insist on it being resolved. Ask for your account officer and call the same where you have an issue or need clarification. If you get insulted or treated poorly, make a report.
Right to equality
I can imagine the indignation you would feel in a situation where a customer jumps a queue and he is favoured over you. No! Resist it. Also, if you are physically challenged, know that you are deserving of all rights and privileges as the able-bodied. Therefore, regardless of wealth, status, or size of deposit, every bank customer is equal.
Right to free monthly statement of account
Do you get your monthly statement of account? If you do not, make a complaint and insist on getting it monthly. It is free, it is your right. The exception, however, is when a customer specially requests for a statement of account. This attracts N50 per page.
Having stated your rights, it is important you know your duties as a bank customer too. These are stated below:
“Shine your eye”.
Read whatever contract a bank offers you, especially account types, charges, or conditions for taking a loan. If you are uneducated or unable to understand the terms and conditions, ask someone knowledgeable to explain them to you.
Duty of financial obligation
Repay credit facilities and pay mutually agreed interest on loans and other financial services given to you by a bank. Do not default!
Duty to protect personal information
Don’t disclose sensitive information, like you Bank Account, ATM PIN, account passwords and codes to third party.
Report suspected fraud or error
Once you suspect a foul play, or detect a fraud on your account, report to your bank.
Personal safety and safety of assets
keep your belongings safe while on banking premises. If you are a car owner, check on it repeatedly.
