Focus: Banks and trust

I trust my bank to do the right thing by me.

Disagree

My experience with banks has been fairly good, so far. But I do feel that credit cards are a major problem. There are many offers made by banks, which trap customers into paying extra money. Now, whenever I get a text message from my bank, I make sure I read it carefully and completely, so that I am not subscribed to a service without my knowledge.
Wuri Sasi Handiyani
Abu Dhabi

Disagree

Banks, mostly, are not bankable nowadays, given the ‘hidden’ policies they subject their customers to. If I am not circumspect in dealing with banks, I end up short-changed due to their non-transparent ‘conditions apply’ disclaimers. Also, unsolicited calls at odd hours are a harassment. Lastly, most of the customer care representatives are not up to date with the process and product details.
Subhasis Mukherjee
Dubai

Disagree

Banks are meant to increase their customer base through convincing marketing skills, but it’s up to us to use their services safely. Things can’t get worse or better beyond our control. We need to be more vigilant in the processes and use banking to our benefit. For this, people should be aware of their limitations in all aspects. Today, trust has become extinct. So, stop trusting and start questioning.
Siraj Abdul Wahab
Sharjah

Disagree

I have to take my own decisions, and cannot trust the bank. The finer points in the terms and conditions are not always spelled out clearly, even through they may be jotted down in the fine print. Once, I had payment due on my credit card for Dh1,591. I paid Dh1,590 and to my surprise I was charged interest on the entire amount! Later, I contacted the bank and they did reverse the interest charged.
Abhay Nigam
 

There is not enough transparency in processes.

Agree

I would like to advise everyone to read carefully when you sign contracts with any bank. The policies and footnotes are where the actual information hides. I understand that any institution, for its survival, needs a strategy to follow and implement. But at the same time they should know that their customers have come to them with some awareness and knowledge.
Sudha Kathuria
Dubai

Agree

The banking industry has come a long way from its initial days of conducting the basic function of account management. Nowadays banks are involved in all sorts of lending practices. The focus has quite obviously changed from customer service to how to effectively extract the maximum amount of money from a client. While the products are designed to attract clients, the banks levy extremely high charges.
Shivani Singh
Dubai

Agree

Most banks are not completely transparent in the daily transaction processes. I, too, was unaware of hidden charges, which were continuously debited from my account. Also, banks at times make errors in transaction and they blame the customer. No bank discloses every detail clearly to their customers, which is unfair. Every customer has the right to know the processes followed by a bank.
Jos Cardozo
Sharjah

Agree

Transparency forms the basis for greater openness and shared information that can facilitate working partnerships between customers and other community-based initiatives. Banks are required to release comprehensive information if they plan to change interest rates, shields on credit cards and other similar transactions. Better communication is needed from the banks.
Tony Chittilappilly
Dubai

All bank fees should have standard structures established and monitored by the country’s central bank.

Agree

Any organisation should have a code of conduct, which should be strictly adhered to. Otherwise, the organisation would suffer from chaos or conflict of interest among its employees. When this principle is applied to a collection of similar entities, they should be ruled by a common set of principles and clear directions under a centralised agency. This would ensure that maximum benefits and optimum results are obtained.
Ajayan Mampatta
Dubai

Agree

From the perspective of a salaried employee I haven’t found bank services to be costly, at least in Pakistan, where I come from. However, in the UAE I have observed that bank charges can be quite high. Where the services should be provided for Dh5 per month, the charges often go up to Dh30. Banks do not give any benefits to account holders at the time of deposit either.
Tarek Jaafar
Fujairah

Agree

This is imperative because the UAE, and in particular Dubai, is host to people from around 150 countries. Most of them compare the services structures and banking practices to standards in their home country. Banking systems differ greatly from country to country. So, the best market practices in terms of levying fees and communicating information to retail clients should be adopted.
Ghanshyam Vasudeo Vyas
Dubai

Agree

It may not be practical to have all the banks regulated to a large extent, as the UAE is home to international as well as private national banks. While the national banks can be regulated to a certain extent, I don’t think it is fair to impose too many rules on private banks. However, there should be some regulation on the maximum amount of service fee that can be charged.
Shirin Mihiraji Witharana
Abu Dhabi

There is a need for greater government intervention in how banks function.

Agree

Since the banks are catering to various customer bases, it has now become essential for the government to intervene with policies that are in the best interest of the banks as well as the customers. The standard of living has shot up in the past few years, and people should not feel cheated out of their own money.
Manoj Chandnani
Sharjah

Agree

The banking sector is the key player in setting a country’s economical graph. Most countries have banks controlled by the central bank and the government intervenes to control banks’ funds and check inflation. There is a need for a Credit Information Bureau in which the credit history of each resident is regularly updated. The government should also instruct banks to disclose all of their charges.
Adnan Ahmad
Dubai

Disagree

It would be better if each bank is allowed to offer its own rates and services, as that would provide customers with more options to choose from. Greater centralisation might create a problem, especially when it comes to private banks. But there is definitely a need for more transparency. There are many hidden costs that are levied on unsuspecting customers.
Parvathy Premkrishnan
Ajman

Agree

I have been a victim of credit card overcharges. I even went to cancel my credit card, but was not able to because it would block the personal account that I had with the same bank. I have learnt from my mistakes and now handle my bank account and credit card account separately. I really don’t trust banks as their main aim is to earn as much money from customers as possible.
Hasnain Fakhr Al Deen
Sharjah