THE number of customers dissatisfied with banking services has been on the rise as 16.52 lakh dissatisfied customers closed their accounts in Bangladesh in 2017. As the bank account holders are in constant fear that their hard-earned deposits may be bankrupted anytime due to escalated default loans over the years. Against this, most of the State-run and private commercial banks failed to adopt policies and actions. The depositors feel comfort in placing their savings at home instead of banks due to decade-long malpractice in the sector that eventually force account holders to close their account with several banks.
The finding of closing bank accounts is revealed in a study conducted by a research team of Bangladesh Institute of Bank Management (BIBM). The study said that 12.5 percent of around 13 crore accounts were closed last year only because of the customers’ dissatisfaction over the banks’ services. Not a single bank out of the 56 scheduled banks managed to escape from such account closure. The figure of account closure by the customers was 8.6 percent in 2014. However, 56 percent of the banks did not keep any record of the closed accounts.
The banking sector is ruled by anarchy, malpractice, and autocracy instead of practicing professionalism, accountability, and abiding rules and regulation for a decade. In 2017, commercial banks waived Tk 1,753cr interest against bad loans which is blamed responsible for recurring bad loans in the country. This huge exemption of interest on bad loans indicates that banks did not follow rules-regulations while sanctioning the loans. Besides, the banks give nothing to the depositors as annual interest fall at present while annual inflation rate remains 5.5 percent up.
Customers’ satisfaction is a key factor in success and survival of the banks although many bank employees allegedly misbehave with the customers. We think, the commercial banks will have to ensure better service for their customers along with taking remedial steps to prevent such account closure. People’s mistrust on banks is an ominous sign for economy.
