Stanbic, why charge so much?
SIR — I am surprised by the way Ugandans are being treated by the so-called investors. I am a loyal customer of Stanbic Bank Ltd which I joined when it was still UCB.
SIR — I am surprised by the way Ugandans are being treated by the so-called investors. I am a loyal customer of Stanbic Bank Ltd which I joined when it was still UCB.
When Stanbic had just bought UCB, the ATM withdrawal charge was sh200 which soon increased to sh300.
After a very short period, customers were informed that by January 31, 2005, the withdrawal charges would be sh500, checking balance and a mini-statement were now sh100 each although sometimes there are no transaction record sheets to take.
But at least we were informed early. But now just last month, I asked for a mini-statement from an ATM, only to find I had been charged sh1000 for each of the withdrawals I made in October. This came with no notice (at least nothing on the ATMs).
Can Stanbic please tell its customers the reason for the sudden doubling of the withdrawal charges? Why have other banks not done the same? And why doesn’t Stanbic also increase the interest paid on the so- called savings accounts, the same way the charges have been increased? Was privatisation done to promote better services at a higher cost?
Peter Sebina Kibira
Kampala
Ed: Stanbic says it is not true that they have increased their ATM withdrawal charge. It is still
sh500 per withdrawal and they do inform their customers well in advance whenever there is a change
When Stanbic had just bought UCB, the ATM withdrawal charge was sh200 which soon increased to sh300.
After a very short period, customers were informed that by January 31, 2005, the withdrawal charges would be sh500, checking balance and a mini-statement were now sh100 each although sometimes there are no transaction record sheets to take.
But at least we were informed early. But now just last month, I asked for a mini-statement from an ATM, only to find I had been charged sh1000 for each of the withdrawals I made in October. This came with no notice (at least nothing on the ATMs).
Can Stanbic please tell its customers the reason for the sudden doubling of the withdrawal charges? Why have other banks not done the same? And why doesn’t Stanbic also increase the interest paid on the so- called savings accounts, the same way the charges have been increased? Was privatisation done to promote better services at a higher cost?
Peter Sebina Kibira
Kampala
Ed: Stanbic says it is not true that they have increased their ATM withdrawal charge. It is still
sh500 per withdrawal and they do inform their customers well in advance whenever there is a change