OUR BANKS ARE BANKRUPT 08/05/08 (Pg 7)

By: Kofi Yeboah
The transition from the old cedi to the new currency exposed what many people today would describe as a “stone-age character” in a farmer in the Brong Ahafo Region. He was reported to have dug a hole in his room where he kept millions of the old cedi.
It was only when it dawned on him that he would lose the money he had secretly kept for decades if he did not change them into the new currency that the farmer withdrew the money from his ‘bank’. And by the time he did, half of it was spoiled and useless.
The farmer’s action is, undoubtedly, deeply rooted in antiquity. But his explanation for acting in the manner he did is anchored on good reasoning; he has no confidence in the modern banking system.
Much as his reasoning seems very interesting, it is even more intriguing to learn that after losing half of his money in the ground, the farmer maintained his resolve to keep faith with his ‘bank’ and antiquity.
Why would a sane person in the 21st century keep money in the ground and not be bothered about the consequences of theft and destruction? Why would a civilised person not be encouraged by the security and many financial opportunities like loans offered by the banks, to save his money with them? It is a big wonder.
Many people who heard the story of the farmer on radio stations might have broken their ribs with laughter. They probably must have condemned the man as ‘colo’, a local parlance for someone who is not abreast of modernity.
However, the critical issue about the farmer that deserves consideration, perhaps, more than his attitude, is the lack of faith and confidence he expressed in the modern banking system. Frankly, he could not have been far from the truth.
There is a large community of the farmer’s kind in the country, not because they are antiquated, but simply because the banks do not inspire faith in them. And so they have decided to keep their distance.
Even for many people who consider themselves as civilised and keep their money in the bank, faith and confidence are not attributes they would ascribe to the banks.
But for the fact that these days, the salaries of many workers are channelled through the banks, a lot of them would surely have no business to do at the banks. The reasons are numerous but suffice it to mention inefficiency, bureaucracy, delays in transacting business and the lack of courtesy towards customers by some banking officials, all of which sum up to excruciating frustration.
I have always had a problem with the services of cashiers at the Gulf House branch of the Agricultural Development Bank (ADB). They are painfully slow for heaven’s sake!
One of the terrible moments I had at that bank was on December 24, 2007, when I went there to redeem a cheque. I stood for about 20 minutes and nothing was happening. Then I approached one of the cashiers to find out what was wrong only to be informed that the computer network had broken down and so I needed to exercise a little patience while they fixed the problem.
I wouldn’t have known that because the bank officials did not deem it courteous enough to inform the customers about what was happening.
On a day like December 24, time was of the essence and if I knew about the problem earlier, I would have dashed elsewhere to attend to another pressing need within the wasted period at the bank.
But that was the service the bank rendered to me and under the circumstance, I lost out on a few engagements and, of course, I lost my temper, bubbling with anger, but I kept my cool because on Christmas eve, it is not religious to go gun-blazing.
Somewhere in 2005, I decided to open a new bank account in addition to two other accounts I already have. When I walked to the Farrar Avenue branch of The Trust Bank (TTB), I was handed conditions that the International Monetary Fund would not even prescribe for its borrowers, just to give my money to them to keep and do business with.
The lady at the enquiries desk could have simply told me “gentleman, we don’t need your money” instead of giving me those conditions. Anyway, I got her message and said good day. Eventually, the money was put to a better use.
There are talks that the banks have changed from their old ways and become more receptive to people wanting to open bank accounts. If that is true, then it’s all well and good.
The Ghana Commercial Bank (GCB) prides itself as the bank with the largest number of branches in the country. That is true and very commendable, especially considering the service it renders to the large number of the working populace all over the country.
But the bank will be the first to admit that its slogan, “We serve you better”, is a palpable deception. Its services hardly come anywhere near satisfaction. Non-functioning automated teller machines (ATMs), computers and air-conditioners, as well as long queues, slow service and lack of courtesy, are some of the services often rendered by the bank.
At the Osu branch of the GCB, for instance, it is sometimes better for a customer to carry a mat to the banking hall because you are likely to have a good sleep before being attended to. On many occasions, I have walked away from such experiences and found an alternative means to addressing my need of being there.
However, on other occasions that I had been compelled to “enjoy” that experience, I had heard some customers cast aspersions at cashiers at the bank.
One instance, I remember, was about an elderly man who had gone to the bank to take something small to enable him eat breakfast. He spent almost three hours at the bank. When the man lost his cool, my ears could not bear the vulgar-wrapped insults he unleashed on the cashiers and other banking officials.
Another experience I had with the GCB was in August 2007 when I had to redeem a cross cheque in my name at the Republic House branch. I wanted to pay the cheque into my GCB bank account in Osu. The cashier told me that could not be done.
Knowing very well that I could not cash a cross cheque and telling me I could not save it into my account with the same bank either, I wondered what she wanted me to do. Her answer was simple; go back to whoever issued the cheque to open it.
I thought the answer exposed the cashier as an apology of a banker, unless someone tells me GCB does not entertain cross cheques, even their own, or that cross cheques have no relevance in modern banking transactions.
Having been heavily soaked with disappointment, I walked out of the banking hall not knowing exactly what to do. Then, I remembered I have an account with the Barclays Bank at Osu. But Osu was very far away and it was just about 15 minutes to the banking closing time.
So I walked down to the Farrar Avenue branch of the Barclays Bank. I enquired whether I could save a GCB cross cheque into my Barclays account in Osu. “Yes, of course,” the cashier responded, and within five minutes, I had been relieved of that disappointment from the GCB. The next day when I checked my account with an ATM card, the savings had reflected.
I began to wonder why a GCB branch could not accept a cross cheque from the same branch to another branch of the same bank, and how a different bank had no problem accepting the cheque even into an account in a different branch. Strange, isn’t it? That is why there is good wisdom in the adage that “Do not keep your eggs in one basket”.
I was very much impressed with the service of Barclays Bank. But they also have their own bankruptcy to deal with.
Somewhere in early March this year when I went to the Osu branch of the bank for an ATM card, I was told the machine to produce the card had just broken down and that I should come back the following week. Two weeks later, I went to the bank and I was again told the machine had just broken down so I should come back the following week. I obliged for the third time and again, the service I got was “the machine has just spoiled”.
On the third occasion, I could not help telling the guy at the desk to stop lying and learn to appreciate sincerity, especially with customers. It was at that moment that he opened up and told me that fixing the machine would take a little while so I could go to any other branch to do my ATM card. Why then subject customers to that “go come, go come” business?
Still with the Barclays Bank, I had an appalling service from the bank when I opened another account at Osu recently. A lady attendant gave me a paper she claimed contains rules and regulations concerning my account. The characters of the printing are such that if you even use the strongest binoculars in the world, you can never read anything. But that is a document customers are supposed to read and better appreciate their contract with the bank. To a large extent, it is a legal document.
When I asked for something better, the lady told me that was all I could have. Two things immediately came to mind: Either the bank does not want customers to read the document and appreciate its contents or they simply want to insult the conscience and intelligence of customers. That is banking bankruptcy!
With such inefficiencies of our banks, is there any wonder that in this modern age, people do not value the relevance of banks and would prefer keeping their monies and valuables in the ground?
There is something awfully wrong with some of our banks and they must endeavour to reform and refine so as to restore public confidence in them.