“People tend to forget their duties but remember their rights” – Indira Ghandi.
But this won’t be you!
No matter how grounded you are in the knowledge of your rights as a bank customer, faulting in the performance of your duties will only birth more unpleasant banking experiences.
So, here are some duties you should be aware of and perform at all times as a bank customer.
1. Duty of knowledge and understanding:
This represents the cornerstone of your duties as a bank customer and involves the search for relevant knowledge that should lead you to make informed decisions and enhance your benefits. Without adequate knowledge, customers are bound to make ill-informed decisions which may precipitate an avalanche of complaints from customers against their banks. It is generally agreed that sophistication in the banking industry has tasked the understanding of even people that are financially literate; it is, therefore, your responsibility to “shine your eyes” when dealing with your bank.
2. Duty of financial obligation:
This requires customers to repay credit facilities and pay mutually agreed interest on loans and other financial services rendered by their banks as and when due. This is one of your major responsibilities to the extent that banks are established to provide loans and other financial services to you and other customers. Thus, you are obligated to ensure that payments or repayments to your bank are not delayed in order not to suffer penalties in the form of default charges.
3. Duty to protect instruments and information:
It is your duty as a bank customer to keep your cheque book, ATM and all information relating to your account like PIN, passwords and codes safe. It is important to stress that a bank cannot bear responsibility for any loss incurred by customers as a result of their negligence in protecting vital instruments or information.
Let’s take a break and digest these three for now. I’ll share more in subsequent time.