Consumers dissatisfied with banks

The Ombudsman for Banking Services has published its annual report for 2020. It opened a record total of 7,717 formal cases. Ombudsman Reana Steyn has more on this. Courtesy #DStv403

JOHANNESBURG - The Ombudsman for Banking Services has published its annual report for 2020.

It opened a record total of 7,717 formal cases. This represented a 19 percent increase in complaints by consumers against their banks.

A major cause of complaints related to bank’s failure to give prior notice of account closures.

These concerns accounted for 80 percent of the current account matters.

READ: FNB SA's most complained about bank - report

A total of 1,338 current account complaints were opened in 2020 and in 465 (35 percent) of these cases, a finding was made in favour of the complainants. 

The OBS managed to recover R16-million which was paid back to consumers.

FNB came out as the bank receiving the most complaints in the reporting period. 

The bank had 2,197 complaints opened against it, a 22 percent increase from 2019.

Source
eNCA

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