Business
Consumers dissatisfied with banks─── 09:22 Thu, 13 May 2021
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 banks' failure to give prior notice of account closures.
These concerns accounted for 80 percent of the current account matters.
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.
