Wednesday, November 26, 2008
OUTSOURCING CLEARANCE OF CHEQUES
Did you know that banks have outsourced the clearance of cheques? What this means is that some third party will be verifying your name, signature, account number and not your bank. If there is any discrepancy in the particulars, the cheque will be returned to the bank and the cheque returned to you. Did your banks inform you of this change?
Previously,, all cheques were verified by your own bank. Since it your bank, the officers that know you will call you up for verification if there is any minor doubt. In other words, there is personal service because of the rapport you have with your bank. But with the outsourcing, this rapport is useless. The value of the personal relationship is lost. More impersonal now.
With the grand idea of merging banks into a few large banks, the citizens now have to deal with a much smaller oligopoly. Effectively, this means, you have no choice. So called "economic considerations" over ride the convenience for the citizens. Things like this makes me really wonder what our political leaders have been doing? Are they serving the rakyat or the "business interest"
DO you know what other changes that have occurred with the banking circle.