The OBS Secures Millions for Bank Customers Wronged by Banks via SATodayNews
The OBS Secures Millions for Bank Customers Wronged by BanksOver the past two years, the Covid-19 Pandemic has disrupted the traditional banking model testing it to its limit. Banks are battling to address this. Reana Steyn, the Ombudsman for Banking Services points out that 2021 brought with it some serious financial challenges for most South African banking consumers. These consumers had to turn to the OBS for intervention against their banks.
She added that since it is her office’s vision to be known as a trusted mediator of disputes, the constant increase in referrals , complaints and calls received by the OBS call centre is hopefully an indication that the public is becoming aware of the free, fair, professional, and expedient alternative dispute resolution service offered by the OBS.
Current Account complaints accounted for 16% of total cases opened. This was a 3% decrease from 2020. She advised that in the majority of these complaints, the losses suffered as well as the inconveniences experienced could have been avoided had consumers been more sceptical of fraudsters posing as bank personnel. “It is important that consumers protect their confidential banking information.
“Of the matters concluded in favour of the complainants, over R19 400 000 was awarded and offered because of the OBS’s direct intervention,” says Steyn. In 6.60% of 2021 complaints, no award was made to complainant. However, the OBS was able to provide them with information on why this was the case2021 yet again saw a notable increase in cases for most Banks compared to the previous year. While in 2020 Absa Bank recorded a reduction in the number of complaints , 2021 was the opposite.
Below is the detail of formal cases that were opened against the 5 Big Banks in 2021. Individual increases should be seen in light of the overall increase in the number of complaints received by the OBS:Standard bank saw an increase of 31,6% in the number of the complaints with a total number increasing from 1 572 complaints logged in 2020 to 2 070 in 2021;
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