DH
David H

1 reviews | Active since Sept 2019

30 Sept 2019, 10:38

Don't bother with Standard Bank - There are much better options out there

I've had an ongoing query since March... Nobody has taken ownership of it in months... The call center is full of unmotivated, unhelpful, uncaring people who sincerely show no interest in resolving issues or complaints. I have not spoken to a single employee who was enthusiastic, warm, and (most importantly!) committed to helping me. Nobody responds to emails, NOBODY! Even the complaints resolution email address goes unanswered. The only people who listen are the branch employees, because they have no escape, and even they seem unable to achieve much. I have been a client for 20 years (and I'm 27 years old), but the bank still treats me like someone off the street. They will throw upgrades at you, but only because of your ability to pay, never because of loyalty. The bank doesn't seem to believe in loyalty. My main issue is that Standard Bank offers you a share trading platform, but it conveniently puts the fees disclaimer in a tiny footnote that most people will overlook. Even if you don't overlook it, the fee disclaimer is insufficient and vague. As an investment industry employee, I know that being charged 2% in fees on a single trade is disastrous, but it is something that is happening daily, to the poorest of Standard Bank clients. For context, there is a minimum fee of R9.17 on any trade with JSE. If your trade is worth only R500, for example, this fee alone is almost 2% of your money. So this means the share you bought will need to grow by 2% before you even break even... Now consider that Standard Bank allows trades as small as R250... which is a 3.7% minimum fee... Who on earth permitted this?!? This is a terribly designed system, which is systematically destroying their clients' wealth... what has the response been from Standard Bank? Crickets.

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Replies (2)
Standard Bank
Standard Bank's reply30 Sept 2019, 14:24
Official
Dear David Heany

Thank you for posting your comments.

We assure you that as an organization we are committed to providing the best possible service and assure you that this will be addressed as a matter of urgency. 
 
We apologize for the inconvenience and undue frustration, this has caused. 
 
We greatly appreciate your continued support.
 
Regards 

Complaint Resolution Centre
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DH
David H's update01 Oct 2019, 11:57
Reviewer Update
Hi
That commitment obviously isn't shared by your employees, otherwise things would actually get done, right?
Thank you for the response, but it is the same response I've received over the phone multiple times... And then silence from Standard Bank, for weeks or months, until I follow up again and speak to someone else who has never heard of the query.
It would be great (and logical?) to have one person be allocated a query, take ownership, and make sure the query is RESOLVED within a reasonable time... There is currently no ownership of queries, no responsibility on those that have tried to help on a query and given up when they fail, and most importantly there seems to be very little overall structure for maintaining and monitoring queries.
If my company had a query outstanding for 6 months or more, our CEO would personally be on the phone apologising to the client.