Thursday, May 26, 2022

How 70-year-old lost Sh. 1.3 million in her StanChart Bank account

StanChart Bank Account: In November last year, the customer rating on Standard Chartered Bank Kenya’s Facebook account fell from 4 stars to one within five days. The reviews section was also filled with criticism. The bank’s app was downgraded from 4.4 stars to just 1.1. All this was public reaction to a case involving an elderly customer who lost her money at the bank and the bank’s response to her.

The case involved a 70 year old woman who had lost her entire pension amounting to Sh. 1.3 million in the bank.

“My mum who is 70 years, and whose account is account 0100319393600 (Harambee Avenue branch) found her account emptied of her pension funds of Kes. 1,370,000 on 4th September, 2020, through suspected internal collusion. Whenever she has tried to contact Stanchart, they refuse to talk to her. Keep note that this is a 70 year old who retired over 15 year ago and who is now financially destabilized and has to operate by borrowing funds to survive from relatives, while she had organized her finances. Where is the fiduciary responsibility for this pensioner! Does Stanchart have a heart or even care?” a social media user posted.

How Sh. 200,000 can give you Sh. 1 million within two years

As the criticism raged on, the bank came out to say that it was aware of the case. “Dear xxx, we are aware of the post circulating on social media. We would like to assure you that all fraud cases are thoroughly investigated. This matter was investigated and a response was provided to the client,” the bank said.

This was the latest case of bank customers losing money in their accounts. In June last year, Absa Bank Kenya offered to refund a customer Sh. 80,000 that she had lost in her account. The customer who was identified as Winnie had accused the bank of laxity after the funds were withdrawn from her bank account by hackers.

StanChart, though, did not declare whether it would refund the money to the customer or not. This was interpreted as a sign that it would not refund the customer, prompting negative reaction on social media. StanChart Bank Account.

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