Banks Should Stop Behaving Like Bullies

By CONCERNED CITIZEN

Recently I went to open a bank account for a Sdn Bhd. I was shocked the bank declined to open the account because one of the directors was black listed by CITOS. When I enquired further the officer told me that the director had a legal case with a financial institution.

I was surprised. If there is a legal case with a financial institution which is still being litigated in court, then why should the bank stop the company from opening a bank account?

The company is using its own funds to be deposited in the bank. In any event, it is not the business of the bank to make irrelevant insinuations on a company director. 

In the first place, what is suing in the court got to do with the bank? Anybody is free to sue anybody in this world and anybody is free to be sued by any other person. Being sued does not determine the character of a person. There are many reasons behind a legal suit. At the end of the day the person being sued could be falsely sued and the person who sued could be sued in return. That does not make the litigant any lesser person in terms of character.

All the same, it is not for a bank to cast aspersions on a person’s character just because of a legal suit. The bank should not become judgemental. How many times have we seen banks being judged by the courts for overcharging their clients? In fact, there are thousands of complaints against banks by account holders. Does that make the bank a criminal calling for all customers to terminate their accounts and the government terminate their banking license?

In the same manner, banks should stop these unfair attitudes to companies wanting to open accounts. A sdn bhd is a legal entity by itself and is a legally incorporated organization having paid the huge fees to the registrar of companies. Anyone questioning the incorporation is as good as saying the legal entity itself is invalid. I call upon the government and Bank Negara to intervene so that good sense prevails among bankers.