In the latest state capture report, chief justice Raymond Zondo highlights the power banks wield over their clients. The report recommends the introduction of new banking laws which would include regulations governing bank account closures.
Zondo said it is unacceptable that an institution as powerful as a bank should have no obligation to hear what a client has to say before the bank may close the client’s account.
He added that this does not align with South Africa’s constitutional values, and a decision to close a client’s bank could have various far-reaching consequences.
BusinessTech
Should banks be required by law to operate with a requirement of ‘fairness’ in bank-customer relationships? Read the full article on the BusinessTech website and decide for yourself.
