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Monday, May 24, 2010

The Shabby Habit - How Low Will a Bank Go?

Given the lousy, but very well deserved, reputations of many banks it is hard to find a story that actually plumbs new depths wrt how badly they treat their customers.

However, the Times reports that Santander has plumbed new depths in the way it mistreated one of its customers over the theft of £10K from her Abbey bank account.

"Emma Woolf, a longstanding customer of the bank, had £10,000 withdrawn from her account without her knowledge, but Santander, formerly known as Abbey, refused to refund the money and instead suggested that her fiancĂ©, Jonathan Groman, had stolen the cash.

The bank relented and returned the money more than a year later only when the police arrested a Santander employee for fraud, after finding financial documents of customers in her home. But the bank agreed to pay back the cash only if Ms Woolf signed a confidentiality agreement. The bank also refused to apologise to Ms Woolf and Mr Groman

It seems that the banks have yet to realise that the rules of the game have changed, and that they are no longer "respected" or "trusted" as they once were.

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