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Myths about Banks

Some commonly held myths about banks:

Myth

Explanation

You have to be rich to use a bank
richman

This is not true. Banking products and services are designed to meet the needs of all income-brackets. For example, according to The State Bank of Pakistan, a bank account can now be made without any minimum payment.
Banks are unfriendly

Banks are unfriendly
facebank

People are unfriendly! Banks are institutions that welcome everybody.

Going to the bank takes a lot of time
slowbank

Initially, if people are unfamiliar with the banking procedures, it may be time consuming. However, Banking is generally less time-consuming than other financial services

If a bank is robbed, you will lose your money
robbank

Completely untrue. Banks are protected by insurance and no money is lost. The same however, cannot be said of informal financial services.

 

Did you Know?

To encourage people to use formal banking sector to save, even if it is small amounts the following rules have been put in place:

·        Banks cannot refuse opening your account as long as you meet the requirements laid out

·       Opening and maintenance of regular service accounts is free of charge. There is no condition of maintaining a minimum balance and no charges should be recovered by banks at the time of closing an account

·       The initial amount for opening of a regular savings account is Rs. 100.

·       There is no initial deposit amount for opening of accounts by:

  •       Mustahkeen of Zakat
  •     Students
  •     Employees of Government or Semi Government institutions for salary and pension purposes (including widows/children of deceased employees eligible for family pension/benevolent fund grant, etc.) and other similar types of accounts

·       Banks need to ensure that all terms and conditions for the operation of an account especially in case of its dormancy, closing etc are:

  •      explained to the customer
  •      clearly written in the application forms
  •      provided in a copy to the account holders
  •      Translated into Urdu and shared with the account holders

·       Any ambiguity in the terms and conditions mentioned in the Account Opening Form shall be construed to be in favor of the account holders.