New Delhi, Jan 4 (UiTV/IANS) – Six out of 10 respondents in a survey on rising bank locker compliances and costs feel the need to either change their bank or downsize the lockers they have rented given the rising locker charges.
On the issue of bank locker charges, which vary according to the size, the district or city people live in, and also the bank of their choice, online community platform LocalCircles in a survey asked consumers as to “how do you or your family plan to cope up with the increased charges?”.
The responses showed that 6 out of 10 respondents feel the need to either change the bank or downsize the locker they have rented. Of the 9,381 respondents, 14 per cent indicated plans to give up their locker due to the charges which have shot up by 100-300 per cent depending on the bank.
Thirty-one per cent respondents propose to shift to a bank charging lesser rent for lockers, 14 per cent are planning to rent a smaller locker, while 2 per cent are as yet undecided, while 39 per cent respondents have no plans to change their lockers.
- Advertisement -
Feedback from the consumers in community discussions also indicated that in the last one year, many customers have already reduced or stopped using a bank locker.
LocalCircles in the next question sought to know from the banking consumers about the increase in banking costs over the last five years.
It asked the respondents, “Do you believe whether the banking system has become more complex or expensive or both complex and expensive in the last five years?”
Of the 11,984 respondents, 52 per cent felt that the banking system has become both complex and expensive, 4 per cent felt banking services have become complex, while 13 per cent felt the system is not complex, but is more expensive now.
On the other hand, 19 per cent respondents felt the system is now simpler and inexpensive, 9 per cent respondents stated that there has been no change, while 3 per cent were undecided.
Altogether, 78 per cent respondents felt the system has become either expensive, complex or both. Once again, the community feedback received so far on the latest compliance requirement for bank lockers clearly indicates that people are just not happy with the way banks have handled it.
In summary, the latest change in rules for holding a bank locker and the way banks have implemented it, is expected to further reinforce the growing public perception that banking services have become more complex and expensive.
In the case of bank lockers for instance, the steep increase in rental is making 6 out of 10 survey respondents rethink on whether to maintain the facility or to take a smaller vault or switch the bank.
The decline in consumer faith in banking services like lockers doesn’t speak well of the efforts to woo more people into the formal financial network, be it through savings or borrowings, said LocalCircles.
