[Update] Stanbic Bank reverses decision to change client terms and conditions, cites public misunderstanding of its intentions

Yesterday we reported that Stanbic Bank Zimbabwe had changed its client terms and conditions after the legalization of bond notes as legal tender through Statutory Instrument 133 of 2016 signed by the President earlier this week making.

Stanbic’s public statement dated 1 November 2016, signed by its Chief Executive, served to notify all its clients of the changes to its Ts & Cs in the next 30 days (effective 1 December). But in a dramatic turn of events Stanbic Bank has reversed its decision asking the public to disregard the changes.

According to this morning’s Herald, Stanbic Bank Chief Executive rescinded its official statement sighting the publics’ apparent misunderstanding of its intentions as the primary reason. The Bank also refers to all the feedback it received as a reason for going back on its initial plans.

Social Media was abuzz with the news of Stanbic Bank’s intentions to remove itself from any if not all risks associated with the bond note and cash crisis. Prominent social activist figures like Advocate Mahere pleaded with the public on Twitter to not accept the new Ts & Cs calling it an injustice.

One message circulating WhatsApp groups read as follows:

Fellow Customers of Stanbic who received the letter from the Chief Executive, Mr Joshua Tapambgwa attached below.

This is how to respond:

Dear Mr. J Tapambgwa

Thank you for your letter dated 1 November 2016. I have chosen to expedite matters and avoid any doubt by responding to you directly.

1. As you yourself accept, there is an existing contract between Stanbic Bank and I. I do not agree to any change in its terms. The existing contract reflects legal principles that are as old as banks themselves.

2. In the light of my rejection of your proposal, I call upon you to confirm to me in writing by the 30th of November 2016 that you will abide by your duties in terms of the law. Should I not hear from you by then, I shall take it that you have repudiated your obligations and will pursue suitable remedies.

I look forward to hearing from you.

Warmest wishes

(Insert name)

cc. Relationship Manager (Insert bank)’

Let’s start building the record for the MOTHER of all class actions.

Stanbic Bank felt the backlash of the public’s outcry on this issue. As the first bank to impose such measures surely the other Banks who had planned to follow suit would have to think twice, either on making the changes or making their intention to public. Either way, it is advised to keep a watch on your Banks updates and be in regular communication with them.

In Stanbic’s case, if its intentions were right from the onset, why then would they feel the need to go back on their initial intentions. If their intentions were right and the public simply misunderstood then the onus is on them to clear the misunderstanding.