Dutch Bangla Bank on Sunday walked back on its decision to convert its regular savings deposit accounts to premium ones amid severe customer backlash.
The forced conversion to a premium savings account would have necessitated the customers maintain 10 times the minimum balance at all times.
DBBL’s decision to forfeit the plan comes on the day Dhaka Tribune had published a report on the issue highlighting the customers’ grievances.
To provide more benefits to customers, DBBL had decided to divide its savings deposit accounts into two products, said a press release of the bank on Sunday.
But the bank management has decided not to go ahead with the plan following requests from clients.
“The bank requested the clients who have already received the letter to disregard it,” the statement added.
On December 1 last year, DBBL’s Uttara branch had dispatched letters to account holders informing that their current savings account would become ‘saving deposit plus’ from May 2021.
The existing account number, bank card and cheque books would stay the same but the minimum deposit would increase to Tk 5,000 from Tk 500, as per the letter.
Dhaka Tribune has a copy of the letter.
If a client is not interested in converting their regular savings account to saving deposit plus, they have to inform the nearest DBBL branch within the next 90 days.
In this case, the client would be given a new bank account number, a new cheque book and a new bank card, said the DBBL letter.
Their existing ones would become inactive.
For those who opt to keep their regular savings account, what is worse is that they would get to take out money three times a month at most. A Tk 5 charge would be applicable for each additional transaction.
There would also be a Tk 5 charge for each page of cheque book used.
The saving deposits plus account holders would have no such restrictions.
The forced conversion to a premium savings account is harassment, a host of DBBL account holders told Dhaka Tribune.
“This is just cheating with us,” said a DBBL account holder seeking to remain unnamed.
He said he will close down his account.
Another account holder said he did not yet receive any such letter or text from the bank but he was aware of the issue owing to a post on social media.
“It would be difficult for me to run my DBBL account if it happens,” he told Dhaka Tribune.