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Why are passbooks submitted to
BSB for auditing and updating never sent back to customers?
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Response:
The Bank has been auditing passbooks manually and with
all passbooks from all post offices coming to BSB, some
delays are bound to happen. However, all efforts are
made to ensure that passbooks sent to BSB for interest
update are returned to customers within a reasonable
time. There may be isolated cases where delays are
encountered due to complications in auditing the passbook.
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Why does
the Bank fail to honour death claims?
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Response:
The Bank never fails to process death claims in
time if all the required papers are presented. Delays
may occur only in cases where additional information
provided is insufficient to be used as an instruction
to effect payment.
Documents required:
a) A letter from the Tribal Authority indicating
who the beneficiary is
b) A letter from the District Commissioner’s office
to support the Tribal Authority’s letter
c) Death certificate or notice
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Why can’t
BSB install ATMs to improve its services as it is evident
that people are now tired of forming queues in post
offices?
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Response: The
Bank is considering a number of initiatives to make
its products attractive. This includes changing the
existing products and coming up with new ones which
may include the introduction of ATMs.
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Why is information on the Special Savings
account not known at Post Offices?
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Response:
Information on products is usually provided to post
offices through brochures and product documents and
training through induction courses. It is possible
that in some instances the information was not very
well understood by the staff.
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Why is that Passbooks are not always
available in post offices?
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Response:
Post offices are required to always inform the bank
or place an order to replenish the passbooks stock before
it gets finished. The bank does not condone sending
back customers as a result of unavailability of passbooks.
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Is it possible to rollover SAYE after
maturing?
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Response:
Rollovers are allowed provided the information to do
so reaches the bank in good time before sending the
cheque to the owner.
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Why can’t updating of passbooks
be done in Post Offices to avoid an influx of books
to BSB which take a long period of time to resolve?
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Response:
The relationship between the bank and the BPS is governed
by an agency agreement. Each party tries to execute
its responsibilities fully. However, other activities
may be required to be carried out by BSB due to the
information that is usually available in the Bank which
may not be there in post offices. This is why passbooks
have to be sent to BSB for auditing which involves checking
passbook entries against physical documents or slips.
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Why can’t the bank consider placing its
own officers in Post Offices or alternatively open its
own branches?
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Response:
This is one area the bank has always wanted to explore
further. Talks have been held with BPS to establish
how best to serve BSB customers and whether dedicated
counters would be a feasible option.
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Who should have SAYE?
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Response:
Any person is eligible to open the account. Self-employed
customers are required to ensure that they submit monthly
instalments either at BSB or the nearest post office
continuously without fail as the contract stipulates.
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People know Post Offices more than they
know BSB and when is the Bank going to stand on its
own?
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Response:
The strategic alliance with BPS comes a long way and
it is statutory. The objective is to ensure that banking
services reach people all over the country. To achieve
this, the BPS network was found to be the most appropriate
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Does the bank charge customers for operating
SAYE since what is always shown are figures in favour
of the customer and nothing is usually shown as to how
much has been deducted for the service provided?
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Response: There are no charges for SAYE
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Who qualifies for Ipelegeng Loan?
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Response:
Account holders for Special Savings and Thobo Savings/SAYE
accounts can use the balance in their accounts
as collateral
for Ipelegeng Loan. However, individuals with a reasonable
balance in their Ordinary Savings accounts are
also
considered
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Are
old people also eligible for Ipelegeng loan?
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Response:
Yes in accordance with the above conditions
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Many people who have passbooks complain
that interest is never added to their balances and they
wonder when and how that is supposed to be done?
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Response:
It is a requirement that passbooks be submitted on an
annual basis for interest update. These instructions
are even written on the passbooks.
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Can parents open an account for their
children?
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Response:
Yes, parents are allowed to open accounts for their
children as a way of also encouraging them to
save.
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How long does it take to have a housing
loan released?
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Response:
The release of funds at BSB takes at most 2 days provided
all the necessary documents are availed.
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Why can’t BSB decentralize its services
to ensure good customer service and satisfaction?
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Response:
These are some of the long-term issues that will be
considered by the Bank.
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