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Harare - Standard Bank's unit in Zimbabwe, Stanbic Bank, has reversed the new terms it announced on Tuesday after a backlash from customers and the general public.
In a statement released on Wednesday evening, Stanbic advised its clients that it would not be changing its terms and conditions as previously advised on November 1 2016.
“We refer to our correspondence of the 1st of November 2016 to our clients concerning our updated terms and conditions.
“Given the feedback that we have received from our clients and the general public, it is clear to us that our intentions have been misunderstood,” said Stanbic.
On November 1 Stanbic issued a statement advising its customers of new terms and conditions.
“You, the client, depositor acknowledge that a deposit, regardless of the currency of such deposit, may not be immediately available for withdrawal by you.
"The withdrawal of funds from the account… is not unconditional and may be delayed and is subject to (i.) availability of such currency notes (ii.) any interruption, interception or suspension to the banking system (iii) compulsion by any authority to apply or convert the proceeds of deposits to other asset classes or currencies which may not be freely exchangeable, redeemable, convertible, negotiable or otherwise immediately available,” said Stanbic Zimbabwe chief executive Joshua Tapambgwa in a letter to clients sent on November 1.
The new terms and conditions were however widely condemned by Zimbabweans, with leading lawyers urging the bank’s clients not to accept them.
Prominent lawyer and activist Advocate Fadzayi Mahere urged clients not to accept the new terms on her Twitter page.
“Do not sign any new terms of conditions from your bank. It's your right to refuse,” she said, adding that the banks have no right to force bond notes “down our throats.”
“We must object. File a class action if we must. Picket outside the banks. Every tool at our disposal must be deployed,” urged Mahere.
The backlash prompted Stanbic to reverse the new terms, saying “as a result of this misunderstanding, we hereby advise that you should disregard these updates and the existing terms and conditions remain effective.”
