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| Mr B, a senior from the B40 group, finds himself unable to navigate the cumbersome process due to physical constraints or other challenges. Consequently, he is relegated to the much lower “board” rate. Is this fair? - File pic |
LETTERS: In a nation that prides itself on honouring and respecting its seniors, there's an unfortunate exception: the treatment meted out by banks.
While various sectors extend discounts and privileges to seniors, banking institutions seem to have turned a blind eye to their unique needs and challenges.
Consider the stark contrast: a wealthy individual, Mr A, belonging to the T20 group, walks into a bank to renew his fixed deposit (FD) account. As a reward for his physical presence, he is granted a significantly higher promotional interest rate.
Meanwhile, Mr B, a senior from the B40 group, finds himself unable to navigate the cumbersome process due to physical constraints or other challenges. Consequently, he is relegated to the much lower "board" rate. Is this fair?
This discriminatory practice penalises seniors for circumstances beyond their control. Why should those who are physically disadvantaged be denied the benefits that their more able-bodied counterparts readily enjoy? The question that begs an answer is: do banks have a heart?
Why are they prioritising extra profits over the wellbeing of our seniors?
It's disheartening to witness financial institutions taking advantage of the frailty and vulnerability of this demographic.
Contrast this with the benevolence shown by the government and private sector. Across various industries, seniors enjoy discounts and privileges.
On public transport, seniors are granted a 50 per cent discount on fares. Cinemas recognise the contribution of seniors by offering them lower-priced tickets.
Meanwhile, hotels and restaurants offer up to a 50 per cent discount on buffet lunches and dinners.
In government departments such as the Immigration Department and National Registration Department, special lanes are provided for seniors.
These thoughtful initiatives demonstrate a collective understanding of the challenges seniors may face and a commitment to make their lives more comfortable.
However, this compassionate approach seems to evaporate when we turn our attention to banks.
The remedy is straightforward. Malaysian banks must adopt a policy where all seniors (above 60) with FDs due for renewal automatically qualify for the "promotional" interest rate, irrespective of their ability to visit the bank in person.
We urge Bank Negara to champion this cause to ensure fairness prevails.
Let's give our seniors the respect and recognition they deserve for their contributions to our nation. With only a few years left in their lives, let's be compassionate and treat them with the kindness they have earned.
The call for fair treatment of senior customers is not just about rectifying a banking injustice; it is about upholding the values that define us as a society. Emulate the government and private sector, which have set admirable examples of inclusivity and empathy.
DR POLA SINGH
Kuala Lumpur
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times
© New Straits Times Press (M) Bhd
from
https://www.nst.com.my/opinion/letters/2024/01/998425/banks-can-do-more-elderly
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