Standard Chartered Bank's recent imposition of charges against small account holders is only one aspect of this bank's lack of responsibility to the community. Another is the bank's apparent abdication of its responsibility for ensuring the free circulation of currency within the community.
Retail banks in every country are expected to play a major role in the dispensing and circulation of currency in the form of coins and banknotes. Most branches of Standard Chartered, however, no longer offer a coin-changing service, because they cannot be bothered with the expense and inconvenience of providing this service. Imagine how it would be if all banks in Hong Kong were to take this attitude.
Furthermore, this bank is now avoiding the dispensing of $100 bank notes in many of its automatic-teller machines (ATMs). Two of the three ATMs outside Sha Tin KCR station, for instance, have for some time now only dispensed $500 notes, and this month, the third ATM was also reduced to dispensing $500 notes only. This puts unfair pressure on the KCR ticket office staff who are constantly asked to change these high-value notes.
Why can't ATMs in Hong Kong dispense a choice of notes, including $20 notes, in the same way that low-value notes are available in machines overseas? In the United Kingdom and South Africa, for example, you are able to choose between three different banknote denominations from ATMs.
If Standard Chartered does not improve its services, which should ensure the free circulation of banknotes and coins in the community, the Banking Commissioner should consider withdrawing this bank's retail banking licence.
P. A. CRUSH