Teller counter theft in financial institutions and businesses needs investigation

Following a social media post which spurred a heated public discussion on this matter among social media users, I chose to write about it to make the public aware and safe with their monetary resources, such that no one feeds easily on another’s hard-earned money.

It is common in many parts of the world to find fraudulent people in business chains and financial institutions, especially when the parties involved come from different countries or even interiorly with different levels of trust and understanding. 

While many get cheated in the very process of exchanging money at borders and bureau de change, others are made victims in the counting of bulk money in banks or by tellers at mobile money shops.

It is saddening to see that this white-collar theft has grown roots in our institutions too, causing a lot of distress to people who work hard to earn their money.

Based on the shared experiences of many people, it oftentimes defies sense and logic as people keenly count their money, only to find at these institutions that the money does not amount to the same.

At this point, most people caught off guard, do not have the time and the courage to take matters up or make inquiry over the shortages, so they would add more money to avoid embarrassment at these serious offices and also to avoid attracting attention by projecting the professionals in these facilities as thieves or as deceptive.

While installing cameras in the inner areas of these facilities has reduced the frequency of such happenings, there are remnants of the old bad ways who mostly victimise poor people.

The effect of this is that it lowers the trust which people have in the financial institutions, making them not only extra careful but, in the worst situations, pushing them to stop using such facilities altogether.

When people quit using these institutions, the effect is felt in the entire circulation system, as people would hoard bulks of money in their homes as they fear being cheated in the banks. This is not what we want in our country!

We need an open, independent and fair complaint system to help attain justice for those who raise complaints regarding such matters as losing funds on the teller counters.

Most times the client is placed on the side of the wrong, as opposed to the workers at the financial institutions who are covered by their professional qualifications, efficient modern equipment and good names of the financial institutions they work for, who are pre-judged to be right.

An independent team would help attain justice (as in reparations) on time but also seek legal justice on behalf of the clients where the workers are found guilty. 

While most people are aware of and/or have experienced being cheated while depositing money in bulk, there are uncountable incidences of people being cheated by tellers while withdrawing money.

It is done so carefully that it cannot be detected until one goes back home or to another institution where the money is found incomplete, yet with no evidence that it came from the bank-bound incomplete, as one is already away from the premises of the institution in question.

While this is not to discredit all financial institutions as corrupt or with inclinations to entertain such kinds of corrupt acts, it is to raise a public outcry to the public authorities that we, as citizens of this great nation, suffer great loss of our limited funds because of this, and we need it ended.

Firm sanctions can be introduced, especially affecting the institutions themselves, as this will help to make the financial institutions hire workers with a sense of duty and integrity to avoid being affected by the imposed sanctions. Also, legal penalties need to be given to the individuals who engage in such acts.

Nonetheless, there is a need to make the public aware and careful in such situations such that they do not presume the integrity of people just by seeing them well-dressed and in fine offices.

People can always err when it comes to matters of money. Another easier way is to go to the banks or mobile money shops’ tellers accompanied so as to have a witness if anything goes wrong.

The public needs to be encouraged to feel safe to complain and raise their worries in these institutions, regardless of how little the claimed amount is. Many fear to say anything because of the intimidating security in our financial institutions, in some of which security men with guns are seen roaming in the lobby areas of the banks.

Also, banks may particularly be advised to consider Automated Teller Machines (ATMs) for deposits, which are already inefficient in many developed economies. These will help to reduce the possibilities of human errors and will be more time-saving for the clients and the banks.

A reduction in ATM withdrawal costs will help to encourage people to use ATMs, which are comparably more convenient and accurate in counting money.

Shimbo Pastory is a Tanzanian advocate for positive social transformation. He studies at the Ateneo de Manila University, Philippines. Website: www.shimbopastory.com, WhatsApp: +639951661979.