I had to jump on the band wagon of this Chase Bank saga. It closing down and all. Seriously what is happening to Banks in Kenya? A while back it was the Imperial Bank that was placed in receivership, now Chase Bank closes down. It’s crazy that nowadays we have so many options of where to bank sometimes you can get confused which is which. They all pull you in with promises of better and great services, offers to get more money out of your banking with them among other benefits.
Years back opening a bank account was like buying land which was harder. You needed to have collateral like a large piece of land, for those who could afford their own houses that was put as collateral when opening a bank account. Taking a loan was another matter altogether, you literally had to sweat to get it, and then paying back would be a nightmare you regretted living in. Times changed but still there were some Banks that were a preserve of the few who could afford large opening amounts and maintaining the monthly balance in their accounts.
Banks have really come a long way, I guess the more the Banks increased the more they realized they had to keep giving much better products and service if they were to retain their clients. Now if you want to get a service done quickly all you have to do is threaten to move to another competitor and they will sort you out. Banking is no longer just for saving or salary payments, you can literally invest in your bank even carry out your personal business through and with the Bank.
Services have moved closer to the common mwananchi (citizen)as nowadays there are many banking agents within reach right where you live. What with the likes of ‘Co-op kwa Jirani’ “KCB Mtaani” “Equity Agent” among others. You do not need to go to town to access a Bank unless you really have to deal with your specific branch where you opened your account.
I remember in the 90’s where you would plan a trip to go and get banking services. You would ensure that you had deposited or withdrawn enough money to sustain you until the next time you would take the bus to the city center to access the banking services. It used to be a trip all in itself and we always knew that our parents had to “get” money to pay school fees. Sometimes we would go with mum and wait outside waiting for her to get the money. Mostly we’d be told that the money was to pay fees. I guess we never really asked where all the other money that was used to buy food and clothes came from, if the bank only had money to pay school fees.
Fast forward to 2016 and you can literally have your money in your hands in a few minutes or second depending on how fast the banking system is working.
Transactions are much easier, access is just a click or swipe of your smartphone and voila! Cash in hand. I love that that gives you the convenience of having to transact your business without worry. Imagine if you had to travel back to the city each time you needed money just because you had to be physical present at your bank to get that money. Convenience I tell you. And then you do not have to carry bulky money when buying or paying for goods and services. Payments can be done on line as you stand in line at the supermarket after you shop.
As much as people have varying thoughts, ideas, suggestions or opinions about the closure of Chase Bank, it isn’t just a simple issue of a bank closing shop. There are those employees who worked at the bank and now they have to start looking elsewhere for their daily bread. Also the customers who now have to start following up on legal processes to get refunded their savings and investments. I imagine it’s a chaotic situation both for the Bank’s management and clients alike. Hoping that they will sort out these issues so that people get to move on.
After the news that Chase Bank was closing, Kenyans on Twitter took to social media to give their opinions about the whole matter. Trust Kenyans to be creative about the whole saga, making memes, quotes and even funny thoughts.
With all things serious sometimes you have to get the funny side of it in order to move on with life. It’s heartbreaking for everyone involved but sometimes tough things happen and you need to find a lighter side to it just so you don’t go crazy with stress. There have been fears that now guys will start putting their money inside mattresses since they cannot put under receivership but are always under you. Please do keep your money safe won’t you!
Live in Burgundy Moments