1) Have a very vague agreement with the least amount of commitments by the bank
2) Do not disclose the basis for deciding the applicable interest rates for floating rate system
3) Do not declare the margin they keep against the loan
4) Their bank charges are not disclosed
5) They state in the agreement that the interest rates on loans will be reviewed every 6 months but they have not done so in the years 2008 and 2009
6) When ever they revise the interest rates it is to their advantage
7) The interest rates charged are not in line with the CBSL interest rates published every day/ week/month/ quarter.
Neither is it in line with the Treasury Bill rates
9) The Loans Officers in the bank do not know to explain the formulas used to arrive at the interest rates
10) The interest rates are decided centrally and the branches are not informed or knowledgeable to explain them to the Customers
11) No communication is sent to the Customers when a change takes place
12) The bank reduces the capital instalment when the interest rates are excessively high so that the Customers do not complain. (This is done purposely)
If anyone wants information I can get it for you.