Sr. Annunciata learned that it is possible to challenge the bank if treated unfairly.
"I can now proudly report that from a rate as low as 3.3% on our fixed deposits, we get a rate of 9%! We are able to get higher return on investment and enabled to make proper investment decisions."
This article is the true testimony of one who has seen the light; one who has used the opportunity provided by ASEC through its program to not only grow but also to empower others.
She narrates her story;
“Upon attending the very timely, indeed God-sent Administration and finance course, I came to the realization that truly knowledge is power. For many years, I and my fellow Sisters in administration of the local Health Centre had suffered exploitation and fleecing from our local banks whenever we made fixed deposits in the hope of making some profit from the interest accrued.
Needless to say, just like many naive citizens, we had no idea that one could negotiate with banks on the terms of deposit. The rate was always fixed at between 1.35 and 3.35 percent. The teller’s perennial reply to my concern about the rates would be; “Sorry Sister, these rates are not set here, we are following orders”. This notwithstanding, they had a habit of making unilateral changes to the terms and conditions without the consent of the account holders. At times they would revise the fixed deposit terms only a day before the maturity date or on the material day, all this without informing the client(s). Little did they know that they were now dealing with a more informed client!
To my immense relief, the Administration course taught me that it is possible to negotiate for a convenient rate. I even learnt that it is possible to challenge the bank(s) in case I was treated unfairly. My reaction to this new information was akin to utter disbelief and I assumed a “wait and see” attitude, till I next went to the bank for a fixed deposit account negotiation.
I personally took time to write to the Bank manager objecting the rates given and asked for a better offer. I can now proudly report that from a rate as low as 3.3% on our fixed deposits, we get a rate of 9%! We are able to get higher return on investment and enabled to make proper investment decisions. Then I realized that due of lack of proper knowledge, some of us (Sisters) are vulnerable to exploitation and being taken for granted and easily cheated upon by both professionals and non-professionals."
This project is directly addressing UN Sustainable Development Goal(s):Sr. Annunciata Kiio
Empowering Sisters to Lead
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