Standard Bank and First National Bank both made complaints to the Advertising Standards Authority which has come back to bite the banks in the butt, after they were accused of misleading customers last week.
ASA upheld FNB’s complaints against Standard Bank which claimed all banks were increading fees but Standard planned to help its customers cut their fees by as much as 50%. The ASA said the claim could not be substantiated and breached ASA rules as a consequence, the claim in its current format has to be withdrawn completely.
The ASA also upheld Standard’s complaint that a headline in an FNB advertisement, implying it was the only bank leading in saving customers money, was misleading and could not be substantiated, and ordered the headline be withdrawn. Standard was also not happy with an FNB advertisement that implied it was the “only” bank offering online share-investing products, as well as a facility to purchase airtime, SMS and internet bundles.
But ASA dismissed FNB’s claim that Standard had misled the public by claiming it offered free internet, telephone and cellphone banking because a customer’s statement detailing such charges dated from before Standard’s move to waive the fees.
The two banks now have to go back to the drawing board and develop marketing campaigns that do not make unsubstantiated promises. LOL
Doesnt everyone know that FNB is best for personal banking and Standard Bank best for business banking??