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 Investigating BMCE Bank’s London Representative Office - Part One

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Join date : 2009-05-20
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PostSubject: Investigating BMCE Bank’s London Representative Office - Part One   Wed Sep 02, 2009 9:17 pm

Further to the article contributed by one of our readers and complaints raised by members of the Moroccan community with regards to BMCE Bank services, we have carried out an investigation into the working ethics of the said bank’s representative office here in London.

No 26 Upperbrook Street, Mayfair is where the representing office in question is based. That’s right, a representative office. Nonetheless, Mr. Abdallah Alaoui, the manager, has been trying to run it as if it was a proper branch in breach of FSA rules and regulations. Hence the messy working conditions (see attached pictures below).

As a community forum, we feel duty-bound to expose what amounts to misleading advertising, illegal and unethical banking practices.

  • Misleading Advertising:
a. Pack Dawli Plus Fees:
According to BMCE Bank leaflet, subscribers to Pack Dawli Plus are charged an all-inclusive fee of 35 dh per quarter. The actual charge as the statement below illustrates is an extortionate 46.20 dh, excluding other hidden charges.

There is nothing to state directly or otherwise that there is an extra charge of 11.20 dh; postage charge of 7.70 dh which customers have to pay even when they have chosen to be contacted by email, and 3.50 dh VAT on the subscription fee of 35 dh.

Worse still, the 7.70 dh is deducted on a monthly basis, which brings up the total quarterly deduction to a whopping 62.60 dh. So much for being the most competitive bank for Moroccans abroad!

It seems that one cannot opt out of the 7.70 dh monthly statement.

b. Free Transfer
Upon investigation, it turned out that there is a hidden charge of 123.20 dh per transaction (see attached statements). As you could see, the money transfer company which BMCE Bank uses to transfer money to Morocco confirmed in writing that the customer would be receiving 2,398.00 dh at the rate of 11.99 dh per pound sterling. However, the statement received from BMCE Bank shows 2,274.80 dh.

When questioned about this discrepancy, Mr. Abdellah Alaoui, the manager of BMCE Bank’s London representative office could not provide the customer in question with a satisfactory explanation, nor was the latter given a refund.

Despite the all-inclusive subscription fee, the bank deducted a further handling fee of 5.50 dh (see second column from right).

In our next report we will be looking at the illegal banking practices at 26 Upper Brook Street, BMCE Bank local misrepresentative office. Until then, be careful where you put your money!

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PostSubject: Re: Investigating BMCE Bank’s London Representative Office - Part One   Fri Sep 04, 2009 9:24 am

So much for attracting foreign investment!

It seems that BMCE Bank is in the same league as Royal Air Maroc when it comes to deceiving and short-changing our brothers and sisters living abroad.

Let's all boycott them. I have already started. This is 2009 for God's sake. Stop treating us as if we were in the sixties.

Thank you Lhadra3lik for bringing this up.
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PostSubject: Re: Investigating BMCE Bank’s London Representative Office - Part One   Sun Sep 06, 2009 11:54 am

It is very worrying that a manager can not even give an answer to justify the endless charges.Is this a manager or what? I can not help thinking that this is a shark bank determined to make a quick profit but obviously not thinking long term.Most Moroccans would love to deal with a Moroccan bank but not to be deceived and robbed of their hard earned money. There is only one message to this bank:either change the bad practices or face oblivion.
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3la Bal

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PostSubject: Re: Investigating BMCE Bank’s London Representative Office - Part One   Sun Sep 06, 2009 2:38 pm

It is about time for the responsible people to take an initiative and start listening to the community, if they really care.
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