Tan Kin Lian's Blog: FISCA - assistance to consumers

Tuesday, September 22, 2009

FISCA - assistance to consumers

A few consumers have approached FISCA for assistance to write a complaint to FIDREC and to review their insurance policies. The volunteers have been assigned to provide the assistance. As the volunteers are carrying out this activity for the first time, they will also be learning from this experience. After a few cases, they will be more familiar and expert.

6 comments:

Singapore Short Stories said...: I think its a great move, Mr Tan!; September 22, 2009 6:55 PM
Anonymous said...: Some of the review cases can be posted in this blog. We may be able to help.; September 22, 2009 7:36 PM
Anonymous said...: Bravo, Mr. Tan. I am sure what you do is sending shivers down the spine of every unethical product pushing insurance agent. These agents should know that they can't con the consumers anymore and the consumers are fighting back . The consumers can now see the true color of their trusted agents and realised that they were not as sincere and truthful as they claimed.The agents who depended on emotive and non financial tactics will be exposed soon and that the commission and money was behind all those nice things they showed to their clients. They will exposed as phoney and sham.; September 23, 2009 9:21 AM
Anonymous said...: Mr. Tan, this is a great move.

Today, I read an intersting article related to my dispute with DBS some time ago.

This is the title of the article: "Democrats Target Bank Overdraft Charges"

http://www.washingtonpost.com/wp-dyn/content/article/2009/09/20/AR2009092002879.html?hpid=topnews

About 5 years ago, I issued a post dated cheque and passed it to my property lawyer. The lawyer banked in the cheque before the date and before my fund came into the account.

The act by my laywer has caused the bank (DBS) to automatically turn on the "over-draft" facility and the cheque amount was transferred into the other party's account.

4 days later (due to public holiday), it was realized that there was not enough fund in my account, hence, the money was transferred back from that other party to DBS.

However, I was charged by DBS for the 4 days, the over-draft interest fee, which amounts to about $70. They waived off the $20 penalty for "no-fund", but they insisted that I must pay the $70 over-draft interest fee.

Note: I've never applied for over-draft facility with DBS.

After a huge argument, I was thinking to bring my case to CASE, but eventually I cancelled the idea. I regretted, I should have gone to CASE...At least, I know who is right and who is wrong. There was not much avenue for us to seek justice...

regads,
JN; September 23, 2009 12:18 PM
Vincent Sear said...: Looks like many things went wrong here.

1. I wouldn't have issued a post-dated cheque. Wait till funds enough then issue.

2. Anyway, if your lawyer finds a post-dated cheque acceptable and accepted it, he should take due care to bank it on or after the date.

3. The bank receiving the cheque before it's dating shouldn't clear the cheque.

4. The bank advancing the overdraft shouldn't as no overdraft has been applied for. In fact, it shouldn't have accepted a post-dated cheque too for clearing before the dating too.; September 23, 2009 5:25 PM
Anonymous said...: Hi Vincent,

I agreed with all your points.

For point no.1, I never expect that post-dated date can be cleared, and over-draft interest fee can be charged by DBS. This is totally unexpected.

For point no.3 and no.4:
Why our banking system can allow such mistake to happen? and when such mistake happens why consumer must be the one to bear the interest fee and the banks earned it? Is it a fair practice?

Regards,
JN; September 26, 2009 12:16 AM