This article explains about the legal but dishonest ways that you can be overcharged.
My comment
There are many similar cases in Singapore. As companies wish to maximise their profits, they are now using unethical means. Share your views here.
This article focuses on "legalised ripoffs". I'm glad that the article identifies that certain problems are caused by "legalised monopolistic controls" and "municipal contracts". I hope many will agree that in these cases, the solution is less legalisation and more competition.
I overheard someone saying, quote: "Banks are legalised Loan Sharks" in a way! They give peanuts on FDs and charge very High Interest Rates on borrowers like housing mortgage, personal loans etc. I then begin to wake up & use their facilities as transit points on money matters! No involvement on Savings FDs/Buying of any Financial Products incurring BRelated Bank Charges & Annual Management Fees etc.
Try defaulting your housing loans if any, and face the music legally
Some even promoting credits cards FOC on annual fees.....wonder what is the catch? No tks. as I'm a retiree!
our own singapore power also does the same thing. Increase the electricity tariff in Jan but did not send anyone to read your meter in Dec and conveniently underestimate your usage in December and read your meter in January to charge you more in Jan.
Singtel did it by making you sign a three year broadband contract, then ignore your complaints of speed problems, warn you of high penalty charges if you want to break the contract while broadband charges go down and you are still paying high charges for the rest of the 3 years.
NTUC Income is also doing it. After projecting nice figures when you first bought your policies twenty years ago now just unilaterally cut bonuses in the name of helping you. While spending more and more on advertisements and their own comfort by renovating their offices, spending lavishly on exotic incentive trips and gatherings in posh hotels and living it up they tell you they have to cut your bonuses because they are prudent and need to smooth your bonuses so you stand a higher chance of being paid your dues when your policy matures.
This article focuses on "legalised ripoffs". I'm glad that the article identifies that certain problems are caused by "legalised monopolistic controls" and "municipal contracts". I hope many will agree that in these cases, the solution is less legalisation and more competition.
ReplyDeleteI overheard someone saying, quote: "Banks are legalised Loan Sharks" in a way! They give peanuts on FDs and charge very High Interest Rates on borrowers like housing mortgage, personal loans etc. I then begin to wake up & use their facilities as transit points on money matters! No involvement on Savings FDs/Buying of any Financial Products incurring
ReplyDeleteBRelated Bank Charges & Annual Management Fees etc.
Try defaulting your housing loans if any, and face the music legally
Some even promoting credits cards FOC on annual fees.....wonder what is the catch? No tks. as I'm a retiree!
Wonder serving white fish as codfish in Fish Restaurants count as unethical practice?
ReplyDeletepatriot
our own singapore power also does the same thing. Increase the electricity tariff in Jan but did not send anyone to read your meter in Dec and conveniently underestimate your usage in December and read your meter in January to charge you more in Jan.
ReplyDeleteSingtel did it by making you sign a three year broadband contract, then ignore your complaints of speed problems, warn you of high penalty charges if you want to break the contract while broadband charges go down and you are still paying high charges for the rest of the 3 years.
NTUC Income is also doing it. After projecting nice figures when you first bought your policies twenty years ago now just unilaterally cut bonuses in the name of helping you. While spending more and more on advertisements and their own comfort by renovating their offices, spending lavishly on exotic incentive trips and gatherings in posh hotels and living it up they tell you they have to cut your bonuses because they are prudent and need to smooth your bonuses so you stand a higher chance of being paid your dues when your policy matures.
What about the stock market?
ReplyDeleteTrading commissions, trading fees, GST and brokerage fees?
All for the purpose of milking the "investor".. its all over the place.