Early last year, I overlooked to top up my bank account. This caused all my GIRO payments to be terminated - property tax, income tax, club subscription, maintenance fee, insurance payment etc. DBS Bank did not call to inform me about it. They just cancelled all the GIRO arrangement.
Later, after I topped up the account, the bank was not able to reinstate the GIRO arrangement. I had to fill up the new GIRO forms again.
18 months later, I am still suffering from the effect of that incident. recently, I had to submit a new GIRO form to IRAS for my property tax and they returned it as I had entered the bank account wrongly (so they said). Actually, I entered the 14 digit bank code (including the 4 digit for the bank), and they expect a 10 digit bank code. They returned the form by ordinary mail. I had to enter the details again, and sent it back again by post.
I do not know why, in Singapore, we have procedures that cause so much unnecessary trouble and work. I suspect that this has to do with some instructions from MAS, but possibly it could be the mindless bureaucracy of DBS Bank.
Later, after I topped up the account, the bank was not able to reinstate the GIRO arrangement. I had to fill up the new GIRO forms again.
18 months later, I am still suffering from the effect of that incident. recently, I had to submit a new GIRO form to IRAS for my property tax and they returned it as I had entered the bank account wrongly (so they said). Actually, I entered the 14 digit bank code (including the 4 digit for the bank), and they expect a 10 digit bank code. They returned the form by ordinary mail. I had to enter the details again, and sent it back again by post.
I do not know why, in Singapore, we have procedures that cause so much unnecessary trouble and work. I suspect that this has to do with some instructions from MAS, but possibly it could be the mindless bureaucracy of DBS Bank.
8 comments:
HaHa! Just read that DBS claimed to have beaten all banks in Singapore last year to be the one which its cutomers we most happy with! I for one had my doubts and now I read your story.
For absentminded people, including this commentator, who have a whole array of GIRO payment obligations, the best solution is to sum up the total sum payable for the whole year, and put it in a bank account specially for this purpose. Need only to top up once a year.
DBS Bank have millions of account holders, dun expect them to jaga your bank balances.
Life here is this complicated.
@yuyan
It is easy for DBS bank to call their customers - espeicially if the GIRO bounced.
Alternatively, it is quite easy for them to reinstate the GIRO arrangements when the money is topped up.
That is what customer service is about - and not just to make sales an profit.
One reason why I do not GIRO all my dues, especially those relating to Credit Cards, is that most of them will slipped in the Yearly Subscription Renewals....
Sure, you can call them or key-into their 24 hrs Waiver request.
After quite a few miss payments and sad story to request for waiver for late charges etc, I can attest that the Foreign Banks are more up front in using sms to remind you of non payment. Not our local banks. For sure, not DBS.
I have a GIRO deduction from Standard Chartered bank for a regular investment plan. There was once I forgot to top my account and they deducted a fee from my account due to insufficient funds. They also never called me. I called the bank and they refunded the fees promptly and the GIRO is still in place without any paperwork.
Maybe it is time to switch bank. I've switched my GIRO from DBS to Standard Chartered.
Yes, you can forget about any service from DBS. They are experts in extracting interests for OD, and suddenly freezing accounts without first informing the clients.
I don't believe you are the only one with such poor experience with this bank - DBS.
Sometime having too many bank accounts may become problematic and hard to manage.
Agree that service standard of DBS bank has been deteriorating down the ladder for over a decade ago.
As clients of this bank for over 4 decades, believe us, this Bank used to be efficient and service clients with sincerity and warmth.
But it abruptly changes course when FT Ceos and a a complete change in the Board of Directors of its parent, Temasek Holdings, come on board, and quickly becomes callous, greedy and aloof, with the word profit stamped on the foreheads first.
Said before, this bank is probably better off abandoning Singapore and move their operations abroad entirely, and we switch Banks to other Banks operating here.
People who are familiar with the tussle between DBS and the Kumar Bros for a property at Raffles Place, would have jolted them to view this bank in an entirely new light. It's quite unnerving, unnerving enough for us to diversify our banking providers elsewhere, and we were dead right, after observing the High 5 Notes wayang played itself out on the public stage.
Always view their investment products with suspicions, and avoid their RMs at all costs, or else switch partly to a Malaysian bank with a tiger head logo.
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