Tuesday, July 19, 2016

A complicated process to open a bank account

I visited Standard Chartered Bank to open a bank account for me and one for my wife and to place a fixed deposit on the Krisflyer promotion.

A customer relations officer spend two hours to help us through the complicated process.

The bank does not expect their customers to open the bank accounts online, as it would be too complicated. A counter service is still needed. The bank has found it necessary to provide this personal service.

Similarly, government agencies such as ACRA, Ministry of Manpower, Central Provident Fund and IRAS should offer this counter service, as their online website can be daunting.

Why should it be so complicated to open a bank account? This is a separate matter. I think that the process can be simplified considerably. The banks (and perhaps MAS regultions) are making it far too complicated.

I know that banks have to implement international regulations against money laundering, but there should be better ways to handle it rather than the complex paperwork!

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