My fixed deposit with Standard Chartered Bank was due for renewal. I wanted to renew it online or through the telephone.
The relationship manager (RM) told me that there is a complicated process to fill up an renewal form and submitted documents for identification. It was supposed to meet some MAS regulation (I don't know if this was true). She said that it would be easier if I visited the branch.
I know what they wanted to do. They wanted the customer to visit them so they can sell some financial product to the customer.
This is the state of affairs in our banks. This is how many customers were unsuspecting sold the bad products.
My fixed deposit is now sitting in the current account earning 0% interest rate, waiting for me to visit the bank.
I wonder if MAS is aware about this practice, and if they feel it to be their duty to prevent this kind of bad practice?
The relationship manager (RM) told me that there is a complicated process to fill up an renewal form and submitted documents for identification. It was supposed to meet some MAS regulation (I don't know if this was true). She said that it would be easier if I visited the branch.
I know what they wanted to do. They wanted the customer to visit them so they can sell some financial product to the customer.
This is the state of affairs in our banks. This is how many customers were unsuspecting sold the bad products.
My fixed deposit is now sitting in the current account earning 0% interest rate, waiting for me to visit the bank.
I wonder if MAS is aware about this practice, and if they feel it to be their duty to prevent this kind of bad practice?
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