The business customer applied to renew a loan from the bank. He opted for repayment at floating interest rate.
The application was not finalized. Apparently, the bank was overwhelmed with too much business and the workflow was chaotic.
The customer realized the problem when he received a statement from the bank charging him the default interest rate of 6.5%, when the floating rate was only 1.6%. The difference was a few few thousand dollars each month.
2 comments:
Rumours la. OCBC scam inside job.
No new updates on bank locations.
A personal experience. Some time back, there was an urgency to transfer money into another account. After three hours of trying, was unable to log in. Calling their hotline continued being engaged. It was only on the second day got wind CIMB the site was down.
My next option was dropping a cheque into CITI quick deposit box. Checking out for the nearest locations prove to be a countless hassle. Some banks were no longer at some places but addresses continued to be not updated. Calling CITi'S hotline was spitted with, 'sorry you have entered the wrong info.' The line was cut off.
It did get resolved at the end but was all the aggravation necessary?
In conclusion, internet banking has got its typical nonsense.
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