Banking woes

Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.
Post Reply
Steve1960
Editor
Editor
Posts: 1106
Joined: Mon, 13 Aug 2012 10:58 am
Location: Singapore

Banking woes

Post by Steve1960 » Wed, 19 Nov 2014 12:20 pm

I am extremely hacked off with OCBC today. They have just returned a cheque I tried to deposit advising they cannot process it as the name on the cheque does not match the name in my passport.

It is quite normal in the UK to have a cheque made out to to Mr S ***** rather than full name including middle name.

The cheque is from the UK Inland Revenue with supporting letter showing it is a tax refund.

Plus I had the same situation last year, admittedly for a lower amount, which OCBC did process. Difference was last year around 6k GPB this year 9k GBP.

I am of a mind to tell them to shove their bank account where the sun doesn't shine and move my assets to another bank.

Anyone have experience which might suggest another Singapore bank would accept the cheque and process it?

User avatar
PNGMK
Moderator
Moderator
Posts: 8646
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 1
Location: Sinkapore

Re: Banking woes

Post by PNGMK » Wed, 19 Nov 2014 12:24 pm

Steve1960 wrote:I am extremely hacked off with OCBC today. They have just returned a cheque I tried to deposit advising they cannot process it as the name on the cheque does not match the name in my passport.

It is quite normal in the UK to have a cheque made out to to Mr S ***** rather than full name including middle name.

The cheque is from the UK Inland Revenue with supporting letter showing it is a tax refund.

Plus I had the same situation last year, admittedly for a lower amount, which OCBC did process. Difference was last year around 6k GPB this year 9k GBP.

I am of a mind to tell them to shove their bank account where the sun doesn't shine and move my assets to another bank.

Anyone have experience which might suggest another Singapore bank would accept the cheque and process it?
I've opened up an account with an Australian bank (ANZ) in Singapore to get around this exact same problem! My rental cheques from tenants were being knocked back by the local bank every month...
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

singapore eagle
Chatter
Chatter
Posts: 190
Joined: Sun, 30 Jun 2013 9:57 pm

Re: Banking woes

Post by singapore eagle » Wed, 19 Nov 2014 12:52 pm

Similar experiences here. I got into some difficulties last year when DBS refused to clear a cheque just ahead of me having to make a bunch of payments out of the account. The supposed problem was that the cheque was addressed to initial surname when, for whatever reason, the account is in the name of surname firstname middlename.

What frustrated me is that I am sure I had paid in cheques before with all manner of variations of my name. And what's the point of writing your name and contact number on the back of the cheque if they're not going to call you when a problem like this arises?

movingtospore
Reporter
Reporter
Posts: 699
Joined: Thu, 23 Jul 2009 2:14 am

Re: Banking woes

Post by movingtospore » Wed, 19 Nov 2014 2:32 pm

They are all hopeless.

My only advice is don't switch to HSBC. They're worse. I've lost track of how many cheques we had rejected for various idiotic reasons. :mad:

Steve1960
Editor
Editor
Posts: 1106
Joined: Mon, 13 Aug 2012 10:58 am
Location: Singapore

Re: Banking woes

Post by Steve1960 » Wed, 19 Nov 2014 2:45 pm

Not encouraging guys! :(

I called Standard Chartered and they said the same thing despite being a UK bank. Will try some others but it looks like I will be mailing the cheque to my mother to pay into my UK bank account!

beppi
Manager
Manager
Posts: 1752
Joined: Thu, 07 Sep 2006 11:15 am
Location: Ahlongistan (O$P$)

Re: Banking woes

Post by beppi » Wed, 19 Nov 2014 3:51 pm

I ditched my ICBC account for the esact same reasoin years ago - but then found other banks are just as bad!
My solution was not using cheques any more - unbeknown to many, rent and other payments can be paid by bank transfer or standing instruction between Singapore banks.
In the few instances where I received a USA checque (the only country I regularly deal with which still widely uses this antiquated method of payments), I sent them to USA for cashing (better to pay a fee than have the hazzle!).

Steve1960
Editor
Editor
Posts: 1106
Joined: Mon, 13 Aug 2012 10:58 am
Location: Singapore

Re: Banking woes

Post by Steve1960 » Wed, 19 Nov 2014 4:04 pm

Yes looks like the cheque will be flying back to the UK although (thanks HMRC) they kindly printed my Singapore address on the cheque so I don't know how the UK bank will view that!

I swear money laundering is easier than trying to legitimately use the banking system ](*,)

Primrose Hill
Chatter
Chatter
Posts: 433
Joined: Tue, 05 Aug 2008 5:20 pm

Re: Banking woes

Post by Primrose Hill » Wed, 19 Nov 2014 4:47 pm

Fingers cross but I didnt encounter this problem with OCBC. How about Citi?
Do you use currency accounts and get yourself a RM? The ones at Citi are slightly more intuitative. Having a GBP /USD/SGD account all wrap up into the same bank/account is quite useful and helpful

earthfriendly
Manager
Manager
Posts: 2000
Joined: Sat, 20 Aug 2005 5:01 pm

Re: Banking woes

Post by earthfriendly » Thu, 20 Nov 2014 12:51 am

Hubby's check was returned when he tried to deposit it into his citibank account as it also had my name on the check. It was a refund check from IRS and we filed joint return. This is in the US. Citibank had done that in the past, whenever there is more than one name on the check, despite proper endorsements.

brian_singapore
Chatter
Chatter
Posts: 368
Joined: Mon, 29 Jul 2013 10:43 pm

Re: Banking woes

Post by brian_singapore » Thu, 20 Nov 2014 7:08 am

Citibank gave me a hard time because my foreign check was first name, last name and my account was first, middle, last.

I had a long discussion with the teller that this was the norm where I was from and that it wouldn't be possible to have the check re-issued with all 3 names (government check). She finally checked with her manager who hummed and hawed and said they'd try but she wasn't sure what would happen necause she didn't think the issuing bank would honor the check wifh my name like that.

About 2 weeks later, the check ckeared without incident...

User avatar
martincymru
Reporter
Reporter
Posts: 700
Joined: Thu, 16 Oct 2008 3:54 pm
Location: out & about

Re: Banking woes

Post by martincymru » Thu, 20 Nov 2014 9:17 am

Are cheques gradually being phased out?

bgd
Manager
Manager
Posts: 1684
Joined: Wed, 25 Jul 2007 4:09 pm

Re: Banking woes

Post by bgd » Thu, 20 Nov 2014 11:05 am

martincymru wrote:Are cheques gradually being phased out?
I thought so until I moved here. I still pay some of my bills with cheque. Think I used cheques more frequently in the earlier days so perhaps they are on the wane.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 39553
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 10
Location: Retired on the Little Red Dot

Re: Banking woes

Post by sundaymorningstaple » Thu, 20 Nov 2014 11:20 am

The only cheque I write today is for my friends condo management fees and occasionally for the newspaper man if I'm caught without any money at home when he shows up. Otherwise, it's all online.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

Steve1960
Editor
Editor
Posts: 1106
Joined: Mon, 13 Aug 2012 10:58 am
Location: Singapore

Re: Banking woes

Post by Steve1960 » Thu, 20 Nov 2014 11:38 am

brian_singapore wrote:Citibank gave me a hard time because my foreign check was first name, last name and my account was first, middle, last.

I had a long discussion with the teller that this was the norm where I was from and that it wouldn't be possible to have the check re-issued with all 3 names (government check). She finally checked with her manager who hummed and hawed and said they'd try but she wasn't sure what would happen necause she didn't think the issuing bank would honor the check wifh my name like that. Image

About 2 weeks later, the check ckeared without incident...
This was exactly what happened the first time I tried this back in January. I went into my OCBC branch to have the same discussion last night. They had no logical reasons for not accepting to process the current cheque so they finally fell back on 'we have changed our internal policies since doing this for you before'........................yea right!

User avatar
chris_pilgrim
Regular
Regular
Posts: 103
Joined: Sat, 09 Nov 2013 7:53 pm
Location: a harbour in front

Re: Banking woes

Post by chris_pilgrim » Sun, 23 Nov 2014 8:46 am

same problem here :(

tried to fast cheque deposit a tax refund chq from HMRC into my DBS account and it was returned after 2 weeks. reason: name mismatch.

called the bank to clarify but to no avail. went to the bank with all kinds of valid id - passport, photo id, proof of spore address, proof of my uk address, my P60, P45, P80, letters from HMRC .... but DBS insisted that the name on the HMRC chq (which was in my initials + surname) did not match my DBS account (which is in my full name on my passport) although the initials of my name matches those on the HMRC chq and yet DBS did not accept and recognise :roll: ](*,) ... this to and fro with DBS took a month with no outcome :x

end of story: I emailed HMRC to request a direct credit my tax refund into my Natwest acc and it took a day and it was settled. #-o
It is better to believe than to disbelieve. in doing, you bring everything to the realm of possibility.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 18 guests