My Friend's Unpleasant Experience With A Prestigious Bank

[shiranaihito]

Months ago, my friend opened a savings account in a prestigious bank. My friend never carried out any transactions since opening of that savings account yet the monthly interest has been decreasing.

Naturally, my friend asked via their feedback form on the decreasing monthly interest last month.

The 1st customer care consultant did not follow up after acknowledging my friend's enquiry & reply last month. Thus, my friend asked via their feedback form on the same matter again, at the same time expressed dismay on such conduct from the first customer care consultant.

Then a manager of the customer care unit emailed my friend, actually asked my friend on my friend's enquiry again. Naturally, my friend was displeased as that manager did not even communicate with that first customer care consultant, or find out the history pertaining to the issue before contacting my friend. That manager assigned another customer care consultant to reply my friend's enquiry.

The 2nd customer care consultant just sent a spreadsheet without elaboration and expected my friend to understand the spreadsheet. Hence, my friend asked via their feedback form on the same matter again, at the same time expressed disappointment on the reply from the 2nd customer care consultant. That manager called, my friend again told that manager to reply the enquiry via email. That manager did not follow up after that phone conversation or assign another customer care consultant to follow up. Therefore, my friend asked via their feedback form on the same matter again, at the same time expressed frustration on such conduct from the 2nd customer care consultant and that manager.

Then another manager of the customer care unit emailed my friend, actually asked my friend the same question all over again. Definitely, my friend felt irritated as again this manager did not even communicate with the 1st & 2nd customer care consultant and that manager, or find out the history pertaining to the issue before contacting my friend. Again, my friend asked via their feedback form on the same matter again, at the same time expressed the unpleasant experience with the 1st, 2nd customer care consultant, the 1st manager & the 2nd manager.

Apparently, my friend has been waiting for answers to the enquiry since 22-08-2013, but all my friend is receiving is delay tactics and beating around the bush from the bank and no one is replying directly to my friend's enquiry on the drop on the monthly interest. Till now, the enquiry is yet resolved.


welcome advice

[zzm9980]

Advice on what?

Someone worried about the pathetically small interest given on a savings account in Singapore isn't worth the bank's time to answer. The amount per $1000sgd isn't even peanuts, as peanuts are worth more money. If he has enough money in a savings account in Singapore to earn enough interest to buy more than a single serving of peanuts per month, then your friend is foolish and should have it invested in another way.

Search for posts by 'wd40' with the term 'fund' or 'etf'. He has some decent advice about funds if your friend is lazy and/or very conservative in his risk.

If you just want to bemoan poor customer service, then you're in the wrong country.

[zzm9980]

For reference, a single serving of peanuts costs S$1.05 at cold storage:

CAMEL
PEANUT ROASTED
Size:80G Code:015913
Retail Price: S$1.05/.

A POSB/DBS savings account gives 0.05% interest on the first $250k, and OCBC *doubles* that to 0.1% on the first $50k 'if you qualify'.

You'd need a little bit over S$25,000 in a savings account at POSB to earn enough interest to buy 12 packages of peanuts in a year.

[durain]

best laugh i had for the day

[Mi Amigo]

prestigious

That word always makes me laugh (here anyway).

[nakatago]

For reference, a single serving of peanuts costs S$1.05 at cold storage:

CAMEL
PEANUT ROASTED
Size:80G Code:015913
Retail Price: S$1.05/.

A POSB/DBS savings account gives 0.05% interest on the first $250k, and OCBC *doubles* that to 0.1% on the first $50k 'if you qualify'.

You'd need a little bit over S$25,000 in a savings account at POSB to earn enough interest to buy 12 packages of peanuts in a year.

Some stores even sell a pack of peanuts for 0.60 - 0.80 SGD.

[x9200]

prestigious

That word always makes me laugh (here anyway).

I wonder, whether it is a SE thing in general.

[sundaymorningstaple]

I think it come from the same source as "reputed"

[scarbowl]

If your friend is unhappy then perhaps he/she should go in to a branch and ask directly. Failing that, he/she should withdraw all funds and go elsewhere. Banks do not make money from customers who deposit small amounts and then do nothing but ask questions.

[Strong Eagle]

I think it come from the same source as "reputed"

Even ACRA sends me email with the completely bastardized "revert" when they mean "reply". How did this nonsense ever get started?

[zzm9980]

For reference, a single serving of peanuts costs S$1.05 at cold storage:

CAMEL
PEANUT ROASTED
Size:80G Code:015913
Retail Price: S$1.05/.

A POSB/DBS savings account gives 0.05% interest on the first $250k, and OCBC *doubles* that to 0.1% on the first $50k 'if you qualify'.

You'd need a little bit over S$25,000 in a savings account at POSB to earn enough interest to buy 12 packages of peanuts in a year.

Some stores even sell a pack of peanuts for 0.60 - 0.80 SGD.

I can't even imagine how many peanuts one could eat if they were to couple the SCB BonusSaver promotion with these cheaper $0.60 peanuts.

http://www.standardchartered.com.sg/pro ... index.html

[shiranaihito]

If your friend is unhappy then perhaps he/she should go in to a branch and ask directly. Failing that, he/she should withdraw all funds and go elsewhere. Banks do not make money from customers who deposit small amounts and then do nothing but ask questions.

For info. My friend received a hamper with an apology letter from the bank for their negligence/mistakes two months+ ago.

I guess it matters to banks that they correct their mistakes & retain their important customers.

[shiranaihito]

For reference, a single serving of peanuts costs S$1.05 at cold storage:
A POSB/DBS savings account gives 0.05% interest on the first $250k, and OCBC *doubles* that to 0.1% on the first $50k 'if you qualify'.

You'd need a little bit over S$25,000 in a savings account at POSB to earn enough interest to buy 12 packages of peanuts in a year.

Some stores even sell a pack of peanuts for 0.60 - 0.80 SGD.

I can't even imagine how many peanuts one could eat if they were to couple the SCB BonusSaver promotion with these cheaper $0.60 peanuts.

http://www.standardchartered.com.sg/pro ... index.html

For info. My friend received a hamper with an apology letter from the bank for their negligence/mistakes two months+ ago.

I guess it matters to banks that they correct their mistakes & retain their important customers.

[zzm9980]

Some stores even sell a pack of peanuts for 0.60 - 0.80 SGD.

I can't even imagine how many peanuts one could eat if they were to couple the SCB BonusSaver promotion with these cheaper $0.60 peanuts.

http://www.standardchartered.com.sg/pro ... index.html

For info. My friend received a hamper with an apology letter from the bank for their negligence/mistakes two months+ ago.

I guess it matters to banks that they correct their mistakes & retain their important customers.

A hamper? Did it have peanuts in it?