demoforce1
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thank you, I missed that in the tnc
BOC SmartSaver
- Thread starter wts2013
- Start date
thank you, I missed that in the tnc
https://www.straitstimes.com/busine...queues-after-being-told-to-show-up-personally
Someone complained to MAS.
Someone complained to MAS.
swathe
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It does not affect all right? I did not get any letter from BOC
bobo07
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Now so many dubious scam sms and calls, moreover from China banking who dare to simply believe is really have to update
compro_1975
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what is the full report?
Think not everyone affected. I can still move money out.
Singapore elderly clients queue for hours at Bank of China branches in fear of accounts getting frozen
Local customers of the Bank of China (BOC) have had to endure lengthy queues as they try to update their details after the lender told them last month that the process had to be done in person.
Part-time administrator Tay Lay Suan accompanied her mother to the Tampines branch on Feb 28 and ended up spending three hours of her day off waiting.
Ms Tay said: "We came at about 2pm and left at about 5pm. When we got our queue number, we were behind about 60 people."
She saw many older people who were waiting in line and felt that the bank could do better by letting account holders update their information online.
Customers in the queue at branches in Jurong and Ang Mo Kio earlier this week told The Straits Times that they had rushed down to update their information because they were worried that the bank would freeze their accounts.
An account holder who wanted to be known only as Mr Lee said he had taken the day off work to go to the bank, where he had to wait for two hours.
"I wanted to get it over and done with," Mr Lee, a technician in his 50s, said in Mandarin.
Ms Tay said her parents had received letters from the bank in the middle of last month informing them that they needed to update their particulars.
She said: "The questions were simple. I don't see why we needed to be there physically."
The letter had stated that recipients had to "visit any of our branches in Singapore to present your up-to-date original identity card (or) passport and address proof" within 30 days of the letter.
Continue...
The bank said it would freeze accounts and disallow transactions if recipients did not update their particulars by March 16.
The account would be unfrozen once the details were updated.
ST understands that the updates are part of the bank's compliance that prevents money laundering or terrorism financing.
A BOC spokesman said the bank had designated counters and deployed more staff to help customers, and had extended the deadline by a month to April 16.
It noted that there had been longer-than-usual waiting times, but that had returned to normal on Monday.
"We would like to seek our customers' understanding and patience that from time to time, the bank may require the account holder to provide us with information," the spokesman said.
Customers who cannot update their particulars before the new deadline are encouraged to contact the bank. "We will assist them on a case-by-case basis," he said.
Ms Tay said the bank had called her on Tuesday after she wrote to the Monetary Authority of Singapore (MAS).
It apologised for the long wait and explained why it had to collect the information physically.
MAS said in response to media queries that it does not specify how financial institutions should operate customer accounts, which is agreed between a bank and its customers. It added that it is "aware of customer feedback relating to the Bank of China, and has been in contact with the bank".
The bank said it would freeze accounts and disallow transactions if recipients did not update their particulars by March 16.
The account would be unfrozen once the details were updated.
ST understands that the updates are part of the bank's compliance that prevents money laundering or terrorism financing.
A BOC spokesman said the bank had designated counters and deployed more staff to help customers, and had extended the deadline by a month to April 16.
It noted that there had been longer-than-usual waiting times, but that had returned to normal on Monday.
"We would like to seek our customers' understanding and patience that from time to time, the bank may require the account holder to provide us with information," the spokesman said.
Customers who cannot update their particulars before the new deadline are encouraged to contact the bank. "We will assist them on a case-by-case basis," he said.
Ms Tay said the bank had called her on Tuesday after she wrote to the Monetary Authority of Singapore (MAS).
It apologised for the long wait and explained why it had to collect the information physically.
MAS said in response to media queries that it does not specify how financial institutions should operate customer accounts, which is agreed between a bank and its customers. It added that it is "aware of customer feedback relating to the Bank of China, and has been in contact with the bank".
direbmem
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Haven't received also.
compro_1975
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the chinese way of biz doing via jialat... i am sure if i join them i can cut alot of excess
demoforce1
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same here, nothing yet
The news report never say all customer leh.
It is usually paid on the 7th working day of the month, same as OCBC. So for this month, we should be expecting it on Mon 11th.
zzzkelvinzzz
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still not received yet...
Actually it is 15 working days haha! Refer to first post in thread. Usually they pay earlier than that. But they are not technically late
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