OCBC "We regret that we can no longer support your accounts"
On 29 oct 2020, i received a letter from OCBC dated 19 Oct that i had 14 days to close my bank account. And stated the bank accounts will be closed by the 1st November 2020.
Undersign the letter was a lady called, Rac. L.
So who is this lady? I googled... HOLY S#,*, Rac. L. is the head of anti-money laundering for consumer financial services and risk management. Not some low executive.. its a big shot.
I wanted to faint that I broke down in tears, trembling... Did i use too many Grab services? ( a huge chunk of expense goes to Grab transport, Grab food and Panda foodmart)
And constant monthly fixed amount transfers to my OCBC statement savings housing loan, Singtel payments and savings.
Then i thought about how weird it was... and then the police report i made the previous month came to mind.
I had 2 accounts with them:
1. 360 Account ( Salary crediting account, insurance, life investments are my giro payments connected to it. Not forgetting Grab and foodpanda.)
2. OCBC Statement savings account
Tied to my OCBC home loan since 2013.
* now the home loan is under the covid19 defer payment, which will end in December 2020 and monthly payment commences on 4th Jan 2021.
NOTE: OCBC teller told me, it was CONFIRMED closure by upper management.
On 17 Sep 2020, i had 3 unknown deposits from 3 different individual into my OCBC Frank account also tied to my pay now handphone number. (Totalling $380).
To me it was a RED ALERT. So i immediately filed a police report on the same day.
The police has advised me, after lodging my report, bring it to OCBC bank to submit it and close my account. Which i did.
Guess what? Based on the date, of the letter i realised it was exactly 1 month after i filed the police report.
So the question is, is OCBC punishing me just because i made a police report?
I called OCBC contact centre many times, even went down to the OCBC branches ( main branch at 65 chulia and other branches.... ) None of them can help me. I even used their OCBC ibanking app to send private messages to them to appeal. Literally, no one wants to give me any advise. I am very desperate now. They only repeat the same thing, OCBC do the review periodically and decisions are by the upper management.
The biggest problem is.. they closed my only account tied to my OCBC homeloan monthly instalment payments. I called OCBC and ask how am i supposed to make payment to you then? They said pay by cash at the bank teller or get someone to pay on my behalf.
I asked if i could make bank transfer payment to ocbc via the OCBC homeloan reference account number. They replied "Not Possible" As the only way to make payment is through an OCBC account. I went to purchase my CBS report.. under my home loan its.. “AAAAAAAAAAAAA” all the way.
I have asked around and saw forums in hardware zone, that its normal by OCBC to behave this way or if they suspect or not happy with you, they will “review” you. Then they can just demand to cease services with you. But as they close the account they have to report to the relevant authorities.. so in the future... even opening with another bank would be difficult.
Ok, people will be wondering why so many **** Happen to me or with what OCBC keep doing this.. etc.. why i still want OCBC? It is because OCBC although not perfect, they are always the first industry changer. They always try new things, update their programmes, ibanking is soo convenient, have a higher record of assisting elderlies from love scam etc.
Sigh.. anyway as a last resort i have informed MAS, they have given me the VP of OCBC consumer to contact.
And soon need to inform the ABS..
I truly did not money launder. Aid in any illegal money transaction, so how can OCBC do this?
Please help me?
- Why is there no protocol for financial institutes to advised on what the consumers should do if they just kick the consumer out?
- how can OCBC close my Only account tied to my OCBC home loan for instalment payments, deliberately wanting me to lapse in payment so that they can remove me from the loans too?
- If OCBC was unable to cushion the programme " Mortgage Payment Deferment Scheme (Principal & Interest)" - why did they promote it?
- if OCBC bank can just remove anyone , No reason whatsoever, who would dare to open an account with them and even take a home loan? My home loan is since 2013. ( if OCBC remove your only mode to pay the loan, isn’t that a deliberate action?)
- why did OCBC just tell me to go to the bank with cash and pay the teller. Means they do have a payment mode which i can transfer to which they didnt want to tell me.
- what if the actions of what OCBC has done, by closing all my accounts prevent me from opening with another bank like the case in 2018? - Blanket damage.
- why cant OCBC just maintain the account linked to my home loan?
- I noticed that OCBC keep reviewing my home loan on CBS 21/08/2020 & 06/11/2020.
What OCBC Singapore has done is truly unfair, uncalled for, unprofessional and extremely cruel. I have been your loyal customer since 2013, from what you have done.. what are you trying to show your current customers and potential customers? That its unsafe to have money saved with your banks. Every night we got to think whether you will just suddenly “ decide to end your relationship” with us because you are not happy? I literally signed on my life with u.. salary, insurances... home .. why are you so cruel..
