OCBC Card Cheat!!!

[catlover24]

Please NEVER sign up for any OCBC credit cards, this is my experience.

JUNE 2018
Outstanding amount of 33.99 on OCBC 365 card
Missed due date incurred 100+ late charge plus interest charges
Unable to waive late charge on request, so I paid 33.99 and asked to cancel card and waived charges
Card cancelled, card no longer visible when login to my OCBC Internet Banking. I thought case closed.

27 AUG 2018
Suddenly received SMS saying 335.02 overdue on cancelled card. Shock of my life.
Turns out, the late charge wasn't cancelled and allowed to accrue without me ever knowing (no info on cancelled card each time I logged in to internet banking)
Turns out two transactions were charged to my card (15.4 and 16.28) AFTER i cancelled my card, again without any means for me to check and verify
So they essentially neglect the due diligence and process when closing a card for a customer
Let transactions still be charged to a cancelled card
Purposely keep quiet
Then BOOM.
Called OCBC Card Centre, who will do an investigation and get back to me in 1-2 working days

Will update on these cheats.

 

[makav31i]

Not trying to defend OCBC, but you did not clear your outstanding charges even if it is just $33.99...Regardless of the outstanding amount, it is definitely stated in the Term and Conditions on the late payment charges if you failed to clear any outstanding amount...

Waiving of the late payment charges are at the goodwill of the bank...They did not waive off the late payment charges, how can you be surprised that it incurred interest on the late payment fees...

TL;DR: TS did not pay bill on time, now want to KPKB that bank charge him late payment fees and did not waive it off...

 

[Jumpman23]

Didn't you receive bills for jul and aug?

 

[henrylbh]

You did not clear the bill in full when you cancelled the card as late charges were not waived. Of course the outstanding amount would snowball, though the charges may be exorbitant as per TnC that you accepted when signing for the card.

 

[TabascoSauce]

Ownself no common sense but blame the bank. Why did u assume cancelling the xa e means late charges will be automatically waived?

 

[leoch037]

this is not annual fees, u still need to pay up the late charges & interests even if u cancel the card
since u nv pay them, of cse the charges will snowball

 

[maumu]

https://www.straitstimes.com/business/companies-markets/ocbc-sees-16-rise-in-q2-profit

how else you think banks like these can make so much profit?

honestly they are just one level more innocent / legal than ah longs...

 

[catlover24]

Didn't you receive bills for jul and aug?

I did not receive any bills.

To those who argue it's my fault. Do you think it's right for OCBC to impose radio silence over the fact that they did not alert me for so long? I feel it's basic decency. Instead, the information that I'm accruing so much in late charges over such a small amount outstanding is hidden once I cancelled the card. I'm not saying that I'm 100% not in the wrong, but OCBC definitely diam diam on purpose... Point is, I have not seen this appalling lack of transparency and accountability with other banks.

 

[henrylbh]

But you started the event by cancelling the card without clearing the bill in full despite there was no waiver and then you assumed everything is fine. So you radio silent, they radio silent

 

[leoch037]

I did not receive any bills.

To those who argue it's my fault. Do you think it's right for OCBC to impose radio silence over the fact that they did not alert me for so long? I feel it's basic decency. Instead, the information that I'm accruing so much in late charges over such a small amount outstanding is hidden once I cancelled the card. I'm not saying that I'm 100% not in the wrong, but OCBC definitely diam diam on purpose... Point is, I have not seen this appalling lack of transparency and accountability with other banks.

i think your decision to cancel the card in jun causes the acct to be removed from internet banking and subsequence jul, aug bill statements

anyway, if u read moneymind regularly, u will know that ocbc is the bank with the least goodwill given with regard to waivers

 

[Runez]

I did not receive any bills.

To those who argue it's my fault. Do you think it's right for OCBC to impose radio silence over the fact that they did not alert me for so long? I feel it's basic decency. Instead, the information that I'm accruing so much in late charges over such a small amount outstanding is hidden once I cancelled the card. I'm not saying that I'm 100% not in the wrong, but OCBC definitely diam diam on purpose... Point is, I have not seen this appalling lack of transparency and accountability with other banks.

probably u just trash OCBC's letter to you can't be bothered hence selfpwn

 

[limster]

Turns out two transactions were charged to my card (15.4 and 16.28) AFTER i cancelled my card, again without any means for me to check and verify

The merchant posted 2 transactions after cancelling the card. Blame OCBC for this? Its normal practice that some merchant don't post the transaction the same day the transaction is made. Its up to you to look out for it.

If they blocked the transaction, what if it was something important... like a Telco bill, then you would be complaining that OCBC blocked your telco bill and the telco imposed late charges on you?

 

[Perisher]

Depends if the bank knew about the last 2 transaction when the request to close the account was done. If merchant haven't charge yet, bank wouldn't know.
Either way, OCBC could have handle this better when informed.
TS also have no right to call them cheats unless they know about those 2 last transaction.

 

[helloworld321]

Depends if the bank knew about the last 2 transaction when the request to close the account was done. If merchant haven't charge yet, bank wouldn't know.
Either way, OCBC could have handle this better when informed.
TS also have no right to call them cheats unless they know about those 2 last transaction.

I believe op charge the transaction 1-2 days before terminating. Since some merchant process at the end of the week. It only appear after it was canceled. So it’s OP fault.

 

[Jumpman23]

I did not receive any bills.

To those who argue it's my fault. Do you think it's right for OCBC to impose radio silence over the fact that they did not alert me for so long? I feel it's basic decency. Instead, the information that I'm accruing so much in late charges over such a small amount outstanding is hidden once I cancelled the card. I'm not saying that I'm 100% not in the wrong, but OCBC definitely diam diam on purpose... Point is, I have not seen this appalling lack of transparency and accountability with other banks.

Did you subscribe to e-statements or still paper ones? You might want to check your spam folders or if you had accidentally thrown away the bills in the letterbox. I had a similar experience as you with Standchart. Cancelled my card thought everything is done. A month later they sent me the e-statement for the month. I checked there was an unpaid transaction due in a few weeks. Luckily I didn't just trashed it.

Since there are still outstanding transactions prior to card closure they are still required to send you the CC bills.

 

[jetblack]

Ocbc is notorious to be particularly strict on these fees compared to other banks in singapore, as reflected in other threads.

In this case, cso did not reiterate that late charges are still pending before the call ended. They have misled customer thinking that once card is cancelled, everything is cleared, and caused the misunderstanding. This is a miscommunication fault by ocbc

Not trying to defend OCBC, but you did not clear your outstanding charges even if it is just $33.99...Regardless of the outstanding amount, it is definitely stated in the Term and Conditions on the late payment charges if you failed to clear any outstanding amount...

Waiving of the late payment charges are at the goodwill of the bank...They did not waive off the late payment charges, how can you be surprised that it incurred interest on the late payment fees...

TL;DR: TS did not pay bill on time, now want to KPKB that bank charge him late payment fees and did not waive it off...

 

[makav31i]

Ocbc is notorious to be particularly strict on these fees compared to other banks in singapore, as reflected in other threads.

In this case, cso did not reiterate that late charges are still pending before the call ended. They have misled customer thinking that once card is cancelled, everything is cleared, and caused the misunderstanding. This is a miscommunication fault by ocbc

They did not mislead customers who did not understand the Terms and Conditions when they signed up for the cards...

The TS just assume that cancelling his card would result in his late payment charges being waived...Why did the TS not check with OCBC before cancelling his card if his late payment charges will be waived off?

He just make his own decisions and conclusion about cancelling the card without verifying that he is no longer liable for the late payment charges...

 

[leoch037]

i'm guessing the 2 transactions are actually the interest on the outstanding balance for Jul & Aug...

 

[sanzhu]

Called in first time to waive
Ok said they will waive
Check 5days later never waive

Call in second time to waive

Jon dirty

 

[maple96]

Ocbc partly at fault if

1. They close your cc acct when there are still outstanding balance
2. They did not send u mthly statement of acct