Standchart eSaver

[havetheveryfun]

Before being block the due diligence team have call u but fail to pick up their call. They just doing routine check on the acc and update any information from u.

sometimes really busy at work or some places cannot bring phone inside one leh...
the issue is also hard to call them back cos the number from caller ID usually is not real number

 

[DevilPlate]

In a way SCB is doing their job tho….
need to have at least another bank for daily expenses

 

[damnit]

SCB has their own processes I am okay with that. But locking an account and not providing any valid reasons for it is NOT okay. What if someone has all their savings in SCB? How can they live their daily life?

Due to this, they have forever lost me as a customer.

I'm posting this just for awareness that's all.

 

[CrashWire]

SCB has their own processes I am okay with that. But locking an account and not providing any valid reasons for it is NOT okay. What if someone has all their savings in SCB? How can they live their daily life?

Due to this, they have forever lost me as a customer.

My account got quietly frozen by OCBC too, and eventually closed when I called in asking what was going on.

All banks don't need to give valid reasons. Some banks just have much worse cultures when it comes to valuing their customers.

Only stupid people bank with OCBC.

 

[sohguanh]

My account got quietly frozen by OCBC too, and eventually closed when I called in asking what was going on.

All banks don't need to give valid reasons. Some banks just have much worse cultures when it comes to valuing their customers.

Only stupid people bank with OCBC.

I believe banks don't give reasons is scared you know how they work internally e.g why freeze accounts etc and then you spread around this info and some ppl begin to think how to game the system based on the revealed reasons.

What I am more concerned is for frozen and then later closed account are we customers entitled to get back whatever balance is in the account or bank 'eat' them?!?!

 

[royalmix]

SCB has their own processes I am okay with that. But locking an account and not providing any valid reasons for it is NOT okay. What if someone has all their savings in SCB? How can they live their daily life?

Due to this, they have forever lost me as a customer.

I'm posting this just for awareness that's all.

It is all part of risk management, ML monitoring and control. Better to lose a "risky" customer than lose their own reputation/money if fined by MAS.

Banks are not required to provide any reasons. Especially if related to ML.

If yours is not related to ML, maybe they act to protect you cos your account might had been "attacked". It is all for your own good and theirs too.

If you had monies in the account, will you lose it? If related to ML, possible.

Those who were found to be 'cheating' the bank, is another possibility. Some people shared here how their accounts were banned. You can google for those sharing in this forum.

I see all these postings here as +ve about SCB, protecting good customers.

 

[calvin200]

tks..guess they changed the payout method? I'll update on the 20th if I received the rest.

I checked with my RM.

"Bonus Interest Payment" credited on the last day of the month is calculated based on Incremental ADB.

For the By Invitation promotion which interest calculation is based on Full ADB, remainder of bonus interest will be credited under tranche 2 by the following month (20th) with narration "Exclusive Bonus Interest".

In my case, the ADB in August is less than July hence no Bonus Interest Payment credited on 31 Aug. However, Exclusive Bonus Interest calculated based on Full ADB will be credited by 20th September.

 

[maumu]

it has been this way of disbursing the bonus interest for Standard Chartered for the past many cycles... for those on exclusive invites to the extra bonus rates.

gotta wait till 20th of the month to tally up everything

 

[damnit]

It is all part of risk management, ML monitoring and control. Better to lose a "risky" customer than lose their own reputation/money if fined by MAS.

Banks are not required to provide any reasons. Especially if related to ML.

If yours is not related to ML, maybe they act to protect you cos your account might had been "attacked". It is all for your own good and theirs too.

If you had monies in the account, will you lose it? If related to ML, possible.

Those who were found to be 'cheating' the bank, is another possibility. Some people shared here how their accounts were banned. You can google for those sharing in this forum.

I see all these postings here as +ve about SCB, protecting good customers.

I used to work in bank as ML/compliance VP so I understand these processes and know why they are needed as part of consumer protection. But locking up an account (especially if there is life savings involved) for 60 days is wrong.

 

[royalmix]

I used to work in bank as ML/compliance VP so I understand these processes and know why they are needed as part of consumer protection. But locking up an account (especially if there is life savings involved) for 60 days is wrong.

Luckily they did it to a zero account, those with life savings should appeal thru the police as they have informed you? So there is still a way out, but need to wake up the authorities?

 

[Hwsemb]

So far has any brokerage freeze users account? Otherwise, it seems beneficial to keep liquid funds with brokers, such as low risk MMF cash funds. But of course, will still need 1-2 workdays to redeem them, in the event main bank account got frozen/suspended.

 

[sohguanh]

So far has any brokerage freeze users account? Otherwise, it seems beneficial to keep liquid funds with brokers, such as low risk MMF cash funds. But of course, will still need 1-2 workdays to redeem them, in the event main bank account got frozen/suspended.

I always preach diversification. So just diversify and open many broker account, bank account etc. But the con of such approach is how you keep track of all of them? This is indeed a headache as years go by. Some close shop some never close and give birth more subsidiary etc etc.

 

[royalmix]

So far has any brokerage freeze users account? Otherwise, it seems beneficial to keep liquid funds with brokers, such as low risk MMF cash funds. But of course, will still need 1-2 workdays to redeem them, in the event main bank account got frozen/suspended.

I am a good customer/citizen, I trust most of the banks established here. Brokers got frozen before, you lose your monies?

 

[paurusu]

Why in the world the discussion about bank/bank freezing accounts while we are talking about eSaver topic here?
Each compliance case has different angles to look at - what is the point to debate without knowing real circumstances for each?

Better go back to main topic

 

[DevilPlate]

Why in the world the discussion about bank/bank freezing accounts while we are talking about eSaver topic here?
Each compliance case has different angles to look at - what is the point to debate without knowing real circumstances for each?

Better go back to main topic

Ok lah good for general awareness but sometimes OT too much lah.

 

[EveMuffins]

I checked with my RM.
"Bonus Interest Payment" credited on the last day of the month is calculated based on Incremental ADB.
For the By Invitation promotion which interest calculation is based on Full ADB, remainder of bonus interest will be credited under tranche 2 by the following month (20th) with narration "Exclusive Bonus Interest".
In my case, the ADB in August is less than July hence no Bonus Interest Payment credited on 31 Aug. However, Exclusive Bonus Interest calculated based on Full ADB will be credited by 20th September.

tks..i checked my ABD upon seeing your msg. my Aug ABD is lower than Jul ABD as well.

 

[Hulky8]

now PB relationship is commoditized, go any lounge and you see people there getting free drinks and reading newspapers, some even camp for half a day. PB today is like mass banking of past.

Due to many influx of rich immigrants who bring with them 10 to 30 mio of assets, the bank actually target these ppl with “ultra high net worth” status and woo them with greater passion,,,the old economy local ppl who bring in 1 to 2 mio worth of cash are increasingly relegated to the sideways,,,,that’s unfortunately the way it is now ,hence u see fish mkt like PB

 

[DevilPlate]

Due to many influx of rich immigrants who bring with them 10 to 30 mio of assets, the bank actually target these ppl with “ultra high net worth” status and woo them with greater passion,,,the old economy local ppl who bring in 1 to 2 mio worth of cash are increasingly relegated to the sideways,,,,that’s unfortunately the way it is now ,hence u see fish mkt like PB

Now banks also scared liao. All the laundry money

 

[sglandscape]

Hi all, I didn't get any bonus interest at 31 Aug (usually at end of month ya) and I confirmed Aug ADB is higher than Jul. Something amiss? I've dropped SC secured message but they taking own sweet time to reply

Are you on special promo?

 

[V_for_Vanilla]

Hi all, I didn't get any bonus interest at 31 Aug (usually at end of month ya) and I confirmed Aug ADB is higher than Jul. Something amiss? I've dropped SC secured message but they taking own sweet time to reply

You should check which promo are you on first and look the relevant T&C.