I received this letter last week from OCBC telling me they were going to close my corporate account in 2 weeks. Called them up to demand an explanation and all we get is a high-handed and arrogant reply that it was for ‘business reasons we cannot disclose’. So now they anyhow can suka-suka close business accounts? It gives small business owners like us a lot of problems such as
(1) It came out of the blue, no prior notification or warning before
(2) We have to shift all our NETS/CPF/GIRO arrangements within 2 weeks or even less. Some processes like NETS takes longer than 2 weeks to handle. So how will OCBC compensate us for this business loss?
(3) We have to make alternate arrangements immediately after the letter we received – for example bank details on invoices, systems need to be changed, and all within 2 weeks for NO GOOD REASON
Have posted on OCBC’s facebook page and many other business owners are facing the same problem with the tight deadline, arrogant customer service & with OCBC not caring at all to explain to us why this is happening. Is it to force us to move to new higher fees business accounts?
Have opened a business account with UOB in the meantime
Disclaimer: We have more than enough capital in our accounts to meet the minimum requirements and its also pointed out by other people who are facing the issue. All our accounts are also very active with incoming & outgoing transactions each day