Tag Archives: Banks

Large Crowd Queues For Commemorative $20 Notes, Got Enough For Everyone?

Singaporeans likes to join in long queues for almost anything. From Hello Kitty plush toys, A&W re-opening at Jewel, and launch of new Apple iPhones. The latest long queue that Singaporeans have been seen in is the launch of the commemorative $20 note that was released today, to mark the bicentennial celebrations for Singapore this year.

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WHY IS OCBC ARBITRARILY CHARGING USERS CURRENCY CONVERSION FEES?

Local banks have recently implemented "currency conversion fees" when their credit cards are used for overseas purchases. I had used my OCBC credit card for purchases overseas - once at Amazon.com and the other with Paypal. Both times, when asked by Amazon and Paypal if I wanted to pay in Sing Dollars rather than U.S Dollars, I decided to pay in Sing Dollars knowing that there would be "currency conversion fees" if I paid in U.S Dollars. When the credit card statements came, I discovered I was still charged for currency conversion even though NO conversion was done by OCBC since I paid in Sing Dollars.

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INDIAN FT ASKS FOR ADVICE ON LEAVING SINGAPORE WITHOUT PAYING LOANS & BAD DEBTS

Please see this screenshot of an extremely irresponsible Indian expatriate, who says that he is unable to repay his bills and loans to local telcos and banks. He says that because of his financial liabilities, he would like to leave Singapore permanently, but is worried that the companies or banks might lodge a complaint with ICA to detain him and prevent him from leaving.

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DBS BANK HAS MOST INDIAN EXPATS IN UPPER MANAGEMENT

The Singapore government is encouraging employers to hire more locals and many MDs are indeed Singaporeans, but there’s also a good sprinkling of foreign talent among the upper legions, especially at DBS – widely seen as the most ‘international’ of the three home-grown banks. Michael Power has been a consumer operations MD at DBS for four years, while Sandra Stonham, MD of technology and operations, has been with the firm since 2008.

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[COMPLAIN] WHY ARE OUR LOCAL BANKS SO INEFFICIENT?

To all banks in Singapore! Can you kindly train your financial consultants to handle counter transactions as well so that the queue can be lesser and your customers can be more satisfied with the waiting time? After all, you want to retain your customers right?

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SENIOR MANAGEMENT OF MNC BANKS STILL DOMINATED BY FOREIGNERS

The media reported today (24 Sep) that despite more Singaporeans being appointed regional heads and senior managers at international banks both in Singapore and abroad, not many go on to take on top positions. In June 2014, for example, Mr Shee Tse Koon, 44, was appointed Standard Chartered’s chief executive for Indonesia. The same month, Mr Tan Kock Kheng, 54, was appointed Citi’s global head of local markets risk treasury. Senior bank executives say that while such appointments are encouraging, more can be done to help nurture a more globally competitive workforce here.

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SG BANKS WITHDRAW CUSTOMER’S MONEY TO PAY TAX WITHOUT PRIOR PERMISSION?

I WAS shocked to learn that DBS Bank can transfer funds from account holders to pay outstanding property tax without the customers' authorisation ("Fail to pay tax despite reminder? Bank can step in"; last Thursday). Are other banks in Singapore, including foreign ones, also allowed to do this? This is a wake-up call for Singaporeans, to find out that banks can transfer money from their accounts without authorisation.

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