Go bank to open savings account, end up with......

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An honorable member of the Coffee Shop Has Just Posted the Following:

http://forum.omy.sg/showthread.php?t=10116

I am writing to voice out my unhappiness for the disputes between me and UOB Bank.

I stepped into the bank on 31st Jan 2009 to open a savings account. While waiting for my queue to be served, I was approached by a personal banker, Mr Jack Ngoh. He asked me for the purpose of coming to the bank and I told him that Im here to open an account, so I was served immediately after that. He said that normal saving account earns low interest, why not I put in my savings to the Maxi Cash SPecial account to earn better interest. The benefits are so attractive, such as I can earn interest of S$750 every 2 years. If I decided not to withdraw my interest, I could continue let it roll for another 2 years and so .. I was afraid to get cheated as I always hear that there are people who get tricked signing plans and the bank would use the money for other high risk investments so I asked whether will there be any risk for this account. Mr Jack Ngoh said this is a risk-free account, it is good to open such account because of good returns. He even drew a table on a blank piece of A4 paper, drafting out how much I could get back after 5 or 10 years. I see it so attractive of course I decided to take up this package. The whole conversation was about good benefits and good returns. The last part was, he said on top of the package, insurance is covered as well. (I dont know what kind of insurance but since so many gd benefits, still got insurance covered, not bad ya.. This is always what Singaporeans think. So I asked, how to proceed with that.. He asked me how much would I want to contribute? I had S$9000 with me that day, so I happily said put all lor (S$9K). He smiled and said, no.. I mean how much monthly...? Of course I do not know how much is the min and the max. He proposed either S$100+ or S$300+ monthly. I thought I could afford, so I opted for the S$300+ (S$310.17) monthly. I asked whether will there be any monthly statements and he said no. Of course I felt puzzled as saving accounts should have statements, but I didnt bother after that. End up we began signing all documents. I received the documents by post abt 1-2 weeks after signing the package. I received the Policy booklet as well, was not surprised as I was told that insurance is covered as well. So I keep the documents well in my drawer.

In Jun or July this year (2010), my original saving account dropped from S$9000 to about S$4000 (after 1 year plus deduction). I felt that I might not be able to continue contributing this amount of S$310.17 monthly. I decided to forfeit the interest and without all my money. I walked into the same branch, approached one of the staff, to my surprised, the lady told me that this Maxi Cash Special Account is a life Policy. I cannot withdraw my money. It means I want to terminate my policy and forfeit my premiums. I was so stunned by the answer, could not accept it and nearly cried. In the first place, 95% of the conversation was about the good benefits & returns, 4% signing documents and 1% saying that insurance is covered. How come I ended up walking into a bank to purchase a life insurance? The whole duration took abt 30 - 40 mins and I bought a life insurance??? At that time, I imagined my balance of S$4000 once deducted for the next one year till dried and if I am unable to continue paying the premiums, all S$9K gone?? I was so so worried. I only have a low salary of S$1400. How to survive? The lady suggested that I can write in to their main branch at Raffles Place to lodge a complain and I did that immediately. Few weeks later, I was contacted by them and was asked to go down for an interview. ANyway, I repeated my story to about 4 times to the different people who contacted me.

I finally received a letter from them on 6th Oct 2010, telling me that my request to get back my premiums has been rejected. The letter says if I am unhappy with the decision, I could go and report to FIDrec. Of course at this time I am at the losing end as they keep mentioning that I have signed this documents and that documents. We people always trust the bankers, and whatever they says, we agreed as all they said are all so true and attractive. Who will really go read all the 10-20 over pages of terms word by word.?? I sent them an email and says I will report as per their suggestion, and yet they still can reply me with :

We have noted your feedback to us on the above policy and that you will be contacting FIDReC.

Should you require further assistance, please email us again or call our 24-hour Call Centre at 1800 388 2121 . If you are calling from overseas, please dial 65 388 2121. We will be happy to assist you.


TThey dont seem to assist us in any way, all they did was telling me to send my appeal to FIDrec. They simply dont bother and keep referring me to appeal through FIDreC. I simply believe, I am not the only Singaporean cheated by an established bank in Singapore, I believe that are someone out there who might be victims too. I would like to warn people out there, to beware of the banks' savings scheme not to get attracted by their special cash schemes anymore. You will regret!

Right now, I am so lost and helpless!

BEWARE!!


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