DBS Bank deducts payment from NS allowance, leaves only $1 in account
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I guess without fully knowing that person, we can never have a clear picture of the entire incident (including the "failed studies" part) - so I think let's not speculate on that part.
I think what seems to be one of the issue(s) are the "unauthorized" withdrawals from the account.
From what I seem to recall from getting an NUS study loan from DBS, there was an clause where it mentioned that the bank has the right to divulge all DBS/POSB account related information under the borrower (that made me a little queasy), but I can't seem to remember seeing such an clause that allows the bank to perform such transcations.
But IMHO, from the tone of the writer's letter, it seems that he feels that he should be automatically granted an "exception" due to his small loan amount.
[QUOTE="]What is $8,000 to DBS Bank? What is $400 to DBS Bank?"[/QUOTE]
A small-amount loan does not necessarily be of great significance to the bank's profitability, but a bank has rules to run. There should be uniformity across such policy implementations, but certainly, such exemptions should be granted on a case-by-case basis, based on each case's unique circumstances.
He should also seek for financial assistance from MINDEF - although this may be difficult due to being a recruit presently.
But then again, we shouldn't take this story at face value - take a look at the other side of the coin first.
While we are at the issue of banks.. see this: http://straitstimes.asia1.com.sg/forum/story/0,5562,364726,00.html?
I think what seems to be one of the issue(s) are the "unauthorized" withdrawals from the account.
From what I seem to recall from getting an NUS study loan from DBS, there was an clause where it mentioned that the bank has the right to divulge all DBS/POSB account related information under the borrower (that made me a little queasy), but I can't seem to remember seeing such an clause that allows the bank to perform such transcations.
But IMHO, from the tone of the writer's letter, it seems that he feels that he should be automatically granted an "exception" due to his small loan amount.
[QUOTE="]What is $8,000 to DBS Bank? What is $400 to DBS Bank?"[/QUOTE]
A small-amount loan does not necessarily be of great significance to the bank's profitability, but a bank has rules to run. There should be uniformity across such policy implementations, but certainly, such exemptions should be granted on a case-by-case basis, based on each case's unique circumstances.
He should also seek for financial assistance from MINDEF - although this may be difficult due to being a recruit presently.
But then again, we shouldn't take this story at face value - take a look at the other side of the coin first.
While we are at the issue of banks.. see this: http://straitstimes.asia1.com.sg/forum/story/0,5562,364726,00.html?
Not all people have the same IQ and EQ. Some don't need to study a lot and can pass with flying colour. Some study like sh.t but still failed.
Similiarly some can juggle work and study but some cannot. He could be one of those cannot.
Not trying to take side but he did try to repay the loan. BTW he took a loan. Whether he passed or failed, he still have to pay back the bank. Only different could be the amount or the repayment period. He even paid the interest ($500) and other charges. One of the officer has agreed to help him to look into his appeal for deferment of the payment till after his NS. He even authorised the bank to debit his account at $100 a month out of my $350 National Service allowance.
To wipe out his account without informing him? I think this is uncalled for especially it is near CNY.
SIGH..... Look like we have lost the human touch..... :cry:
Where is the compassion? DBS is here to make profit but it is also run by human being.
Similiarly some can juggle work and study but some cannot. He could be one of those cannot.
Not trying to take side but he did try to repay the loan. BTW he took a loan. Whether he passed or failed, he still have to pay back the bank. Only different could be the amount or the repayment period. He even paid the interest ($500) and other charges. One of the officer has agreed to help him to look into his appeal for deferment of the payment till after his NS. He even authorised the bank to debit his account at $100 a month out of my $350 National Service allowance.
To wipe out his account without informing him? I think this is uncalled for especially it is near CNY.
SIGH..... Look like we have lost the human touch..... :cry:
Where is the compassion? DBS is here to make profit but it is also run by human being.
dr34mc4st3r
Senior Member
i'm surprised that guy didnt went to his PC to state his case to allow him to work after office hours perhaps. somehow i felt that guy didn't do the most he could do. honestly poly is not difficult to pass (pass as in really pass, scrap thru type), unless he doesn't like his course.
but of course without more details, it's too easy for anyone of us to speculate and talk **** :sticktong
but of course without more details, it's too easy for anyone of us to speculate and talk **** :sticktong
Ola said:
In this modern society nowadays, most people lives according to rules and regulations, be it set by our govenment or the companies. Things happen and people will act accordingly by the rules. Not like during the 70's where kampong spirit and human care is around.
This guy as what he wrote, comes from a real poor family where his father ran away and this brother is somewhere else busy making $$ and less care about him and his mother. I can imagine and see how his life can be at such a state. He wrote to the press not to ask for $$$ but need help to defer his payment. I respect him on this.
May God Bless him.
centuryegg
New Member
It's just purely business, you sign a contract with a company. After you fail to uphold your end of the contract, you cry foul..... In this world there is no free lunch and its hardship that make us stronger. Instead of whining and finding the time to write letters to the press, why not find the time to find a way to make money to make ends meet? Also there are numerous cases of people who had to work and study at the same time. They are not smart or brillant but hardworking and they didnt whine about how they are unfairly treated.
It's because of their pathetic service I closed all my accounts with DBS some years back. When I was with POSB before the merger it was quite smooth. After the merger, all the screw-ups started happening. At one point I would get my credit card bills just 2-3 days before the payment deadline. They would send me tons of spam, sometimes as much as 3-4 letters a week (condo, country club etc).
Both my wife and I had POSB accounts with cheque books. One day by mistake my wife used my cheque book and signed. To my horror, DBS had actually honoured the cheque, even though the signatures are vastly different.
My experience with every other bank here in Singapore is better than DBS.
Both my wife and I had POSB accounts with cheque books. One day by mistake my wife used my cheque book and signed. To my horror, DBS had actually honoured the cheque, even though the signatures are vastly different.
My experience with every other bank here in Singapore is better than DBS.
simplicity_
New Member
When i was working in a bank, each cheque that came thru to be cashed in was manually checked by my manager (for signatures difference) and several other colleagues for other misc stuff (date, amt etc). so someone might have missed the signature difference. -shrugs-sriram said:
imo, if Wan had stated explicitly that he is only able to allow DBS to deduct $100 from his acct every month, then it was wrong of DBS to deduct the additional amount without informing him. the least DBS could do is to call Wan to inform him.
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