UOB is getting from Bad to Worse

[SBFNews]

S'pore Man's UOB Account Gets Frozen Without Notice, He Only Finds Out After Transactions Failed
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UPDATE (12.37pm, 31 May): According to the OP, UOB has gotten in touch with him and unfrozen his account as of 5.24pm on 30 May.
We have updated the article to reflect the above.
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A man in Singapore found out that his UOB account had been frozen without his knowledge, affecting his ability to run his online business.
But since 15 May, he has not been able to unfreeze his account.
Even reaching out to his bank’s customer service proved an ordeal, Jeremy Ong told MS News.

Despite assurances from customer service representatives that his account would be unfrozen by 25 May, his account was only unfrozen five days later on 30 May after MS News published this article.

Called the UOB hotline regarding frozen account but can’t get through​

Mr Ong, 44, runs a small online and retail business selling mainly tennis and other sports products.
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He told MS News he uses a UOB bank account for business transactions.
But on 15 May, he realised he could not deposit his payments from his Shopee and Lazada accounts to his UOB account, nor could he transfer them out.
On 19 May, he decided to visit a UOB branch, only to be told, to his horror, that the bank account had been frozen since 8 May — about a week before he first found out.
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But nobody could tell him why, and it was suggested that he call the corporate banking hotline.
“I tried calling the hotline a few times, and they kept me waiting for as long as 30 minutes, saying they will pass my call to the relevant departments, after which the call was hung up automatically,” he said.
After calling again the next day, the same thing happened. At this point, Mr Ong decided to email the Monetary Authority of Singapore (MAS).
Following the email, “immediately magic happened”, and a UOB representative emailed him on Wednesday (24 May), saying they would investigate the matter.

Account frozen due to “failure to update mailing address”​

The next day, on 25 May, another UOB representative called Mr Ong, stating that his bank account had been frozen due to a “failure to update mailing address”.
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They also told him they would help unfreeze the account “in an hour’s time”.
Mr Ong found this strange as he had never changed his registered address.
Despite the apparent promise, when Mr Ong tried to withdraw his funds from the bank account, it failed as it was still frozen.
The account remains frozen even at press time.

Thinks it’s safer to depend on more than one bank for important transactions​

Mr Ong lamented that nobody from the bank notified him about the account being frozen — he only found out about it almost a week after it was first frozen.
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“I had to go chase them and report to higher authorities before actions were taken,” he said.

Until now, the issue hasn’t been rectified yet and has caused daily disruptions to my business.

Mr Ong has had to use other bank accounts to facilitate business transactions. “It taught me a lesson to not just depend on one bank, especially when there are many transactions daily.”
He is also disappointed with UOB’s customer service and “irresponsible way of doing business”.
MS News has reached out to UOB for comment.

 

[syed putra]

Use maybank, rhb or cimb in sinkie. Do the opposite when in jiu hu, i.e. use uob, or ocbc.

 

[Scrooball (clone)]

This cheebye is raking in 2 million per day is it? Lol knn talk like he’s some big shot

 

[batman1]

This cheebye is raking in 2 million per day is it? Lol knn talk like he’s some big shot

He think he is a valued customer.

 

[Ralders]

Maybe have suspicious transactions

 

[blackmondy]

Just like tiong bank. Sukak sukak freeze your account without warning. A red-flag in my books. Seems like too many people withdrawing money and UOB is scared of bank-run.

 

[blackmondy]

When you have too much money, it is also a big problem. If bank goes bust you're hiong-gan.

 

[bushtucker]

Dbs - whole day service downtime
Uob - anyhow freeze account
Ocbc - unable to handle sms phishing scams
Anymore trustworthy local banks?

 

[laksaboy]

Sad. UOB was my first savings bank. It had these very cute green or orange bank booklets

 

[winners]

I never like those 3 local banks anyway.

 

[blackmondy]

Dbs - whole day service downtime
Uob - anyhow freeze account
Ocbc - unable to handle sms phishing scams
Anymore trustworthy local banks?

Our sperm bank can trust or not?

 

[jw5]

Sad. UOB was my first savings bank. It had these very cute green or orange bank booklets

IMHO, UOB is the best among the 3 local banks.

 

[borom]

The son 'kay kiang' as Finance Minister and push for mergers resulting in an oligopolistic banking sector with only 3 banks that basically provide same services Economics which itself is a pseudo science says oligopoly block new entrants, slow innovation, and increase prices, all of which harm consumers. Firms in oligopoly set prices, rather than taking prices from the market and as a result profit margins are higher than they would be in a more competitive market.
Name me one product in which Singapore banks under LHL has invented .

 

[duluxe]

UOB saved a lot of cost using chat bot to replace in person customer service. Even if you visit the branch, they will ask you to use your HP to launch an online chat to open an incident. You got different persona serving you each time you access the chat. UOB even show the real name of the person chatting with you. As they are behind virtual chat, they can "forget" their promise to follow up. Their service is shit as mentioned above.

 

[millim6868]

Lol,sinkies still blur blur,all deposit few 10k n want to be vip ,they better wakeup , banks only serve rich or papigs the rest is fxxxx,look at hyflux or ftx ,etc ,u think they care,lol,60% like to be screwed lol