- Joined
- Nov 14, 2008
- Messages
- 10,090
- Points
- 113
Here is my experience with DBS regarding cheque clearance practice.
I paid a contractor a DBS cheque in exchange for official receipt which, among others, has a number, contractor's business name and ACRA registration number which was for a business expired many years ago. DBS was asked for refund as payee has expired ACRA registration number. Bank also refused to divulge payee bank. But I found out it was OCBC and as payee bank it has acknowledged the discrepancy but refused to re-imburse money wrongly paid into a wrong legal entity.
DBS was requested to have my fund returned but reported that it could not do so as OCBC has declined the request. My letter was to CEO but was delegated to a pinoy Customer Service manager who, while co-operative, did not satisfy basic courtesy required with not putting its reply in writing when requested to do so.
In a larger scheme, the practice of unscrupolous businessmen using expired business registration numbers under same company name to escape legal problems is sneaky. Banks are not doing anything about it; in fact they are helping these crooked businessmen.
As bank customer I am not getting the help from my bank as OCBC flatly refused to return my fund albeit admitting that it went to an account which did not match the receipt listed ACRA registration number.
The bank as details of the receipt from contractor but it seems that might is right.
Letters to the media remain unpublished.
I request MAS for help and twice it remained silent. It seems that I need to take legal actions but against which entity?
I paid a contractor a DBS cheque in exchange for official receipt which, among others, has a number, contractor's business name and ACRA registration number which was for a business expired many years ago. DBS was asked for refund as payee has expired ACRA registration number. Bank also refused to divulge payee bank. But I found out it was OCBC and as payee bank it has acknowledged the discrepancy but refused to re-imburse money wrongly paid into a wrong legal entity.
DBS was requested to have my fund returned but reported that it could not do so as OCBC has declined the request. My letter was to CEO but was delegated to a pinoy Customer Service manager who, while co-operative, did not satisfy basic courtesy required with not putting its reply in writing when requested to do so.
In a larger scheme, the practice of unscrupolous businessmen using expired business registration numbers under same company name to escape legal problems is sneaky. Banks are not doing anything about it; in fact they are helping these crooked businessmen.
As bank customer I am not getting the help from my bank as OCBC flatly refused to return my fund albeit admitting that it went to an account which did not match the receipt listed ACRA registration number.
The bank as details of the receipt from contractor but it seems that might is right.
Letters to the media remain unpublished.
I request MAS for help and twice it remained silent. It seems that I need to take legal actions but against which entity?
