Standard Chartered's XtraSaver account... BEWARE!!!

A while back, I logged in to Standard Chartered Internet Banking and got the shock of my life. I was trying to transfer money from my e$aver account to XtraSaver so that I can use my chequing facility. You can imagine my horror when I realised no trace of my XtraSaver account at all. It is as if it has never existed - which is plain ridiculous since I am holding an XtraSaver cheque book and have received e-statements for it before. It is a good thing though that I tried to transfer the money before writing the cheque. Otherwise, the cheque would have bounced and I would have been made a laughing stock. Despite the ludicrous situation, I decided not to jump to conclusions. I called up Standard Chartered on their hotline to confirm what was happening. The thankful part was that I didn't have to wait too long before speaking to a human. I first verified that their Internet Banking system was indeed up and running. Then, I explained my situation to the staff. After the tedious verification of my identity, he told me that my XtraSaver account has been closed. Yes, CLOSED. What a joke. If I have closed my XtraSaver account, I am sure I would have remembered. So I asked him WHO closed MY account? He said he cannot just grab the information there and then and have to check the documents. So I told him YES, I WANT to KNOW. Then he went to check. I am not sure if he was just efficient or that he was lazy to start with. The impression he initially conveyed was that the check would take some time. However, he popped back on the line rather quickly and informed me that my account had apparently been closed for quite some time already and that was because I had not maintained a minimum balance of $1. My memory may be rusty at times but I remember clearly that NO minimum balance was required when they were advertising this product shortly after the launch of e$aver. Guess what the funny explanation he gave me was? He said that if we compare XtraSaver with POSB's savings account, at POSB, a minimum of $500 is required. So I asked him simply if without POSB, Standard Chartered would not exist. He changed tack. He then explained that a dollar is required to open an account but no minimum sum is required thereafter. He cannot seem to understand that NO minimum means NO minimum. If you need a dollar, then your minimum is one dollar. Don't you think it would be simple, professional and polite enough for Standard Chartered to contact me to check if I really want the account closed? Even if I can't spare a dollar, I am sure I can beg at Orchard Road and get that dollar for them. Take a look at http://www.standardchartered.com.sg/cb/deposit/dep_xtrasaver.html - you can see clearly from the table of charges that the "Monthly Minimum Balance" is $0. I am not saying Standard Chartered will get sneaky and amend the page but let's just say that in case the page is down for maintenance, I have mirrored it at http://www.divshare.com/download/1202904-93d . This NO minimum balance for XtraSaver is further confirmed at their FAQ at http://www.standardchartered.com.sg/cb/deposit/dep_xtrasaver_faq.html#b17 . I quote, "No, there is no need to maintain a monthly minimum balance and there is no "fall below" fee." I have mirrored this FAQ at http://www.divshare.com/download/1202910-ada . So you see. Standard Chartered has clearly stated that NO minimum sum of money is required for their XtraSaver account. I am not sure if they are confused themselves about their products. On the e$aver page, I concede that it was mentioned that the account will auto-close if the balance remains zero for more than 30 days. But e$aver is not XtraSaver and XtraSaver is not e$aver. If I want an apple, I won't ask for an orange. Further, does it strike you as strange and unprofessional how an account can be closed without even the account holder being notified? And when I asked for the account to be reinstated, the staff claimed that it was not possible - "unlike credit cards". He said I have to submit a new application if I want the account back. Wow, isn't it cool? When you feel like it, you kick me - a customer - away. Then you look at me in mock pity and tell me I can come feast at your feet if I start grovelling. Enough is enough. This is not even the first time Standard Chartered has spoiled my day and threatened to burst one of my arteries for fun. They are irresponsible in their marketing of their XtraSaver product and if any of you happens to be a victim too, I urge that you lodge a formal complaint so that disciplinary action can be taken against them. I have lodged my complaint already with the Monetary Authority of Singapore. You can do so too using their online form at https://secure.mas.gov.sg/apps/wcmaweb/WebForm/WebCompForm.do . Alternatively, you can write to: Monetary Authority of Singapore Consumer Issues Division Market and Business Conduct Department 10 Shenton Way MAS Building Singapore 079117 Fax : (65) 6225-9766