XtraSaver... BEWARE!!! - Part II

Okay dorkie, here's an update on my earlier post on Standard Chartered's XtraSaver account. You can read the first post here . After lodging my complaint with the Monetary Authority of Singapore, I received a call from Standard Chartered on the third day. I know I had several missed calls on both the first and second days following the complaint so it is possible that MAS and/or Stanchart had been trying to contact me even before. Whichever the case, this lady from Stanchart's Customer Service Experience (not sure if I remember the name correctly but the department sounded something like that) called me and gave a pretty sincere-sounding apology. Based on my *extensive* public speaking experience, I did not detect any hypocrisy from her so I was somewhat mollified. She conceded that the "no minimum sum" carrot was indeed advertised with the XtraSaver product. As mentioned in my first post, the staff I spoke to earlier said that my account was closed because it was at $0 for more than 60 days. In a way, this is still correct but the manner it was said made the information misleading. The staff probably was not 100% informed himself and this lady agreed that they had to step up on their staff training (so they said when dealing with my previous complaints regarding other issues). So she explained that more correctly, this was in fact something that was applied across the board - not only at Stanchart. There is an alarm that will go off when an account has $0. When this happens, the account will be terminated after a period of inactivity exceeding 60 days. She cited an example that when an account did not have the minimum sum and a fall-below fee kept being deducted, the account will ultimately reach $0 and will thus be terminated. I wonder if this is some MAS requirement but she was quite reluctant to say more. I agreed to "keeping" the XtraSaver account after she asked if I would like it reinstated (yet remember the previous staff saying bank accounts once closed cannot be reinstated?). Then she suddenly mentioned that accounts that were closed for more than one month cannot be reinstated. Mine was closed for about 4 months already so it would be difficult. However, she would try to see what she can do. In addition, she said she would tag a special flag to my account in the system so that it would never be closed again even if it is at $0. Part of me wants to test this out (lol) but I guess communicating with them again if it does not work out would take too much time. Besides, my heart has taken enough nastiness so I don't want to risk it. :P She also brought up 2 scenarios. If she did not succeed in getting my account reinstated, she would make it as a new application i.e. I would have to tolerate a new account number, card and cheque book. In this case, she would either do a taped conversation with me to confirm that I still want the account, or send a courier to get my signature. She did stress that the latter would be the worst-case scenario. The next day, she called me again (she said she did so I assume that the missed call was hers). I then received the sms confirmation that my account has been reinstated. I haven't yet checked if the card and cheques are viable, but at least when I logged in to Internet Banking, my XtraSaver account was back on the radar. From this incident, I am at least happy to know that MAS is not a flowerpot. A complaint to MAS indeed does get looked into and I continue to have faith in the Singapore government. As for Stanchart? Bleh.

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