Malaysian Banking Experience

This happened recently. My call went to voice mail that asked me to leave phone number so that they can return as soon as possible BUT was not taken action of. No choices left, I have to consult through email to customer service and engaged a copy to Central Bank. No firm action was made until few days later when the case was escalated by Central Bank officer - making the officers from the bank come down running - emailing and calling me concerning the matter.

My point is, what is happening to the quality service of our banks? Some misled people in their advertisement and some bank just "do what they want":

1. 40% rebate (but VERY small note says, only for 5% of total retail purchase)

2. Free Legal Fees (but again small printed note for loan amounting certain number and limited to few early birds)

3. Monthly charges based on loan balance, but calculated as daily rest, but ignoring 20 days grace period!

4. 20% rebates on interest charged for balance transfer, but upfront charges was made and calculated on whole tenure, not monthly or daily rest.

5. Damage Fee: Early payment/settlement and OVER payment. You make more payment than you should, we will penalize you! Beware.

6. If the customer is late, meaning the bank will charge fees. If the bank is late?

7. Charges for over-the-counter transactions - even when the cash deposit machine is down.

8. Non-negotiable BUSINESS! Bank can charge and even scolded the customer for any mistake, mishap and for certain request. A statement was printed, but from a poorly dot matrix printer which perhaps already printed 1,000,000 papers and the customer has to pay RM6.00 for almost unreadable statement.

9. A service you paid for, if there's any problem shall not be refunded. It is considered sold - a common problem for online prepaid reload.

10. Banking has been simplified and centralised to each HQ. It should speed up business and less time for customer to wait. But some say, we have to wait and can only do that for you TOMORROW.

11. How many banks in Malaysia really concentrate on providing seamless customer experience? While accounts logically can be consolidated and checked under one online login (because they are highly likely to utilising one same server farm, afterall they are one same banking house) BUT bank require customer to visit branch because they CANT provide/allow that. Take for instance, ASB loan statement, hire-purchase and mortgage. Common answer: We only allow saving/current/credit card accounts only.

And Malaysia say, we are going to be customer driven and providing least waiting time and "banking anywhere, anytime"

I hope someone will step up and tell the bank: That is our money and we want value for that!

Bank should disclose charges information and be transparent of why and for what purpose they charge and based on what amount. Some statement only comes with "arrears" and fees asking to be paid - but without full explanation.

Update: Reply from Bank I***m with regards to my case that was escalated by Central Bank officer.

Segala kesulitan amat dikesali dan kami sentiasa berharap tuan akan terus bermuamalah dengan Bank I***m.

Regards,
Shahirasul

Note: This article has been dispatched to Bank Negara Malaysia (Central Bank) on Dec 7, 2011.

Update: 22/12/2011 - Reply from Bank Negara Malaysia.

BNM Telelink bnmtelelink@bnm.gov.my

RE: Malaysian Banking Experience/lwm

Dear Sir,

 

We refer to your email dated 7 December 2011 on the above matter and we apologise for our late reply.

 

We take note and thank you for your feedback. We would like to take this opportunity to inform you that Bank Negara Malaysia (the Bank) is monitoring the banking institutions' practices closely to ensure the financial sector stability and at the same time, to protect the consumers' interest.

 

Please rest assured that we have issued circular and guidelines to the financial institutions to address regulatory concerns for consumer interest and protection. The financial institutions need to be transparent and communicate properly on the options available to to their customers. They are also required in improving information disclosure on products and services offered to the customers.

 

We also wish to inform you that each banking institutions are required to set up Complaints Unit to deal with customers' complaints. If the customers are not satisfied with the banks' products and services, they can address the matter to the Complaints Unit of the bank concerned. Contact details of the Complaints' Unit of the banking institutions can be obtained from the Bank's website at url

http://www.bnm.gov.my/index.php?ch=13&cat=banking

 

Once again, we thank you for the feedback given.

 

 

Enclosed are the tips for consumer on the financial matters for information. 

 

For more information on financial fraud alert, please visit

http://www.bnm.gov.my/index.php?ch=216&pg=701&ac=98  http://www.bnm.gov.my/microsites/fraudalert/index.htm

 

For more information on banking, insurance & takaful, please visit

http://www.bankinginfo.com.my & http://www.insuranceinfo.com.my

N* S* H* J*

BNMTELELINK

Bank Negara Malaysia

No Tel : 1-300-88-5465

No Faks: 03-21741515

Email : bnmtelelink@bnm.gov.my