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My bad experience with OCBC started since 2008 when the bank failed to update my mailing address after I raised the concerns confidential details of my investment was sent to an old address. The bank also failed to update my email address. I could not believe such update was not completed despite their staff came down physically to my place with the application form filled and hand over in 2011. The issues were finally resolved when one of the Wealth manager helped me on this. And we move on.
Around June 2021, OCBC failed to provide me the correct investment cost for a unit trust purchase in 2000 when I planned to sell. From hotline, branch manager, cluster head to a financial consultant at Paya Lebar branch, none provided me the correct info needed. They continued to understate my investment cost by almost 50% and wrongly assume and inflated the sales margins I could make from the sales. Fortunately my good memory helps when I recalled roughly an estimated withdrawal amount from CPF Ordinary account 20 years back and decided to trace and track back my own investment records. Such inaccurate info is misleading and damaging to any public retail investor when one could not make informed decision before sales.
Also don't rely too much on OCBC's FB reviews when many said good service at Paya Lebar branch. I was such a fool believing it. When there, the staff put me through more than 3 hours waiting and subsequently allowed me to proceed opening of online service account when I told them I do not have any Saving account with them. This involved 2 females staff in Service Manager & counter staff and a gentleman. Few hours later, the gentleman informed me the application was rejected because I need to have a Saving ac with OCBC. Such service is a nightmare!
If it happens to me, it can happen to you and loved one too. I decided to escalate my concerns to MAS, Case ref MAS-[protected] when OCBC remain incompetent in understanding client's pains. Worst, several VPs tried calling me subsequently and I find them a 'pest' when none understand my frustration and pain and continued to perform verification over phones time and time over and over again, yet none can answer me why provided me wronged investment cost and why cannot approve my online ac when 2 staff at branch said ok? It is unbelievable with MAS kept in the loop, OCBC remain incompetent in providing answer when I bold the 2 concerns via email. It is a really shame to Singapore financial hub status!
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It is alarming a local bank that inefficient and errant but not surprising when we encountered it too several years back when first arrived here. Friendly staff does not equate to efficiency and honesty...both myself and hubby also learned thru e hard ways ..the staff tat served us left the company after 2 weeks. From there onwards, OCBC required us go down branch to resolve outstanding issues like updating address ..Also their internet banking is a joke when it was so slow and inefficient to perform transaction such as fund transfer and purchase of insurance etc..their software app bound to have program bud unresolved till date which explain these technical issues. OCBC should be ban for good and agreed with many forerunners more audit, governance and regulatory supervision are required from authority before Singapore's image suffer BIG time
Thanks for sharing. Recently joined a local company and require me to open a bank ac preferably local for ease of monthly credit..OCBC is a stone throw away from my residence but will avoid. In my hometown when banks can be sued even when comes to privacy concerns (lost or misplaced letters, list go on), giving wronged advice on investment amount is a definite no go and client can seek financial compensation from e bank without doubt
Unethical, best to skip OCBC completely
very fishy why their CRM and database cannot capture client details correctly? the person who key in such data simply non-existent then. Does not matter how much or how good they invest in IT when they continued to hire incapable or irresponsible staff. same problem exists for e next 56yrs also can when MAS cannot spot e loop holes
I wonder their RM is certified when often wat they said do not equate on paper. Once bitten twice shy, I told my children and fens stay away from OCBC
OCBC should be punished by MAS for their errant and lack of due diligence. U right to say this can happen to anyone!
You did the right thing to share such issues with MAS. Only time will tell whether MAS handle such issues fairly and inform the public pro-actively. Sometimes we also find MAS too passive to act when the valid complaint is only a handful. More importantly they could not punish their 'own pocket' when local Gov also highly invested in local banks. All the best!
Unity is strength, report your concerns with MAS. OCBC errant practices should put to a STOP