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Share experience to OCBC Bank (Safety, Customer Service, Actions to an issue & interest rate)

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  • Share experience to OCBC Bank (Safety, Customer Service, Actions to an issue & interest rate)

    I am keen of joining OCBC to save my money. I'd like to know your bad experiences with OCBC so that I will expect it rather than being pissed off when I experience it without preparing myself. If all you think is positive, mind sharing it also. Thanks Ladies!

  • #2
    I once had a savings account with OCBC donkey years. It was the nearest bank I can find near my previous work place.

    Stop deposit cheque for about a year when I joined another company and received a letter from the bank informing me that my account has been inactive for some time (I had 5 figures in the a/c) and said if I want to maintain my account with them, I have to pay $10 service fee. Was so pissed off with them and the following weekends I went to the counter and demand to close my account for good! Upon knowing the reason behind, the teller went to speak to the branch manager and they agreed to waive off the service fee but I still stand firm and close my account.

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    • #3
      Before I give my comment I will say that I understand that people got moods and have reason for changing it everyday.

      I just noticed that OCBC tellers are YES polite and cheerful. They are always smiling to the point that I am thinking that they like me visiting. Other good points is that the fact that the line is very long they are still smiling consistently when I am visiting. But then I've noticed after like 5 to 6months same tellers I am encountering when I started in this bank seems to loose their smile little by little. I dont know their reasons but my last visit also is like very cold treatment.

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      • #4
        Some years back, went with OCBC for investment but wasn't really happy there... felt he was being pushed into certain products which I wasn't interested in so I went to dbs instead, my personal finance manager doesn't push me towards certain bonds/UTs just so she can make her target.

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        • #5
          Originally posted by Alison Fisher View Post
          Some years back, went with OCBC for investment but wasn't really happy there... felt he was being pushed into certain products which I wasn't interested in so I went to dbs instead, my personal finance manager doesn't push me towards certain bonds/UTs just so she can make her target.
          I was from the above mentioned bank, and one of the reasons I left was because I could not bring myself to push customers to invest in what was not suitable for them. However I believe every bank is doing the same to push for sales, and it is indeed lucky of you to come across a banker who does not hard-sell.

          My advice for the rest is: if you are really keen on investing, do read up on the net, surf around finance news websites to get at least a rough overview of the market situation, familiarise yourself on common banking jargon, and ALWAYS ask for guaranteed investment returns. If you walk into a bank unprepared, the bankers there by way of sales talk,have a way to get inside your head, and make it seem that whatever you are going to invest in will definitely net you a huge profit.

          Let us take for instance, one of the most highly pushed product is the regular savings plan which comes with minimal life and death insurance coverage, usually customers will contribute a lump sum every year for 5 years and get an average expected return of 2-3%pa after 10 years, and this amount if withdrawn prematurely will lead to a hefty penalty which might drain 80% of your life savings immediately. How this product is marketed by certain bankers, is to mislead customers into thinking it is a 10 year fixed-deposit which guarantees a fixed return upon maturity, and that the amount can be withdrawn any time, which is a total hocus pocus

          Many have fallen prey to scheming bankers, but hopefully we can pass the word around, especially to your parents because they are more susceptible to investing

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          • #6
            hi guys
            you can find all sorts of guide to loans on Video Guide Singapore

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            • #7
              hi guys
              you can find all sorts of guide to loans on Video Guide Singapore

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              • #8
                Any updates on this? I'm currently thinking of opening up a new account, prob either ocbc or dbs investment account... Would appreciate more opinions before I decide on which bank!

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                • #9
                  OCBC RMs are very friendly and know their products very well.

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