OCBC won't let 92-year-old teacher close $8.8-m a/c
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Someone who is always concerned that accountants make alot should revamp their entire perspective. It's the teachers that make big bucks here. Maybe you can reconsider taking up teaching as a career.
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the money was largely from the late husband, a banker....
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The bank manager is right.
If the bank lose the case,the bank has to pay its legal fee and even
the woman's legal fee.How much will it cost?
Sure the bill will be much less than 10 million plus!!
read below.
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if somethings happen after the account is closed , the bank
then may be sued for neligience by allowing the woman take out the $$.
Then it will a bigger headache of 8 million plus !!
The bank will not pay 8 million plus so easy.Right.
So u have to add the legal cost to defend the claim.
If the bank lose,the bill will come up to more than 10 millions--8.8 million
plus legal cost of both sides!
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OCBC is right to refuse!!
Let the court decide!!
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My goodness...own monie in bank also cannot be taken out?
Even that the psychiatrist had proven that she has the capacity?
Or the bank wants to delay till she is fully dementia then the bank can swallow the monie or what?
Weird Weird Weird!
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The bank is right. The situation by which the retiree is trying to close her account is suspicious.
If you have more than $500,000 in a bank and you want to close it, the bank managers will want to speak to you to ascertain if there is anything they can do to keep you as a customer.
In this case, her step daughter has refused to let the bank speak her directly which is suspicious.
The bank will release the fund but in this case, there is reasonable doubt not to do so unless proven otherwise. In any case, this will not be the end as if she pass away, her will (if made recently) may be contested given this case as a historical background.
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Tis is not a simple case actually... on one hand the adopted daughter may really wanna treat tis dementia girl well and use the money for her favour... on the other hand tis adopted girl is a cheat and wanna conned tis helpless 92 woman of her last saving. I can "become" the step son of tis 92 year old woman if i intentionally wanna cheat her.
U can consider it like a will... tis person has the right to give her money to whoever he want in his will. However if he does not have a clear mind when he write the will, the will is not valid. Tis is to prevent people from cheating people under drug influence or having reduced mental prowess.
The best thing is to really let the court decide
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Originally posted by anonymous_dickhead:
The bank is right. The situation by which the retiree is trying to close her account is suspicious.
If you have more than $500,000 in a bank and you want to close it, the bank managers will want to speak to you to ascertain if there is anything they can do to keep you as a customer.
In this case, her step daughter has refused to let the bank speak her directly which is suspicious.
The bank will release the fund but in this case, there is reasonable doubt not to do so unless proven otherwise. In any case, this will not be the end as if she pass away, her will (if made recently) may be contested given this case as a historical background.
Contest by who? The bank? So that the bank can keep the monie for themselves?
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read up on Singapore's estate and inheritance law; under intestate. bank does not have the authority to hold the money, it goes to whatever surviving relative she has.
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If need money, can just withdraw from ATM, why need to close the whole account or have a joint account? If Mdm Huang has dementia how is she able to consider suing the bank? Must be her adopted daughter doing it on her behalf right?
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This case sure got hidden dirty linen, not for the public to see.
That is why we are puzzle, seeing bits and piece here and there.
If in HK, you can be sure the hound dog press will seek and tell. But here, it is the opposite. -
Is this a conspiracy to transfer the money to the state's coffers instead of to her step-daughter after the old lady dies?
This old lady probably has no other close relatives.
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Originally posted by googoomuck:
Is this a conspiracy to transfer the money to the state's coffers instead of to her step-daughter after the old lady dies?
This old lady probably has no other close relatives.
what talking you, this is proper protocol, and OCBC is not state bank...
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Originally posted by skythewood:
what talking you, this is proper protocol, and OCBC is not state bank...
The govt may inherit the money if the person dies without a will or an heir.
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Originally posted by maurizio13:
Someone who is always concerned that accountants make alot should revamp their entire perspective. It's the teachers that make big bucks here. Maybe you can reconsider taking up teaching as a career.
Better to deal with dead numbers than alive rowdy kids.
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smart move by e bank..
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Originally posted by charlize:
Better to deal with dead numbers than alive rowdy kids.
Dead numbers can return to haunt you, kids can only torment you during school hours.
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think they are too broke.
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Originally posted by googoomuck:
The govt may inherit the money if the person dies without a will or an heir.
How will that help OCBC? the money will always go to the living relative.
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Sharpe accountant gets life ban for tax scams that failed
Controversial Sydney accountant Jeffrey James Meads, whose firm has advised dozens of clients to invest in tax-driven agricultural and hotel investment schemes that have left them with up to six-figure tax bills, has been permanently banned from providing financial services by the Australian Securities and Investments Commission.
Mr Meads, who was bankrupted in October, has also been prohibited from managing a corporation for 2 years.
Until his second bankruptcy last October, Mr Meads held directorships in 20 companies. His financial position has been the subject of investigation by his bankruptcy trustee and the Tax Office after Mr Meads claimed that he earned $52,000 in 2003, had assets of $10,000 and owed creditors $28,779,644.
http://www.smh.com.au/articles/2004/07/20/1090089159700.html?from=storylhs
This accountant is cash rich and asset poor.
See what I mean about those dead numbers.
They can implicate you, turn you into a bankrupt.
The most the kids can do to you is turn you into a manic depressive, or a raving lunatic.
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Originally posted by skythewood:
How will that help OCBC? the money will always go to the living relative.
It helps OCBC to just let the old lady close her account. The banks's reputation at stake.
However, in Singapore, anything can happen.
NTUC is probably the only insurer in the world that takes zero risk.
The reverse mortgage scheme is clearly in favour of NTUC since it can reduce the stream of payments and limit the number of years and even have recourse if the property value depreciates, so it takes zero risk.
Why would anyone be interested in the scheme under those terms?
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Interesting case. But I'm still doubting the role of the adopted daughter....who knows whether there is any motive by her. And the suddenness of such an action sure makes the bank wonder why is this person doing so.
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Bank denying customer access to her own money.
NTUC takes zero risk in reverse mortgage scheme.
PAP denying CPF members access to their own money.
Haiz...
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there r 2 sides to a coin
a person cannot even draw out his own money
or it is a precaution against cheaters from cheating other people's money. If such precaution does not exists, maybe a lot of people's money will be cheated by shrewd foreigner preying on people who cannot even go to the toilet themselves
Tis is really not a question on the gov...
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I don't know how this is related to the government at all.
Strange though, why didn't she just visit the psychiatrist if she really wanted her money? I mena for $8.8 million... why not?