DBS used my mother's money without permission!
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I suspect that a dirty DBS staff anyhow use my mother's funds!
My mum has a unit trust account in DBS and she does her transections at Bedok branch. Today when she attempted to sell some of those unit trusts, the bank told her that the transection was denied.
The reason? The bank said that her unit trusts were "ear-marked", which is simply a nice way of saying that it was withdrawn and used as a loan. My mum's unit trust account is now empty!
And when the bank checked, the transection was done at DBS hougang branch but my mother did not go there before! She doesnt even know where the DBS hougang branch is.
Someone working at DBS must have secretly siphoned out my mother's funds for his/her god-damned personal use.
It is illegal right?
My mother is demanding the bank for an explanation and they gave assurances that they are investigating. Hopefully, these are not just empty words.
If I report the matter to the police, will they be of use? Or are there other organisations which can investigate financial theft for individual cases?
*This post is not against DBS as a bank but against a possible cheater who has anyhow earmarked other people's fund for personal use -
wa lao. sounds like embezzlement?? hope ur mum gets back her money
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need to gather more evidence first lah
any proof there were transactions done w/o ur mom's knowledge or presence? -
report lo...
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I thought by putting money into banks, You are actually lending them money as they will use it for investments then they will put it back with interests. If not they help you safe keep for free meh?
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Not very sure about unit trust, but think there's something fishy going on, especially when your funds is being earmarked and you've not authorized any transaction.
Making a police report only when you've evidences from the bank. Else, it will only delay the investigations. -
be careful with ur words wor, u can be sued.
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You quite sure it was done by someone in the bank and not someone close? A relative maybe?
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Proof i don't know lei but my mum did not make any loan transections recently.Originally posted by FireIce:need to gather more evidence first lah
any proof there were transactions done w/o ur mom's knowledge or presence?
In fact, her unit trusts are not used for loans. -
No ah.Originally posted by DriftingGuy:You quite sure it was done by someone in the bank and not someone close? A relative maybe?
The unit trusts are my mum's and hers alone. No one touches it. Not even my father as he is not interested in these things.
Besides, the transection was carried out at hougang branch. None of my relatives live there and my mother did not go to hougang branch before. -
Look, the govt takes my cpf to invest overseas too, but what can I do?
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They give you interest better than saving account. You complain for what.Originally posted by ditzy:Look, the govt takes my cpf to invest overseas too, but what can I do? -
Originally posted by ditzy:Look, the govt takes my cpf to invest overseas too, but what can I do?
Ya i know this is the basic of how banks work but the main thing here is a transection was done without my mother's knowledge or consent and when she tried to access the funds, access was denied.Originally posted by Agenda:I thought by putting money into banks, You are actually lending them money as they will use it for investments then they will put it back with interests. If not they help you safe keep for free meh?
When the bank agreed to check, it means something is wrong already. Hopefully it is just a cockup. -
sorry for my ignorance, wads unit trusts??
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I just spoke to my mother le.
She has called the police but the police told her to wait for the bank's report then report to the police.
I don't know exactly how about unit trust transections but from my mother, she said that photostated copies of IC and some documents are needed. Since the bank has them, it is possible that a staff has used these documents to impersonate her and use it for personal use. -
I am not a specialist in banking and investment but it is used for investment purposes.Originally posted by Cool-gal:sorry for my ignorance, wads unit trusts?? -
and all the cpf are ear-markedOriginally posted by ditzy:Look, the govt takes my cpf to invest overseas too, but what can I do? 
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and to expedite things, send a nice letter to ST forum
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DBS has a lot of bad publicity.Originally posted by MingFreeman:I just spoke to my mother le.
She has called the police but the police told her to wait for the bank's report then report to the police.
I don't know exactly how about unit trust transections but from my mother, she said that photostated copies of IC and some documents are needed. Since the bank has them, it is possible that a staff has used these documents to impersonate her and use it for personal use. -
Yah correct but your balance will always be there for you to withdraw any amount any time.. Unless its a lock down plan.. It sounds funny.. Better investigate more and gather evidence and like BBB said, don't anyhow say first.. DBS sia don't play play later kana sue..Originally posted by Agenda:I thought by putting money into banks, You are actually lending them money as they will use it for investments then they will put it back with interests. If not they help you safe keep for free meh? -
hmm unit trusts are investments which are a compilation of various other investments hence making unit trusts more diversified.. alamak my definition not so good wahaha google for it or something...Originally posted by Cool-gal:sorry for my ignorance, wads unit trusts?? -
your avatar...Originally posted by FireIce:and to expedite things, send a nice letter to ST forum
so old liao still try to act cute ?
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./.
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Got keep all letters from bank or not??
If you have, then you can check them one mah. Once you checked, you can decide to take what action. -
I think there are still letters. My mum is careful about these documents one.
How do I change the thread title ah? I would like to make it seem less potentially offensive. Scully the bank sue me