DBS used my mother's money without permission!
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thread title cannot change
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Dont worry about it.
I dont think you need to change it.
Meat Pao. -
Going to sleep now. Thanks to all for the advice and opinions
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on one hand you say you lend them money, but on the other hand, the bank is actually safe-guarding your money. if you think you're lending u can always dont use bank keep all your cash under your pillow wat.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?
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Trust local gov-banks to handle your money? You take the risks...Originally posted by MingFreeman: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 The bank said that her unit trusts were "ear-marked", which is simply a nice way of saying that it was withdrawn and used as a loan.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
They know all the technicalities in local banking industry, and they are covered by their own laws which protects them. You lose if they chose to use your money without consent, and nothing you can do!
They cover tracks very well...
So its your own decision, your own risk, on your own money! -
i never put money inside DBS/POSBANK !
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Seriously, i think you're making a big mistake by starting this thread.... It is highly unlikely that DBS will do such a thing... must be a misunderstanding.... You may be the one that will be sued in the end... Please enjoy the last few moments of freedom before you go to jail... Take care pal....
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When people put their money into special accounts other than the normal savings account, they are often blind to all the terms and conditions... They only see the "earn high interests" phrase and that's all... Maybe this is the source of the problem...
And regarding ShutterBug's post, he is so obviously anti-government.... Such biased statements should not be taken seriously... -
DBS bank like ur mother's................................
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money lor... -
Must be young at heart and mind mahOriginally posted by killstyle:your avatar...
so old liao still try to act cute ?
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interesting. do update this thread with regard to the follow-up on this matter. thanks.
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Banks nowadays are becoming more and more careless, and recruiting people who are not responsible and hold the highest code of ethics. Worst case scenario, is they pocket your money.
My own bad experiences:
1> Credit Card bill from Stanchart: 12 out of 16 of the digits of my credit card number clearly visible to the public eye in the transparent envelope window!!
2> UOB employee telling my mum my account balance without my permission.
U may wonder why I am mad that UOB did that? Well, few years ago my mum and I bought some funds, over 90% of the amount is from me ( I was not even working then), and to my disgust I found that my mum had withdrawn all of it, and is not willing to return me my money. I wouldn't be so calculative if my mother was not.. she's also very calculative with me. Some people have all the (bad) luck.
Definitely making a complaint against the UOB employee.. most likely it's the people's park bracnk... beware.. someone who doesn't respect confidentiality of others working there! -
will this be in webthreads on sunday?
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And threadstarter gets lawyer's letter on wednesday.Originally posted by FireIce:will this be in webthreads on sunday? -
Thanks for trying to scare the poor guy.Originally posted by freakass:Seriously, i think you're making a big mistake by starting this thread.... It is highly unlikely that DBS will do such a thing... must be a misunderstanding.... You may be the one that will be sued in the end... Please enjoy the last few moments of freedom before you go to jail... Take care pal.... -
I think slip-ups by banks are getting quite common nowadays with online services, which is the most likely source of fraud.Originally posted by FireIce:will this be in webthreads on sunday?
But other issues such as confidentiality is also very important, which sad to say, are often overlooked. -
even if they use it for investments the money should still be there if and when his mother wants it.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?
banks dont use every single cent they have. -
You're right.. on paper the amount is technically there and should be able to be withdrawn as and when the customer requires it.
However as not everyone will withdraw all their savings and investments at the same time, the bank will use a certain portion of the amount (up to a certain fixed percentage) for its own benefit (within MAS rules and regulations of course) such as lending credit to others (eg. Credit Cards, housing loans) or even in corporate investments.
This has nothing to do with MingFreeman's mother's issue, though. Funds are earmarked only when a transaction has happened.. or when the customer has done something to the account..
One thing though, MingFreeman, how do you know exactly that the amount has been used for a loan?
for now, i can only assume 4 possibilities :
1. The unit trust may have been ear-marked for some other transaction your mother made and in which she did not remember.
2. The earmark may have been made in error. Error transactions that don't involve cash happens more often than the public is aware of, but usually to little or no consequences.
3. A relative or friend of your mum's may have gone to Hougang branch and tried to forge her signature to gain access to the funds.
4. You may still be right, that a staff of DBS actually tampered with her account.
But don't worry, DBS overall is still very strict with its rules and regulations and all you need to do is to wait for the investigation, which usually takes a period of 1 - 3 weeks (this is the norm from what i've been told). You can call them frequently (like once, twice a week) to harrass them to hurry up though
they sometimes do speed up if they find the customer troublesome.
Used to work in UOB once so may be able to offer a bit more insight ^^ -
phaw...steady boom pi pi...Originally posted by Procter:You're right.. on paper the amount is technically there and should be able to be withdrawn as and when the customer requires it.
However as not everyone will withdraw all their savings and investments at the same time, the bank will use a certain portion of the amount (up to a certain fixed percentage) for its own benefit (within MAS rules and regulations of course) such as lending credit to others (eg. Credit Cards, housing loans) or even in corporate investments.
This has nothing to do with MingFreeman's mother's issue, though. Funds are earmarked only when a transaction has happened.. or when the customer has done something to the account..
One thing though, MingFreeman, how do you know exactly that the amount has been used for a loan?
for now, i can only assume 4 possibilities :
1. The unit trust may have been ear-marked for some other transaction your mother made and in which she did not remember.
2. The earmark may have been made in error. Error transactions that don't involve cash happens more often than the public is aware of, but usually to little or no consequences.
3. A relative or friend of your mum's may have gone to Hougang branch and tried to forge her signature to gain access to the funds.
4. You may still be right, that a staff of DBS actually tampered with her account.
But don't worry, DBS overall is still very strict with its rules and regulations and all you need to do is to wait for the investigation, which usually takes a period of 1 - 3 weeks (this is the norm from what i've been told). You can call them frequently (like once, twice a week) to harrass them to hurry up though they sometimes do speed up if they find the customer troublesome.
Used to work in UOB once so may be able to offer a bit more insight ^^ -
highly possibleOriginally posted by FireIce:will this be in webthreads on sunday? -
could be system error. Tat time print my book show inflow of 20k and the next day outflow of 20k.
Sometimes is error by the staff and corrected the next day or next moment.
Tat time how i wish the mistake was never discovered. Then i have 20K more -
1. There are alot of terms and conditions in unit trust funds/Structural Deposits. Did your mum received a free gift when she place into it? If yes, the funds could be earmarked for a period, as the banks want to discourage people from withdrawing after a short time of placement just to get the free gift.
2. It could be pledge to some other credit facilities example a secured credit card, credit line, etc. The credit facility need not necessary belong to your mum.
3. The so called "branch of transaction" need not necessary be the branch where your mum went to do the transaction. It could be just the relationship manager that your mum place the funds with belong to another branch, or that the branch is used as a "default" branch for this particular unit trust purchase.
4. From what I know, earmarking is done by the staff manually, and not by the system automatically. It could just be a simple error on the branch side.
5. Misusing your mum's funds is highly unlikely, (although still a possibility), especially when it is purchased into a unit trust recently. Chances of misusing funds in fixed deposit and normal deposit accounts are higher.
6. And 2 words of advice: a) Please do not put what you put in the topic title (although a bit late to reach you). b) Never send a letter to the straits times or the like. Do that only after you have received replies from the bank concern, and only when you are not satisfied with their answer.
Merry christmas. -
You should have it official and make a police report as soon as possible. If not later there will be more complications.Originally posted by MingFreeman: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 -
Reporting it to the bank is the correct 1st step.. even if u report such a case to the police they will ask u to refer to the respective bank first.
If it happens in any other non-financial institution or company, you should also report to CASE, not the police..
otherwise the mata would be VERY busy pple indeed
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Unit trust is a investment vehicle. You put money into a fund managed by a or afew fund manager who will take all those money to invest in equities. Depending on the fund scope, it could be say Fund Spore, Fund Thailand etc which indicate the fund manager uses your money to invest in that particular country stock market. Think of unit trust as a basket of stocks manged by professionals.
Btw bank sales charge so expensive at 5% usually. Should go Internet DIY to get much cheaper sales charge.