Its my money, why can't i have it?

[CENWEN]

Nov 20, 2008
<!--10 min-->Woman's $8.8m frozen
<!-- headline one : start --><!-- headline one : end --> OCBC says the elderly woman does not have mental capacity to make financial decisions.

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Madam Hwang Cheng Tsu Hsu, a retired teacher, now 92, sued OCBC to get back her locked-up funds. --PHOTO: ZAOBAO

A 91-YEAR-OLD woman, accompanied by her 43-year-old adopted daughter, went to OCBC Bank in May, asking to close her account containing $8.8 million - but the bank would not let her. The bank, which said it has doubts about her mental capacity to manage her financial affairs independently, froze her account despite her repeated instructions to take out her money.

As prudent bankers, it is duty-bound in law to take reasonable steps to ensure that it acts only on valid instructions, said OCBC. The bank's position: it will comply with her instructions as soon as she is shown to be mentally capable. Madam Hwang Cheng Tsu Hsu, a retired teacher, now 92, then sued the bank to get back her locked-up funds. She first tried to apply for summary judgment - asking the court to make a determination without the need for a full trial - but this was rejected.

OCBC then took out a summons for Madam Hwang to be examined by a psychiatrist. But her lawyer opposed this application. In a closed-door hearing on Wednesday, an assistant registrar directed both sides to agree on a psychiatrist within seven days. Otherwise, the court will appoint one to examine Madam Hwang. Madam Hwang's lawyer, Mr Andrew Ee, told The Straits Times that she is appealing to the High Court against this decision.
In March, Madam Hwang was seen by a psychiatrist of 30 years' experience, who assessed her to be fit to make a will despite mild dementia.

Mr Ee said he will also be making an urgent application to seek the release of funds to pay for her monthly expenses. The impasse between Madam Hwang and OCBC began in May, when Madam Hwang and her adopted daughter, Madam Amy Hsu Ann Mei, inquired about opening a joint account.
A couple of days later, a bank officer called Madam Hsu to say no. Later that month, the two women went to OCBC to close Madam Hwang's account. The older woman was brought to a conference room by a relationship manager for a face-to-face meeting with senior bank officials.
Madam Hsu was not allowed in but she found her way to the room and left with her mother. In the three months after this meeting, a flurry of correspondence between Mr Ee and OCBC followed. Mr Ee repeatedly wrote to the bank to close Madam Hwang's accounts but OCBC refused and insisted on meeting her face to face.

On Aug 15, OCBC wrote to Madam Hsu, raising doubts about Madam Hwang's mental capacity. OCBC said it will not accept any further instructions on all her accounts with the bank until these concerns are addressed. On Aug 29, Madam Hwang filed a suit against OCBC for breach of contract. She wanted the High Court to compel the bank to give back her money. In its defence, OCBC said that, at all times, it had acted in line with the duty of care imposed by them on law, to withold payment.
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[dominion]

could it be they suspect the adopted daughter is up to no good?

 

[R4g3]

if all these people are withdrawing millions during this point of time, who will suffer?

 

[surespam]

will take out my 3 millions from OCBC tomorrow.....

Nahbeh, own money also must get lawyer to help to withdraw..

kepala pisang!

 

[NissanViP]

OCBC is hard-up for cash flow now, so frozen means "You can see but cannot touch".

OCBC also give nice excuse, learned from LEE KUAN YEW.

Bank account owner must be given full rights unreservedly to do whatever they wish to.

Looks like I'm going to keep my cash under my pillow.

 

[Cestbon]

Lol ........................then withdraw few hundred K each times. Really no brain.,

 

[diversifyx2]

Same same goes to your CPF, bro here take care. haha

 

[angie II]

with $8.8m OCBC can play around n do wonders juz like Ho Jinx!
knn... try 2 tekan ah ma...
wah... ah ma rich leh...

 

[masgnoeL]

Why do a 91 year old need so much money for?
Just withdraw what she needs and then leave the rest to her will.
There could be a hint of manipulation here. Caution.

 

[shOUTloud]

Why do a 91 year old need so much money for?
Just withdraw what she needs and then leave the rest to her will.
There could be a hint of manipulation here. Caution.

yeah. what is the hurry? the adopted daughter is really suspicious. good work by OCBC.

 

[masgnoeL]

will take out my 3 millions from OCBC tomorrow.....

Nahbeh, own money also must get lawyer to help to withdraw..

kepala pisang!

Don't take out leh. Like that OCBC sure collapse liao.

 

[surespam]

Why do a 91 year old need so much money for?
Just withdraw what she needs and then leave the rest to her will.
There could be a hint of manipulation here. Caution.

Whether got manipulation or no manipulation is the ahma business..

The nahbeh bank no need kaypoh. Just return her money.

 

[angie II]

Don't take out leh. Like that OCBC sure collapse liao.

u OCBC staff issit?

 

[masgnoeL]

u OCBC staff issit?

Ok lor. Take out everything and let OCBC collapse then.

 

[masgnoeL]

Whether got manipulation or no manipulation is the ahma business..

The nahbeh bank no need kaypoh. Just return her money.

Actually you know there are two sides to the coin.
If you are the 91 year old and you have been manipulated but cannot do anything, you will thank the bank.
If it was not so, you would be angry with the bank.

However, your age of 91 would mean that you could be coerced, victimised. So, it is prudent to be cautious. The bank is not saying you cannot take the money out. It just want to ensure that you gave the instructions when you are of sound mind.

The tricky part which OCBC will get into is this. If the 91 year old is found to be senile, then I believe the bank will petition to the court for a decision of what action to take.

So, if you were the 91 year old, you would have wished you had laid down proper instructions before you become senile.

A bit tricky now. But I do not think the bank is trying to cheat the old lady, IMO.

 

[singveld]

OCBC very good bank
but i think they only extend such good service to the very rich client
me poor, i dun think they will have such good service, therefore i dun think i switch from posb.
too bad

 

[ForzaFerrari88]

Actually you know there are two sides to the coin.
If you are the 91 year old and you have been manipulated but cannot do anything, you will thank the bank.
If it was not so, you would be angry with the bank.

However, your age of 91 would mean that you could be coerced, victimised. So, it is prudent to be cautious. The bank is not saying you cannot take the money out. It just want to ensure that you gave the instructions when you are of sound mind.

The tricky part which OCBC will get into is this. If the 91 year old is found to be senile, then I believe the bank will petition to the court for a decision of what action to take.

So, if you were the 91 year old, you would have wished you had laid down proper instructions before you become senile.

A bit tricky now. But I do not think the bank is trying to cheat the old lady, IMO.

Lawyers will be queing to provide their service to this old lady. If the old heck doesn't get con by the 'manipulative' tart, you can count on the lawyers to do it.

 

[Kid278]

So, if you were the 91 year old, you would have wished you had laid down proper instructions before you become senile.

A bit tricky now. But I do not think the bank is trying to cheat the old lady, IMO.

The question is does one's deposits belongs to the bank when they are said to be senile.

 

[silverfox@]

The question is does one's deposits belongs to the bank when they are said to be senile.

Senile dementia could just be an excuse used by the bank. But if its proven that she is in a right state of mind to withdraw the money, then the bank should return her

 

[Zombie]

Whether got manipulation or no manipulation is the ahma business..
The nahbeh bank no need kaypoh. Just return her money.

Bank owes duty of care to the customer. When the bank handles your money, bank is the custodian.

If the bank has any good reason to suspect that it may not be your intention nor in your interest, and yet the bank proceeds with "your" instructions, and if as a result, you suffer losses, you may sue the bank.