How come OCBC can withhold money of account holder???????

[ahleebabasingaporethief]

Say the newspaper report that 92 year old woman wanted to withdraw$9.2m and OCBC say cannot. Further they freeze all her accounts so she cannot even withdraw $1.

OCBC say she senile.

Any lawyers here care to comment.

I thought this country is you die your own business. If she really senile, withdraws the $9.2m and gets cheated by her relatives, is it really the bank's business?

I find this case really funny.

During the 1997 ASIAN Financial Crisis, I heard a similar story when an Indon man wanted to withdraw several million in cash, he was told to come back the next day as the MAS needed to be notified first.

He was so furious because he was travelling the same night that he and several of his Indon kakis decided to trasfer huge chunks of money out of Singapore to HK's banks.

Again why are our banks doing such things? Any laywers here care to comment. Thought we a leading financial center. I am confused.

I do not doubt our banks' liquidity but why such strange rules and laws?

 

[Einfield]

When the same senile women want to sign over her $8M to some structured investment product the bank sells, I'm sure they will quickly get her thumb print.

 

[imperialarms]

wow she so rich

 

[halsey02]

wow she so rich

A retired teacher, I am not mistaken...should have taken up teaching!, work half a day or less, and spend the rest of the time, playing the stock markets, forex etc..

Good pay somemore...good bonuses!..BE A TEACHER!

 

[sherrry]

A retired teacher, I am not mistaken...should have taken up teaching!, work half a day or less, and spend the rest of the time, playing the stock markets, forex etc..

Good pay somemore...good bonuses!..BE A TEACHER!

The perks of being a teacher are long gone history already. Ask those who're teaching as a profession these days, they're no longer educators, they're "life's stewards". They're KPI at work is as per SOP, but there're tons of invisible KPI + bootlicking included.

 

[theblackhole]

how come the bank can prevent her from withdrawing? this is terrible man! i'm sure the family can ask their doctors to certify that she is of sound mind and she can make the withdrawals freely.

but frankly even if the depositor is not of any "sound" mind, and 92 years old, how come the bank can still keep the money for who??? knn! this type of banking practice also got meh?

so the lesson is: better withdraw your money before you're called "unsound" mind? at what age are most of us "unsound"? this is terrible!!!!

 

[johnny333]

but frankly even if the depositor is not of any "sound" mind, and 92 years old, how come the bank can still keep the money for who??? knn! this type of banking practice also got meh?

so the lesson is: better withdraw your money before you're called "unsound" mind? at what age are most of us "unsound"? this is terrible!!!!

We have an MM who is in his 80's & we don't know the condition of his mental state

 

[johnny333]

wow she so rich

Only guessing,
As a teacher she could afford to buy private property. Those days could buy private property cheep, cheep. Must have sold when prices were decent.

 

[singveld]

Only guessing,
As a teacher she could afford to buy private property. Those days could buy private property cheep, cheep. Must have sold when prices were decent.

yes the god daughter can spend all the money and simulate the economy

91 yr old, want to bring the money with her in after life

spend lah.... singapore economy need big spender.

 

[theblackhole]

i think she is partly to be blamed. she didn't trust anybody by putting a joint account.now nobody wants to trust her decision - even her own bank. this is a lesson we must all learn. before we go senile at 80? 90?...better trust someone and put our savings as a joint account...but of course there're exceptions like anything under the sun.some people don't go senile.so they continue to make vital decisions and they can withdraw not millions but billions and billions. this is our upsidedown world.cheers and remember to smile when you walk down that slippery lane and enjoy your laksa and meeribus before that too will disappear.good luck.

 

[pia]

Surely the money can't be held indefinitely as it's hers. A next-of-kin authorised by her should be able to withdraw that money. Otherwise, it's fraud on the bank's part, isn't it?

 

[sir cum-a-lot]

The bank did not have that amount of cash in that branch, need to call for cash back up from other branches. But since, the bank was short of cash in the stash, they had to go thru much paperwork to loan cash from other banks, and will take time to process. They also incur charges & interests for doing so.

They're just doing all they can to delay the process, in hope to deter the lady from closing the account.

 

[Neh_Neh_Pok]

"Not to worry, I'll send the OCBC staffs to hell. Hei hei hei hei.."

 

[R4g3]

When the same senile women want to sign over her $8M to some structured investment product the bank sells, I'm sure they will quickly get her thumb print.

thats so true.

 

[johnny333]

yes the god daughter can spend all the money and simulate the economy

91 yr old, want to bring the money with her in after life

spend lah.... singapore economy need big spender.

Its actually quite sad, when you're 91 the biggest planned expenditure is a coffin & funeral. What else can she slurge on?