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The question is does one's deposits belongs to the bank when they are said to be senile.
The banks should withold LKY's money because he is senile. :p
The question is does one's deposits belongs to the bank when they are said to be senile.
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
The banks should withold LKY's money because he is senile. :p
If found senile, you are as good as dead. If you have made a will, then when you are really dead, the probate decides.
If you did not make a will, then it goes intestate and distributed accordingly.
Meanwhile, you will continue to accumulate interest on your account.
If no one contest, it will remain this way. The money still does not belong to the bank, but you cannot take it out unless instructions come from a court. I think very likely, the court will appoint a custodian to manage your affairs.
So, someone is right. The lawyers will alligator it if not careful. Lawyers are known to screw up your affairs but interestingly, they always screw it up in such a way that you need them to resolve it and so they will be able to derive fees from your dilemma.
He's senile alright, the difference is he holds the bank and not the other way around.:p
So which is more dangerous? A senile holding other people's money or the bank holding money from the senile? :p
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.
Concurred, but I believe banks has no rights to hold on to one's money, senile or not. The money just dont belong to the bank, it has to be returned. Or to one's estate if demised.:p
OCBC is cleary using bullying tactics here. Going by the recent tresspass of DBS banks and how it has misrepresented its sales and MAS playing meek and acting blur, our banks have now a freehand to do whatever it please.
This is a dangerous precedent which have implications which affects all the elderly account holders in every bank. If this case fly and OCBC wins, can it then, do that to every single senior account holder ?
Dan
There are cases where the children purposely on pretext of their old aged parent's senile condition request for the money to be withdrawn and after getting their hands on the money, throw the old parents away like a ball.
And if the old parents regain consciousness, meaning to say when they start to not be senile, they can sue the bank as to why the money were released while they are not in a conscious state of mind.
No money, no problem. Have money, have problem. That is why certain laws on banking has to be in place for such controversial situations.
There are cases where the children purposely on pretext of their old aged parent's senile condition request for the money to be withdrawn and after getting their hands on the money, throw the old parents away like a ball.
And if the old parents regain consciousness, meaning to say when they start to not be senile, they can sue the bank as to why the money were released while they are not in a conscious state of mind.
No money, no problem. Have money, have problem. That is why certain laws on banking has to be in place for such controversial situations.
There's only very few ways to see things;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.
Banks interfering with our lives, determining whether or not we deserve our $. CPF interfering with our lives, determining when we deserve to retire. That is what 66.6% of the voters chose, a people minded governance.WTF! Since when did the Banks start to behave like our CPF board?