OCBC Bank — Wronged investment info, very poor complaints handling and evasive staff
My bad experience with OCBC started since 2008 when the bank failed to update my mailing address after I raised the concerns confidential details of my investment was sent to an old address. The bank also failed to update my email address. I could not believe such update was not completed despite their staff came down physically to my place with the application form filled and hand over in 2011. The issues were finally resolved when one of the Wealth manager helped me on this. And we move on.
Around June 2021, OCBC failed to provide me the correct investment cost for a unit trust purchase in 2000 when I planned to sell. From hotline, branch manager, cluster head to a financial consultant at Paya Lebar branch, none provided me the correct info needed. They continued to understate my investment cost by almost 50% and wrongly assume and inflated the sales margins I could make from the sales. Fortunately my good memory helps when I recalled roughly an estimated withdrawal amount from CPF Ordinary account 20 years back and decided to trace and track back my own investment records. Such inaccurate info is misleading and damaging to any public retail investor when one could not make informed decision before sales.
Also don't rely too much on OCBC's FB reviews when many said good service at Paya Lebar branch. I was such a fool believing it. When there, the staff put me through more than 3 hours waiting and subsequently allowed me to proceed opening of online service account when I told them I do not have any Saving account with them. This involved 2 females staff in Service Manager & counter staff and a gentleman. Few hours later, the gentleman informed me the application was rejected because I need to have a Saving ac with OCBC. Such service is a nightmare!
If it happens to me, it can happen to you and loved one too. I decided to escalate my concerns to MAS, Case ref MAS-[protected] when OCBC remain incompetent in understanding client's pains. Worst, several VPs tried calling me subsequently and I find them a 'pest' when none understand my frustration and pain and continued to perform verification over phones time and time over and over again, yet none can answer me why provided me wronged investment cost and why cannot approve my online ac when 2 staff at branch said ok????? It is unbelievable with MAS kept in the loop, OCBC remain incompetent in providing answer when I bold the 2 concerns via email. It is a really shame to Singapore financial hub status!