8/24/2014

YM Bank business philosophy




I went to my banker to withdraw my FD. Actually I wanted to renew as the interest rate was above the market rate. To my surprise, after being invited for tea, I thought he must be trying to show his appreciation for the long business relationship. You see, I have been putting my FD with this bank for more than 30 years, every year just renewing without withdrawing. It was a long term thing, for my retirement.

This time I did thought of taking up a small amount to do the things that I wanted to as I am past my retirement age and many physical stuff are no longer my cup of tea. What I did not bargain for was to be told by my bankers that he was worried for me. He shared with me confidentially that he did not think I would be able to hold on to my money and would likely spend them long before my last days on earth.  He then offered me his advice generously that it was best that I continue to keep my savings with him. I said fine but I would want to take out a sum to fulfil my dreams after a life time of working and savings.

Now this was not what I bargained for. My banker told me it was not possible. As my private banker, he was exercising the right to protect me, actually protecting my money from me. He said based on his judgement, it would be unsafe to let me have the money. He therefore unilaterally decided that he would use my savings to buy me a medical insurance and an annuity insurance so that I would be well taken care off in retirement with a monthly payout and also my medical needs.

I said how could you do that? He said well, he could and there was nothing I could do about it. I said that was a ‘yeh mun’ thing to do. He said sure, that’s why his bank is called YM Bank. And his bank has the licence to do as he thinks is the right thing to do, even decidingon his customers’ savings for safe keeping.

Kopi Level - Yellow

15 comments:

Anonymous said...

Hi RB, Speed here. I think you are puling our legs in that story. I cannot believe that the event actually happened. I know bankers are notorious but not to that extent I am sure.

Anyway, I went to the HLP meeting yesterday with my better half. There was a gentleman who looked like you but I was too " Paisay " to approach to ask. This was a person with a white cap, a dark grey shirt and trousers and and a black bag pack. If it was you, I will kick myself.

Chua Chin Leng aka redbean said...

Hi Speed, yes it was me. And I waited and was looking out for you but could not find you. The resident geomancer also did not show up.

Oh, I took a pic of some who showed up and would be putting it on the banner of this blog, as bloggers I met at Hong Lim. No names mentioned of course.

Anonymous said...

I am kicking myself

Anonymous said...

"He said well, he could and there was nothing I could do about it."
RB

Actually only when the majority customers of YM Bank voted to replace the bank management, only then can they withdraw their money.

But then these majority customers, despite being given the chance more than once, did not do so.

That being the case, there was nothing the customers (every one of them) could do about not being able to withdraw their money.

So for that, blame who, u tell me lah?

Anonymous said...

"But then these majority customers, despite being given the chance more than once, did not do so."
Anon 10:57 am

Maybe the majority customers are very scared when a new management take over and announce first thing there is no more money in YM bank, then how?

That will be even worse than not allowing customer to withdraw, tio bo?

Anonymous said...

Rb // . The resident geomancer also did not show up. //


Mb he needs settle some 7th month prayer stuff?

Many people usually quite bz towards end of 7th month especially believers?

Mb he doesn't want any limelight?

Especially photos taken by Rb's super sharp latest state of the art high end digital camera?

But can see his sincerity and efforts in contributing to the discourse and well being of this land and its people.

Bravo!

Matilah_Singapura said...

CPF is not a private bank, and the money in the account in your name is not IN FACT and IN REALITY yours.

So redbean, your private bank analogy is pure bullshit.

When you go to private bank, you do so voluntarily. CPF is compulsory payment from wages -- by law. i.e. you have no choice, it is not voluntary.

Please lah, compare apples with apples...here you are comparing chikus to magosteens lah. Epic fail!

Anonymous said...

Bankers are a cancer. They suck depositor's blood, knowing that depositors still have to let them keep their money at whatever interest rate they dictate, because, for old folks, that is the only place to keep their money other than in biscuit tins under the bed,

When banks take our deposits, they pay miserly interest rates but used that deposit to lend out at ten times the amount and at ten times the interest rate or more. It is a bloody sin to take old folk's money to earn so much, yet give them so little. Their conscience have really gone to the dogs.

Over the years the rules have also kept changing in favour of the bankers. One example is when you withdraw your term deposits before maturity, you lose all the interest up to the day of your withdrawal. This was generally not the case many years ago. Then, they still pay you proportionate interest based on the period your money was deposited with them.

Never trust your bankers to give you good advice. They just want to hold on to your money to make more at your expense.

And never belief when they tell you how valuable you are to them.

Anonymous said...

I think hor.
Maybe it's not safe to pay a 90 year old man a salary that is too high.
He may get tempted to spend his salary on Batam women.
And then maybe bring disgrace to his family.
And the reputation that he has carefully built up over so many years.
In order to protect him, do you think we should cut his salary to $1,000/month?
What do you think?

Anonymous said...

Speed and redbean.
I still say you all should wear a red rose on your shirt for identification.
You guys are worse than teenagers on a blind date.

Anonymous said...

Well said Anon 12.39 pm.

I agree with everything you wrote. Banker are the worst people in our society. They do not have any conscience. Wonder how they sleep at night. I guess when you are that type of people they can sleep very well without any pangs of remorse or regrets. I hope the saying " what goes round comes around " will be their fate.

Anonymous said...

Red bean, actually the situation u described is not unique in sg. In vietnam the bank does the same thing. The customer does not have the full say in using their money too.

Anonymous said...

In Greece the goovt just deduct from the customers saving. So it is normal.

Anonymous said...

So u can see many governments are very evil

b said...

thats why some people rob the bank and we called them robbers and sentence them to death rather than heros.