How NOT to open a bank account with AmBank?

Date - Aug 2, 2012 (Thursday)
Time - about 130pm
Place - Johor Bahru, Jalan Wong Ah Fook Branch
Attended by Shirley (personally) and Mr Tan Hiang Tak (Michael) (by phone) - District Manager, Southern District 4

My intention - to open a savings account to be used to service a housing loan

What did I bring to the bank? I brought myself, Malaysian identity card (I/C), Malaysian passport and money.

After Shirley reviewed my docs, she asked me why I need to open an account in Johor Bahru (JB) when the address on the I/C shows that I am from Kuala Lumpur (KL).

I told her I am working and staying in Singapore and have just entered into an option to buy a property in JB. She then asked me for work permit or Permanent Resident card or any document to prove that my place of residence is in Singapore.

I asked her why the need to show that I am residing in Singapore. She told me that it would not be appropriate for someone with a KL address to open an account in JB. So I ask why not?

I offered some possible resolutions to our impasse. I offered her my lawyer's details for her to confirm my intention. She said no. I asked Shirley whether she could talk to AmBank loan officer who is currently reviewing my loan request. She said no again.

My mind is trying to find a single possible valid reason for someone staying in Jurong being refused to open a bank account in Tampines.

Is it because the Malaysian banks' computer systems are not fully linked? Are they worried that a "naughty" customer would be able to open accounts all over Malaysia and they could not cross check each other branch's database? (By the way, I wish to reiterate that I am trying to open a savings account and not a current account. It is very difficult to cheat someone with a savings account.)

She added that I could come AGAIN on another day with perhaps, my utility bill (for example) showing my name against the address.

I asked to see the Branch Manager. I was told he is not around. I asked to speak to him over the phone. I was duly connected to a Michael Tan. I appealed to him for a waiver. He said he is unable to yield to my request and offered to ask Shirley to send an email to their Head Office for permission. I was asked to wait for the request to go through.

I waited for ONE hour.

At the end of that one hour, Shirley informed me that Head Office has turned down my request.

What am I seeking in this open letter?
a) Please explain the need for proof of residence or some other docs to support why one need to open an account in a certain location.

b) What is your standard response time for Head Office to reply to an email request from a branch?

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I am really curious to learn the reason for this requirement. The requirement for proof of residence is so important to the Bank that they could reject your request to open an account. This open letter could also many other prospective customers to understand your policy.

I actually went straight to my lawyer and duly informed him to inform future Malaysians staying in Singapore to bring their respective proof of residence.
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two tales of two largest S'pore insurance entities

In one corner, we have a report by Magdalen Ng on Great Eastern on Feb 15's ST. In the other corner, I read a report by Christopher Tan on NTUC Income on Feb 17's ST.

To Magdalen, Singapore's largest insurer is Great Eastern. Whereas Christopher reported NTUC Income as the largest composite insurer (ie. offering both life and general insurance) in Singapore.

Magdalen's article carried a headline with a negative tune and focused on the double digit drop in Q4's net profit and consequent 24% decline in full year profit to $385.7m. Magdalen did not report on GE's overall sales turnover. Christopher's headline is positive and focused on the record turnover of $4.2b achieved. Christopher did not report on current profit achieved but gave an indication on its profitability by telling us about the $200m profit secured last year.

Magdalen reported on factors contributing to the decline in profit. Terminologies used - "weak investment climate", "unrealised mark-to-market losses" etc. Both GE's Chief Executive and Chief Financial Officer tried to tell us that there is light at the end of tunnel in the form of "resilient performance despite...", "operating and financial discipline", "ride volatility", "total weighted new sales.. improved 10%".

As Christopher may understand that profitability is not the utmost priority to a cooperative and that as a NTUC cooperative it must make an impact to society, his piece focused on the transformation achieved by the new Tan Suee Chieh after taking over from the old Tan Kin Lian. Premiums collected doubled to $4.2b over 5 years. Profit increased form $96m in 2006 to $200m last year. Rebates of $4.2m to be returned to policyholders.

Despite all of the above, there is definitely a lot of monies involved in the insurance industry in Singapore as represented by these two insurers.