Excessive charges by the banks

It appears that MAS is taking a serious view about the computer glitch at DBS Bank. I consider that the attention is misplaced. Sure, someone made a serious mistake, but it was not intended. Let them learn their lesson.

I prefer MAS to put its attention on other matters that are important to consumers, such as the excessive charges for banking services for writing a cheque wrongly or for having a bounced cheque. The charges of $25 or $50 for these unintended mistakes are grossly excessive. MAS should investigate the real cost to the bank and ensure that the bank does not make a profit from these charges.

Unlike the computer glitch which was unintentional (i.e. caused by a routine repair job), the excessive charges by the banks are delibrate and unconscionable.

If the bank is allowed to make a handsome profit on these charges, you cnn be sure that they will be creative in making life difficult for their customers, so that they can be caught with these penalties.

Tan Kin Lian