I receive small payments through PayPal, e.g. for purchase of my books. There is a minimum charge for each payment, which amounts to about 5% of the amount collected. I found this charge to be rather high.
My friend told me that a popular mode of payment in China is UnionPay. The fee is quite low. It seemed that the authority promoted this form of payment to reduce cost to the citizens and small businesses. It is a convenient and inexpensive way to make payment for small transactions.
I hope that our MAS or IDA can take the lead to introduce a similar low cost and convenient way to make small payments. The current method of paying by funds transfer through internet banking is too cumbersome.
Tan Kin Lian
Wednesday, April 6, 2011
Exchange with a customer care manager
Does the customer care manager really care about the views of its customers? Read this story.
Financial Savvy Test #17
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. How can I get Medishield insurance for my parent who is not insured now? Keyword: not insured
2. Is there any potential danger to join an insurance company as an agent? Keyword: potential danger
1. How can I get Medishield insurance for my parent who is not insured now? Keyword: not insured
2. Is there any potential danger to join an insurance company as an agent? Keyword: potential danger
Better Business Practices
I have written about the poor customer service of DBS Bank, UOB Bank and Singapore Airlines. The poor service is a result of a focus by business corporations to cut cost and increase profits. In doing so, they overlook the need to serve their customers well and treat them fairly.
The representatives of DBS Bank and UOB Bank have since called me to rectify the issues that I have raised. I hope that they will look at the underlying causes, and change some of their existing practices. It should not be fire fighting, but a cultural change in their attitude and approach.
I have come across many cases of bad practices by business corporations and government agencies in Singapore. I shall be writing about these practices. My aim is to get these corporations and agencies to recognize that these practices are bad from the customer's point of view. They should act to make changes to improve their customer service, without increasing their cost of operations.
I know that this will be a long journey to change mindsets and practices that are now cast in stone. But, I shall try.
Tan Kin Lian
The representatives of DBS Bank and UOB Bank have since called me to rectify the issues that I have raised. I hope that they will look at the underlying causes, and change some of their existing practices. It should not be fire fighting, but a cultural change in their attitude and approach.
I have come across many cases of bad practices by business corporations and government agencies in Singapore. I shall be writing about these practices. My aim is to get these corporations and agencies to recognize that these practices are bad from the customer's point of view. They should act to make changes to improve their customer service, without increasing their cost of operations.
I know that this will be a long journey to change mindsets and practices that are now cast in stone. But, I shall try.
Tan Kin Lian
Open letter to SM Goh
Wing Lee Cheong sent this open letter to SM Goh about his remarks on the poor quality of life as a farmer. He also sent his photos to show his quality of life in Canada as a retiree, living in nature and at a low living expense.
Read his letter in SGEP.
Read his letter in SGEP.
David Marshall - the joy of public service
David Marshall was a former chief minister of Singapore. In this interview, he spoke about the joy and excitement of public service, not necessary to have a high salary.
PAP
I received this suggestion from a reader of my blog
The way to get your voice in is to follow the PAP -- people's ACTION please!
Everyone of you please try to get 10 people you know to pledge that they will vote for opposition in the next GE. And that each of them must also get 10. No duplication please. Once a person has pledged with someone, he/she is not allowed to pledge again.
People -- ACTION -- please!
Dare To Act
The way to get your voice in is to follow the PAP -- people's ACTION please!
Everyone of you please try to get 10 people you know to pledge that they will vote for opposition in the next GE. And that each of them must also get 10. No duplication please. Once a person has pledged with someone, he/she is not allowed to pledge again.
People -- ACTION -- please!
Dare To Act
$150 to process a refund
I wanted to cancel a ticket booked with Singapore Airlines. I was told that the fee to process the refund is $150. I consider this fee to be grossly excessive. There is no need to impose such a high fee, other than the desire to increase the profit (by holding the customer to ransom).
Expensive credit card
Someone asked me why I decided to give advance notice to cancel the UOB Infinite Visa credit card on its expiry, as the bank is likely to waive the annual fee on request of the customer. The answer is - I don't want to rely on the goodwill of the bank. The contract said that the card will be automatically renewed and the annual fee is $1,500. It did not give the legal right to the customer to get a refund if the customer cancel the card after renewal. If they refuse to waive the fee or give a proportionate refund, there is nothing that the customer can do.
This is an example of an unfair contract term, i.e. levy a heavy annual fee on the customer without getting the prior consent. I am aware that other credit cards have similar conditions, but I am prepared to take the risk if the annual fee is less than $100 (but not for $1,500). Anyway, I do not need an expensive credit card, as I do not make use of the privileges.
A representative of UOB Bank called me this evening to apologise for the mistake in cancelling my card and to inform me that the card has now been reinstated. I had raised this issue during the weekend and did not get any reply from the bank for the past three days. It does not matter to me whether the card is reinstated or not - as I do not intend to use it.
I have nothing personal against UOB Bank which has served me well during the past years. I only wish to give this example for business corporations to change their business practice and act fair to their customers. They should not have unfair contract terms and levy heavy charges to boos their profits.
Tan Kin Lian
This is an example of an unfair contract term, i.e. levy a heavy annual fee on the customer without getting the prior consent. I am aware that other credit cards have similar conditions, but I am prepared to take the risk if the annual fee is less than $100 (but not for $1,500). Anyway, I do not need an expensive credit card, as I do not make use of the privileges.
A representative of UOB Bank called me this evening to apologise for the mistake in cancelling my card and to inform me that the card has now been reinstated. I had raised this issue during the weekend and did not get any reply from the bank for the past three days. It does not matter to me whether the card is reinstated or not - as I do not intend to use it.
I have nothing personal against UOB Bank which has served me well during the past years. I only wish to give this example for business corporations to change their business practice and act fair to their customers. They should not have unfair contract terms and levy heavy charges to boos their profits.
Tan Kin Lian
Logic Box
Here is an interesting logic game available on Windows Phone. It will be transferred to Apple, Android and other mobile platforms later. http://www.youtube.com/watch?v=ZIV-_vPiV-Q&feature=related
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