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View Full Version : Maybank stoop low to make money



FreeThinker
15-08-2006, 10:44 AM
Just wanted to highlight my plight about Maybank's tactic. I have a Islamic homeloan with Maybank for about 4 years now. There is a clause in the loan that says I have to purchase an insurance with Maybank Fire or HouseOwner insurance for taking this homeloan. It's fine as I can accpet the RM80/annum insurance to cover fire incident.

However, after 4 years of paying the insurance, MBB sent a renewal insurance policy to me a few weeks ago. Only thing is, this time it is not the usual Fire insurance that they are sending but HouseOwner insurance which cost RM309.10/annum. This is like 4 times the premium I had been paying all this while!

Of course I protest by calling and sending faxes to Maybank. However, they ignore it totally and debited he amount to my homeloan account!

My ground is that:
1. They have never consulted or asked for my permission to change the policy.
2. The homeloan agreement states that I have to purchase a Fire or HouseOwner insurance from them.
3. They have no right to simply take extra money out of my account.

I have sent faxes and demand also an apology from them, without which I will highlight their tactics to the press as well as make official complaint to the Consumer's Association and Bank Negara.

Any one can help me to verify or provide contacts to make the complaint?

Maybank has yet to reply and apologise to me.

mlkok
15-08-2006, 10:51 AM
Since they have been happily ignoring you, I would suggest writing to Bank Negara. It will get you faster action, plus give them extra work to do since they created all these hassle for you in the first place. :D

ericchan
15-08-2006, 11:49 AM
Sometimes we overlook reading the fine lines in the policy/contract have another read then take the necessary action. They dont need to stoop low they are reaping massive profits already..so!

Sentinel
15-08-2006, 12:40 PM
Since they have been happily ignoring you, I would suggest writing to Bank Negara. It will get you faster action, plus give them extra work to do since they created all these hassle for you in the first place. :D

FreeThinker, write a few more postings in this forum here and share your experience with all of us. Let some folks in Maybank PR department and their PR agency know about this thread. See whether they respond or not after that. I'm sure they will respond because they cannot be worse than that STANDARD CHARTERED BANK, right? :mad:

kudat
15-08-2006, 01:08 PM
I would say write bank negara now. That is the only way to have ANY commercial banks responding to ANY problems.

I had the same problem with an insurance company once and I wrote to them copy to Bank Negara. Within a week, i receive a cc of a letter from BN to the insurance company to explain/show cause to the reasons for what they did to me.

BN (Bank Negara, that is) works....

mlkok
15-08-2006, 03:46 PM
Sometimes we overlook reading the fine lines in the policy/contract have another read then take the necessary action. They dont need to stoop low they are reaping massive profits already..so!

That's wishful thinking. It's a business and the banking industry is one of the most cutthroat. They're answerable to shareholders who wants to see Y-o-Y profit increase. If they don't find means to squeeze pennies from everywhere, how's would they achieve this (Aside from cooking they books)? :p

Why do you think it's necessary to charge for each ATM withdrawals after 4 times? To charge for withdrawing less than RM4500 over the counter? Etc, etc, the list goes on.

charis14
15-08-2006, 04:15 PM
Of course I protest by calling and sending faxes to Maybank. However, they ignore it totally and debited he amount to my homeloan account!..Will be difficult to ignore a client who is there face-to-face or even on the phone waiting for an answer. However, there are times when the officer there may actually be equally blur as to the rationale or the rights of the bank or purchaser.

In case you think you were unfairly treated, what about being charged insurance MUCH higher than yours for an ABANDONED property. This was what MBSB did to me, a victim who was stuck with a loan from them. This was on top of the suffering inflicted through paying interest which was much higher than any bank or finance company.
After much checking and even visits to the insurance company which issued the cover, we found that they even covered for RENTAL... for an ABANDONED property. After much threats, they finally modified the policy to a more acceptable one. In any case, we borrowed enough to cover outstanding amounts and got out, with no intention to ever consider MBSB again.

Aishah2000
15-08-2006, 04:25 PM
Like in your case, i would write to bank negara. I too am facing problems with Maybank. sold my property and they have yet to send the title deed to the lawyers in order for them to transfer name at the land office and now land office wants to charge a fee for the delay. Who is going to pay. The buyer of my property doesn't want to pay, I shouldn't be paying as the loan has been settled. Maybank push frm one branch to another branch.
M in the process of writing to Bank Negara, as no one wants to take responsibilty for the delay.

All the best to you.

FreeThinker
16-08-2006, 05:23 PM
Thanks everyone for the advice. Actually I worte and talked to the person in-charge. The problem is the person in charge is blur, as some of you have pointed out. All she could say is that the matter is now passed to the relevant department (the one who instructed the change in policy).

I spoke to her today again. I told her straight that Maybank had violated regulation by taking out extra oney from my account without my consent or approval. I told her that I am going to write to Bank Negara to lodge a complain for this misappropriation. Then she had already asked for the cancellation of debit for the insurance but need the approval from the management. So you see, these people are always trying to pass the ball around.

So I said fine, if Maybank wants to simply change the policy without my consent, it shows that Maybank is not interested in having me as its customer. Hence I told her that in that case please write a letter/fax to me that to insist on the change of policy, so that I could first write to Bank Negara to complain and then next year (when my five year limit is up), I will change the homeloan to another bank.

Finally she told that she will make sure the policy of the insurance will not be changed.

I told her straight that I am not happy with her service and I do not like a big company bullying me. And demand an apology for the changes without my consent.

I will wait for a couple of weeks again for the respond before I lodge a complain to Bank Negara. (Reason is because I do not know to write to whom in Bank Negara la, anyone can provide the information?)

So the lesson is - the bank will not let the lobster got away because of a shrimp.

I decided to change the loan next year anyway because they had rejected to reduce my interest rate on my request. Also because of such bad service from them.

So besides Standchart and Maybank, who has had bad experience with other banks before?

jakpo
16-08-2006, 07:37 PM
all banks are the same actually.... :)

-jakpo

USJ27Resident
17-08-2006, 12:08 AM
all banks are the same actually.... :)

-jakpo

So true... Banks - in reality, legalised, commercialised Loan Sharks! (unless your overdraft is in RMx'000,000.00 upwards!)

Insofar, imagine the poor souls that own property that is left half built and abandoned... ie the Rythmgate and RythmAvenue fiasco. I still don't get it - how can the banks blanket release up to 90% loans when only portions of the projects are partially completed. I have friends still paying Progressive Interest Repayment for without any sight of remedy. ( Heartsick!!)

These bankers, architects, lawyers and developers - all should have been charged for breach of trust, deception, contempt... basically, throw the book at these basta**s :mad: for the sufferings that they've caused.

The Government should just make BUILD and SELL a LAW - mebbe property prices may be a lot higher, but at least one would have a house to move into after paying so much. AND at least, we can be assured that the DEVELOPER has the freaking funds to be a DEVELOPER in the FIRST PLACE. And the bankers - well, they will always be bankers - with other people's money!!! :rolleyes:

RolyPoly
17-08-2006, 12:28 AM
Since they have been happily ignoring you, I would suggest writing to Bank Negara. It will get you faster action, plus give them extra work to do since they created all these hassle for you in the first place. :D

Remember to cc your letter to The Star, The Sun (esp Citizen Nades columnist) and also CAP. Usually banks do not want negative publicity. More so if it's affecting the marketing of their housing loan. Give it your best shot and do it quick as it's your money Maybank has taken! Get it back soonest possible!

FreeThinker
21-08-2006, 04:32 PM
Maybank finally agreed to change back the insurance policy to "Fire" only. After much threat to switch the houseloan. Talk about bullying of its customers!

I got an even more shocking information from the bank officer today. It seems the Sell then Build concept/policy that we are so used to buying property is so biased - towards the developer. First, it is us the "customers" who are paying the developer to build the house for us. Then, we have to buy an insurance for the house still under construction! This means if we do not buy insurance for fire during consruction for example, and an accidental fire occured and burn down your dream house, it's your fault! The developer will not build another one to pay you back because it is nt their responsibility! Does it make sense? Property is still under their control, but they will take no responsibility for it. How suck is that!

The Maybank officer told me that's the policy of the sell then build concept, hence they(the bankers) have to make sure the house owners buy the insurance! Wow, you paid upfront for a car, and when a fire happens in the car factory, you are liable not the car factory owner! How logical is that!

Really do not know what the Housing ministry is doing. Enrich the developer by sucking their paymaster!