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concern!!!
09-01-2007, 11:46 AM
i open a cheque and didnt notice that the bank account doesnt have enough fund to clear the cheque... its bounced back n they charging me rm100 for that ... i thought there is overdraft for the current account?

yvonnefoong
09-01-2007, 11:48 AM
wah RM100? nuts. so expensive.

Andersen
09-01-2007, 11:49 AM
Not only will you be charged RM100, you'll also be blacklisted by the banks. It is always our duty to ensure funds are adequate when we issue cheques.

concern!!!
09-01-2007, 11:52 AM
yup..i admit thats my mistake .. :)
anyway, if not mistaken i thought the bank negara said bank should not impose those fees already?(mayb others n not this)

birdy
09-01-2007, 11:57 AM
i open a cheque and didnt notice that the bank account doesnt have enough fund to clear the cheque... its bounced back n they charging me rm100 for that ... i thought there is overdraft for the current account?
U hv to apply for overdraft facility in order to be able to utilize it. Current account doesn't come with OD facility.

I think this RM100 penalty is imposed by BNM not individual bank. Unless u hv a very good relationship with the Bank Manager, otherwise they will not bother to call u to top up the shortfall before 10am. :)

Be warned! 3 times bouncing would give the bank authority to close your current account immediately.. So, pls ensure u hv the fund in there before u issue cheque.

birdy
09-01-2007, 11:59 AM
yup..i admit thats my mistake .. :)
anyway, if not mistaken i thought the bank negara said bank should not impose those fees already?(mayb others n not this)
BNM does not allow other fees such as cashing out fee, etc.. not this cheque bouncing fee.

fRaNkY
09-01-2007, 12:01 PM
Every cheque bounces will be charged RM100. Three times... u r out!

All cheque account does not have overdraft... silly them... can give RM25k cr card but no overdraft.

concern!!!
09-01-2007, 12:02 PM
ok .. thanks birdy for the info. :)

jakpo
09-01-2007, 12:32 PM
I think this RM100 penalty is imposed by BNM not individual bank. Unless u hv a very good relationship with the Bank Manager, otherwise they will not bother to call u to top up the shortfall before 10am. :)


Once, my current account short of a few ringgit. The branch (Hong Leong Sunway) called me early in the morning to top up before 10am.

-jakpo

chin_wan
09-01-2007, 12:48 PM
I am not sure about the charges...i.e. how much and all. But let me tell you something. Bounced cheque is a manace to the banking system. I work for a bank and everytime when we wanted to start a project that involves cheque, the bounced cheque issue/workflow is always the most painstaking of all, i.e. how to handle them, what to do if it bounced, etc. So paying a fine for bounced cheque is fair.

How much is fair? Well...that I don't know.

charis14
09-01-2007, 02:57 PM
concern,

No harm writing to your bank to appeal for cancellation of penalty. Have personally tried that successfully before.

My worse experience was when I forgot about funds being automatically swept to cover credit card bills years ago. HSBC bounced my cheque - penalty costs more than shortfall. On enquiry, they stated that it was not their practise to call - with no consideration of my >15 years record or high credit card available credit. Realising that the HSBC 'officers' have been replaced by machines, I closed all my accounts with HSBC and switched to Maybank (i-account, credit cards, etc). At least I can serve myself using maybank2u.com at almost no cost.

bslee
09-01-2007, 03:18 PM
Sorry to utter more disgust but everyone (except those who don't use bank services at all), is at THEIR MERCY for the slightest fault, any penalty or extra charges they can inflict anytime and anywhere. Its still sorta cowboy country where these vultures are concerned. Someone has to pay for their 22nd century buildings, palatial interior decor, over staffing, the underperforming, huge bonuses and salaries for their top brass, etc..

iml109
09-01-2007, 05:11 PM
concern,

No harm writing to your bank to appeal for cancellation of penalty. Have personally tried that successfully before.

My worse experience was when I forgot about funds being automatically swept to cover credit card bills years ago. HSBC bounced my cheque - penalty costs more than shortfall. On enquiry, they stated that it was not their practise to call - with no consideration of my >15 years record or high credit card available credit. Realising that the HSBC 'officers' have been replaced by machines, I closed all my accounts with HSBC and switched to Maybank (i-account, credit cards, etc). At least I can serve myself using maybank2u.com at almost no cost.

I am sorry to state that yes, it is not the Bank's duty to call you. Not only HSBC but every single bank in Msia.

It's your duty to maintain your acc in proper order. If you go to BNM to complain against your bank, BNM will come back to you with the same reply.

If it's giving u heartache to be charged RM100 for a bounce cheque, imagine that you issued a cheque, lost it on the way to bank in, called to cancel it straightaway. Alas, there is good samaritan who banked it in for you! Cheque got bounced due to it being stopped cheque and !@#$ the bank still charge u for stop cheque!! (but this happened before BNM set out the rule).

Btw, if you get bounced cheque 3 times, u can't open any current account at any banks at until for a certain period of time.

birdy
09-01-2007, 10:56 PM
Once, my current account short of a few ringgit. The branch (Hong Leong Sunway) called me early in the morning to top up before 10am.

-jakpo
That's what I call Good Service. It did happened to me that I have a exact balance (plus few cents) in my current account and I issued a cheque to a supplier. Without realizing that the bank will deduct a service charge from my account on the middle of the year, that resulted a short balance in my current account. Thus the cheque issued was bounced. I called the bank manager to complain, and write in but to no avail... he said he can't help anything. The next moment, I close the current account. :mad:

scorgio
10-01-2007, 12:23 AM
Cheque not cleared for full amount due to insufficient funds = automatic RM100 penalty
3 times = account closure or suspension
more than that = blacklisted

scorgio
10-01-2007, 12:25 AM
Once, my current account short of a few ringgit. The branch (Hong Leong Sunway) called me early in the morning to top up before 10am.

-jakpo
Public Bank practise that too.
But once you answered call (they call it "morning call" btw), RM60 will be billed to your account.

birdy
10-01-2007, 06:42 AM
At least there is a saving of RM40 plus avoiding the possibility of getting blacklisted......

thkhong
10-01-2007, 08:27 AM
Our cheques nowadays are all crossed. We cannot issue any cash cheques anymore. Fine. But what happen to tradespeople who has no account or need the money fast either to buy supplies etc. So we have to unbarr the cheque, right? But the bank charges them RM2 just for encashing the cheque for them. That happened some time ago. Do they still do it? Sometimes it is so inconvenient esp. if you have a different banking account. it will take at least 2 days to clear the cheque.

Suntory
10-01-2007, 08:43 AM
I once issued a Maybank cheque without realising I'm short of RM5.00, an officer called me and give me 2 option : a) top up and pay a penalty of RM200 and they won't inform BNM or b) top up and pay a penalty of RM100 but my name will be registered with BNM for issuing bounce cheque.... gosh this is sure daylight robbery despite me having an account with them for the last 15 years.......sucks bigtime. I've since close all my accounts with blood sucking tiger bank. :

aimless
10-01-2007, 09:07 AM
a) top up and pay a penalty of RM200 and they won't inform BNM or b) top up and pay a penalty of RM100 but my name will be registered with BNM for issuing bounce cheque :

damn.... can ah, bank give customer such an option? sounds to me like the guy was asking for a bribe!

Sugarfree
10-01-2007, 09:14 AM
damn.... can ah, bank give customer such an option? sounds to me like the guy was asking for a bribe!Ya ya. If Suntory had further negotiated with the officer, he/she might just have probably offerred to ignore the whole mess for RM50! :D Hmmm..now, where have I encounted similar scenarios before? :p

birdy
10-01-2007, 10:35 AM
I once issued a Maybank cheque without realising I'm short of RM5.00, an officer called me and give me 2 option : a) top up and pay a penalty of RM200 and they won't inform BNM or b) top up and pay a penalty of RM100 but my name will be registered with BNM for issuing bounce cheque.... gosh this is sure daylight robbery despite me having an account with them for the last 15 years.......sucks bigtime. I've since close all my accounts with blood sucking tiger bank. :
I strongly believe that the RM195 (RM200 - RM5 which he pays on behalf of u first) will go to this bank officer's pocket. :mad: We should report such incident to BNM.

Sentinel
10-01-2007, 11:10 AM
Sorry to utter more disgust but everyone (except those who don't use bank services at all), is at THEIR MERCY for the slightest fault, any penalty or extra charges they can inflict anytime and anywhere. Its still sorta cowboy country where these vultures are concerned. Someone has to pay for their 22nd century buildings, palatial interior decor, over staffing, the underperforming, huge bonuses and salaries for their top brass, etc..

You are right on the spot, BSLee!

Yesterday, I went to the Public Bank branch at Section 15, Shah Alam, to open a Savings Account and a Current Account. Managed to get the Savings Account in one and a half hour's time, now that is service from a bank that goes to town all the time shouting the awards they receive for being an efficient bank....

I couldn't open the Current Account. They need RM3,000 and thats not a problem but they want an Introducer to sign my form or else I just can't. I asked them what good is an Introducer when I have not been in the country for the last 8 years and with that kind of time out of this country, where am I going to find an Introducer who has a Public Bank Current Account nor who knows my financial background etc. Even if I can get an introducer, why would he want to sign and moreover what water does his signature hold anyway?

Despite my comments that the banking system is still operating in the 1970s environment, the officer still refuse to budge and allow me to open a Current Account claiming there's a lot of fraud cases. So, the bank passes on their risks by making hell for the innocent customers.

I told him I opened a savings and current account in a Shanghai bank early part of this year in 15 minutes flat using my Work Permit and Passport but I don't think he was interested to know that. I mentioned we are light years in term of banking and banking service behind Singapore and even China and again I don't think he was interested to know that. Looks like the attitude of the bankers are worse than I thought.... charging us for everything, passing on the risks to customers, making things inconvenient and still talk about being "excellent service" business... screw the bankers! :mad:

Public Bank, if my new employer did not insist I operate a Public Bank savings and current account, I wouldn't probably want to even visit your branch in Shah Alam.... its like a hospital clinic with loud number-calling system and slow service! :mad:

Even after I showed you my Gold Unit Trust membership card, even after I showed you my Gold Credit Card "given" to me by Public Mutual and yet you still want a blardy Introducer? I think you should mrealize thats its "OUR" money that paying your salaries, damn it! :mad:

iml109
11-01-2007, 08:06 PM
You are right on the spot, BSLee!

Yesterday, I went to the Public Bank branch at Section 15, Shah Alam, to open a Savings Account and a Current Account. Managed to get the Savings Account in one and a half hour's time, now that is service from a bank that goes to town all the time shouting the awards they receive for being an efficient bank....

I couldn't open the Current Account. They need RM3,000 and thats not a problem but they want an Introducer to sign my form or else I just can't. I asked them what good is an Introducer when I have not been in the country for the last 8 years and with that kind of time out of this country, where am I going to find an Introducer who has a Public Bank Current Account nor who knows my financial background etc. Even if I can get an introducer, why would he want to sign and moreover what water does his signature hold anyway?

Despite my comments that the banking system is still operating in the 1970s environment, the officer still refuse to budge and allow me to open a Current Account claiming there's a lot of fraud cases. So, the bank passes on their risks by making hell for the innocent customers.

I told him I opened a savings and current account in a Shanghai bank early part of this year in 15 minutes flat using my Work Permit and Passport but I don't think he was interested to know that. I mentioned we are light years in term of banking and banking service behind Singapore and even China and again I don't think he was interested to know that. Looks like the attitude of the bankers are worse than I thought.... charging us for everything, passing on the risks to customers, making things inconvenient and still talk about being "excellent service" business... screw the bankers! :mad:

Public Bank, if my new employer did not insist I operate a Public Bank savings and current account, I wouldn't probably want to even visit your branch in Shah Alam.... its like a hospital clinic with loud number-calling system and slow service! :mad:

Even after I showed you my Gold Unit Trust membership card, even after I showed you my Gold Credit Card "given" to me by Public Mutual and yet you still want a blardy Introducer? I think you should mrealize thats its "OUR" money that paying your salaries, damn it! :mad:

Hi Sentinel,

Interesting situation u have there, as I used to work with PBB before I left the country awhile back.

1) the introducer thing was implemented by BNM, not the banks. It is true that to avoid fraud cases and such, BUT u should've talked to the Mgr instead. The Mgr actually can waive ur introducer requirement.

2) Your gold card and such should be shown to the Mgr instead of the officer. He's just a small anchovy, can't do much.

And in regards to the other points, I totally agree that Malaysian banks need to re-assess their current service lvl, especially on charges too.

I miss my banking without chgs days.... :(

ahbitchew
11-01-2007, 09:06 PM
I have similiar experience regarding opening account. See i went to SCB taipan (not again) to place FD about 2 years back. Thinking that since my housing loan, shop loan, joint and business current account is with SCB, placement of FD shouldn't be any problem.

Well you should see my face when SCB officer ask for my utility bill and introducer !! hey didn't i have all the possible banking relationship with you and you still need my utiliy bill to prove my address ? the reply is `you are opening a new account, so need all that !' , I virtually have to restraint myself from uttering symbol like #%$@^ to the officer, but well she is only following procedures no matter how ridiculous the procedures is. Instead I choose to walk to another bank. If you don't want my money i am sure some other bank wants it. Went to Hong Leong Bank no problem no introducer no utility bill needed. Strange isn't it ?

munity
11-01-2007, 10:46 PM
I think

3 times bounced cheque, account closure is NO LONGER APPLICABLE under DCHEQS. It is up to the discretion of the bank whether to close your account. But penalty charges cannot escape la.

3 times bounced cheque, account closure only APPLICABLE during BMC (Biro Maklumat Cek) time.

jericho
12-01-2007, 11:26 AM
make a Standing Instruction (SI) if you have both Current and Saving account at the same bank. In case your current account is short of fund when a cheque is being cashed, they will transfer fund from your saving (provided there is enough fund in there) for a mere RM2 fee.

This is as far as Maybank is concerned

alexhay
12-01-2007, 11:31 AM
I have similiar experience regarding opening account. See i went to SCB taipan (not again) to place FD about 2 years back. Thinking that since my housing loan, shop loan, joint and business current account is with SCB, placement of FD shouldn't be any problem.

Well you should see my face when SCB officer ask for my utility bill and introducer !! hey didn't i have all the possible banking relationship with you and you still need my utiliy bill to prove my address ? the reply is `you are opening a new account, so need all that !' , I virtually have to restraint myself from uttering symbol like #%$@^ to the officer, but well she is only following procedures no matter how ridiculous the procedures is. Instead I choose to walk to another bank. If you don't want my money i am sure some other bank wants it. Went to Hong Leong Bank no problem no introducer no utility bill needed. Strange isn't it ?

I am working for SCB. The officer should not ask from you since you have account with them. If you go there for the first time, yes, they need it.

You could make a complaint to the manager at that time. that could help.

charis14
12-01-2007, 12:36 PM
make a Standing Instruction (SI) if you have both Current and Saving account at the same bank. In case your current account is short of fund when a cheque is being cashed, they will transfer fund from your saving (provided there is enough fund in there) for a mere RM2 fee.

This is as far as Maybank is concernedOr just open their i-account (renamed as maybank2u.Premier ). This is a current account which offers interest on balance. Get your statement through the net.

anitamoh
12-01-2007, 08:02 PM
Just recently I was charged RM50.00 for insufficient fund issuing a cheque, only few ringgit. The bank officer called early morning and told me to bank in immediately. Yup, it was my mistake and I'm willing to pay but sakit hati though. But if RM200.00 that's too much!

starrnorth
13-01-2007, 04:24 AM
We are at the mercy of banks.

1. you think only rm100/- penalty for bounced cheque ? Add in RM10/- for them to send the notice to you, so it is rm110/-

2. deposit your customer cheque and then the signature is out, the bank charge you rm10/- for sending back the cheque to you. What the heck - how am I suppose to know how the customer sign the cheque with the bank unless the bank show me the signature which they won't. Reason for RM10/- ? courier charges. I send courier locally and it is only RM4/-.

starrnorth
13-01-2007, 04:31 AM
more complaints on banks --

1. previously they are wooing us to use their electronic machines to avoid the queues. Now you see queues at the machines.

2. Also just count how many times and how long some machines are down, especially those cash deposit machine. When you ask the bank staff why they cannot bring up the machine, they said machine maintain by security company. I am wondering who actually is in charge here now - the bank or the security company.

jojoC10
13-01-2007, 01:09 PM
BNM does not allow other fees such as cashing out fee, etc..
.... and yet ....

..... So we have to unbarr the cheque, right? But the bank charges them RM2 just for encashing the cheque for them. That happened some time ago. Do they still do it?
ya they still do it .... just 3 months ago .... i paid my worker with cheque but he told me he need money urgently so i unbarr the cheque ... n he went to cash out at the branch .... bank charge me for RM5 .... on the following month statement .....

really confuse with the system we have now .....

charis14
13-01-2007, 04:18 PM
.... and yet ....

ya they still do it .... just 3 months ago .... i paid my worker with cheque but he told me he need money urgently so i unbarr the cheque ... n he went to cash out at the branch .... bank charge me for RM5 .... on the following month statement .....

really confuse with the system we have now .....Maybank charges the drawer, not issuer, RM2 for encashment over the counter. For corporate accounts, Maybank allows for free encashment (http://www.maybank2u.com.my/maybank_group/bank_charges/cheque_books.shtml) for 3 nominated people.