Unnecessary terms and conditions

http://www.straitstimes.com/premium/forum-letters/story/so-much-hassle-just-get-new-currency-notes-20130118

31 January 2013

Editor, Forum Page

Straits Times

DBS Bank sent an e-mail to me, as their customer, to offer 

new currency notes for the festive season. This was

a nice gesture of the bank, but their process left a bad taste in my mouth.

I was asked to sign and fax a request form to the bank. It required me to read

and agree to one whole page of "terms and conditions" for the service.

I asked the relationship manager why it was necessary to impose

this kind of requirement for a simple transaction. I had thought that 

DBS Bank could be trusted to carry out a simple transaction, 

without the need to give this burden to the customer. 

Even if a mistake should arise, it would expect the bank to treat

its customer fairly to resolve the issue, without the need to hide under a pre-agreed

agreement.

Many elderly people, who are not financial savvy or literate, have were misled

into making unsuitable investments by signing forms that they do not understand. One

should be wary about signing documents without reading or understanding them.

After the fax was received, a received a call from the bank's staff to verify my 

identity. The verification procedure was, as usual, quite tiresome. 

My signature was already on the form and I had earlier signed another form to indemnity

the bank for the use of fax signature. Why was this further step necessary?

Furthermore, the bank had required me to show my identity card when I collect my new 

currency notes at the pre-selected branch. Why was the phone-call  verification
necessary then? Where has common sense disappeared to?

I would have expected the Monetary Authority of Singapore to ensure that simple

banking practices are carried out fairly, without the need for millions of customers

to have to bear the burden of reading and understanding the terms and conditions .

Tan Kin Lian