Menu
For Business Write a review File a complaint
CB Banks OCBC Bank Wronged investment info, very poor complaints handling and evasive staff
OCBC Bank

OCBC Bank review: Wronged investment info, very poor complaints handling and evasive staff 8

S
Author of the review
11:30 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more
Featured review
This review was chosen algorithmically as the most valued customer feedback.

My bad experience with OCBC started since 2008 when the bank failed to update my mailing address after I raised the concerns confidential details of my investment was sent to an old address. The bank also failed to update my email address. I could not believe such update was not completed despite their staff came down physically to my place with the application form filled and hand over in 2011. The issues were finally resolved when one of the Wealth manager helped me on this. And we move on.

Around June 2021, OCBC failed to provide me the correct investment cost for a unit trust purchase in 2000 when I planned to sell. From hotline, branch manager, cluster head to a financial consultant at Paya Lebar branch, none provided me the correct info needed. They continued to understate my investment cost by almost 50% and wrongly assume and inflated the sales margins I could make from the sales. Fortunately my good memory helps when I recalled roughly an estimated withdrawal amount from CPF Ordinary account 20 years back and decided to trace and track back my own investment records. Such inaccurate info is misleading and damaging to any public retail investor when one could not make informed decision before sales.

Also don't rely too much on OCBC's FB reviews when many said good service at Paya Lebar branch. I was such a fool believing it. When there, the staff put me through more than 3 hours waiting and subsequently allowed me to proceed opening of online service account when I told them I do not have any Saving account with them. This involved 2 females staff in Service Manager & counter staff and a gentleman. Few hours later, the gentleman informed me the application was rejected because I need to have a Saving ac with OCBC. Such service is a nightmare!

If it happens to me, it can happen to you and loved one too. I decided to escalate my concerns to MAS, Case ref MAS-[protected] when OCBC remain incompetent in understanding client's pains. Worst, several VPs tried calling me subsequently and I find them a 'pest' when none understand my frustration and pain and continued to perform verification over phones time and time over and over again, yet none can answer me why provided me wronged investment cost and why cannot approve my online ac when 2 staff at branch said ok? It is unbelievable with MAS kept in the loop, OCBC remain incompetent in providing answer when I bold the 2 concerns via email. It is a really shame to Singapore financial hub status!

8 comments
Add a comment
N
N
Nitahussein
US
Aug 04, 2021 9:53 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

It is alarming a local bank that inefficient and errant but not surprising when we encountered it too several years back when first arrived here. Friendly staff does not equate to efficiency and honesty...both myself and hubby also learned thru e hard ways ..the staff tat served us left the company after 2 weeks. From there onwards, OCBC required us go down branch to resolve outstanding issues like updating address ..Also their internet banking is a joke when it was so slow and inefficient to perform transaction such as fund transfer and purchase of insurance etc..their software app bound to have program bud unresolved till date which explain these technical issues. OCBC should be ban for good and agreed with many forerunners more audit, governance and regulatory supervision are required from authority before Singapore's image suffer BIG time

M
M
Morrisonmission
Sydney, AU
Aug 04, 2021 9:59 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

Thanks for sharing. Recently joined a local company and require me to open a bank ac preferably local for ease of monthly credit..OCBC is a stone throw away from my residence but will avoid. In my hometown when banks can be sued even when comes to privacy concerns (lost or misplaced letters, list go on), giving wronged advice on investment amount is a definite no go and client can seek financial compensation from e bank without doubt

L
L
Lin Siang
US
Aug 06, 2021 2:11 am EDT
Verified customer This complaint was posted by a verified customer. Learn more

Unethical, best to skip OCBC completely

N
N
Noor kasim
US
Aug 06, 2021 4:49 am EDT
Verified customer This complaint was posted by a verified customer. Learn more

very fishy why their CRM and database cannot capture client details correctly? the person who key in such data simply non-existent then. Does not matter how much or how good they invest in IT when they continued to hire incapable or irresponsible staff. same problem exists for e next 56yrs also can when MAS cannot spot e loop holes

A
A
Ajimasaid
US
Aug 07, 2021 10:57 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

I wonder their RM is certified when often wat they said do not equate on paper. Once bitten twice shy, I told my children and fens stay away from OCBC

A
A
Alicemeimei
US
Aug 09, 2021 10:55 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

OCBC should be punished by MAS for their errant and lack of due diligence. U right to say this can happen to anyone!

J
J
Jacky Meow
US
Aug 20, 2021 10:57 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

You did the right thing to share such issues with MAS. Only time will tell whether MAS handle such issues fairly and inform the public pro-actively. Sometimes we also find MAS too passive to act when the valid complaint is only a handful. More importantly they could not punish their 'own pocket' when local Gov also highly invested in local banks. All the best!

J
J
Jacky Meow
US
Aug 20, 2021 10:57 pm EDT
Verified customer This complaint was posted by a verified customer. Learn more

Unity is strength, report your concerns with MAS. OCBC errant practices should put to a STOP

More OCBC Bank reviews & complaints

OCBC Bank - unable to login - otp request 2
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
OCBC Bank - services 4
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
OCBC Bank - ocbc bank's gift vouchers cheating 10
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
OCBC Bank - immoderate ocbc
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
  1. OCBC Bank Contacts

  2. OCBC Bank phone numbers
    +1 (800) 363-3333
    +1 (800) 363-3333
    Click up if you have successfully reached OCBC Bank by calling +1 (800) 363-3333 phone number 0 0 users reported that they have successfully reached OCBC Bank by calling +1 (800) 363-3333 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +1 (800) 363-3333 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling +1 (800) 363-3333 phone number
    Personal Banking
    150 0999
    150 0999
    Click up if you have successfully reached OCBC Bank by calling 150 0999 phone number 0 0 users reported that they have successfully reached OCBC Bank by calling 150 0999 phone number Click down if you have unsuccessfully reached OCBC Bank by calling 150 0999 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling 150 0999 phone number
    Indonesia
    +65 63 633 333
    +65 63 633 333
    Click up if you have successfully reached OCBC Bank by calling +65 63 633 333 phone number 5 5 users reported that they have successfully reached OCBC Bank by calling +65 63 633 333 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +65 63 633 333 phone number 7 7 users reported that they have UNsuccessfully reached OCBC Bank by calling +65 63 633 333 phone number
    Personal Banking
    +65 65 381 111
    +65 65 381 111
    Click up if you have successfully reached OCBC Bank by calling +65 65 381 111 phone number 1 1 users reported that they have successfully reached OCBC Bank by calling +65 65 381 111 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +65 65 381 111 phone number 1 1 users reported that they have UNsuccessfully reached OCBC Bank by calling +65 65 381 111 phone number
    Business Banking
    +65 65 598 000
    +65 65 598 000
    Click up if you have successfully reached OCBC Bank by calling +65 65 598 000 phone number 0 0 users reported that they have successfully reached OCBC Bank by calling +65 65 598 000 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +65 65 598 000 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling +65 65 598 000 phone number
    Head Office
    +86 400 894 0089
    +86 400 894 0089
    Click up if you have successfully reached OCBC Bank by calling +86 400 894 0089 phone number 0 0 users reported that they have successfully reached OCBC Bank by calling +86 400 894 0089 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +86 400 894 0089 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling +86 400 894 0089 phone number
    China
    +86 755 2583 3688
    +86 755 2583 3688
    Click up if you have successfully reached OCBC Bank by calling +86 755 2583 3688 phone number 0 0 users reported that they have successfully reached OCBC Bank by calling +86 755 2583 3688 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +86 755 2583 3688 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling +86 755 2583 3688 phone number
    China
    +62 212 650 6300
    +62 212 650 6300
    Click up if you have successfully reached OCBC Bank by calling +62 212 650 6300 phone number 1 1 users reported that they have successfully reached OCBC Bank by calling +62 212 650 6300 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +62 212 650 6300 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling +62 212 650 6300 phone number
    100%
    Confidence score
    Indonesia
    +60 383 175 000
    +60 383 175 000
    Click up if you have successfully reached OCBC Bank by calling +60 383 175 000 phone number 2 2 users reported that they have successfully reached OCBC Bank by calling +60 383 175 000 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +60 383 175 000 phone number 0 0 users reported that they have UNsuccessfully reached OCBC Bank by calling +60 383 175 000 phone number
    100%
    Confidence score
    Malaysia, Personal Banking
    +60 130 088 7000
    +60 130 088 7000
    Click up if you have successfully reached OCBC Bank by calling +60 130 088 7000 phone number 0 0 users reported that they have successfully reached OCBC Bank by calling +60 130 088 7000 phone number Click down if you have unsuccessfully reached OCBC Bank by calling +60 130 088 7000 phone number 1 1 users reported that they have UNsuccessfully reached OCBC Bank by calling +60 130 088 7000 phone number
    Malaysia, Business Banking
    More phone numbers
  3. OCBC Bank emails
  4. OCBC Bank address
    63 Market Street № 22-00, Bank of Singapore Centre, Singapore, 048942, Singapore
  5. OCBC Bank social media
  6. Michael
    Checked and verified by Michael This contact information is personally checked and verified by the ComplaintsBoard representative. Learn more
    Nov 20, 2024
  7. View all OCBC Bank contacts