Curiosity, Thoughts and Whatever...
I'm not a regular blogger just occasionally wanna share some thoughts and ideas to the rest of the world. Hope you like what you see and written.....:))
No I'm not talking about mobile number portability but the same concept and system being use for banking account !!! Can this be done ? From my viewpoint its possible but surprisingly have anyone ever thought of it. In the job market and company scenario there is just one single company dominating many many business/account. That's Maybank. For years, they have the monopoly, the undisputed right and protectionism from the G. Hence, many workers, staff and etc are bound and have no rights or freedom of choice to choose their own prefer bank.Those rights are dictated by the company prefer banking or finance manager choice. Therefore you might not have an account with the company bank and hence when you choose to accept the job offered, you inevitably have to open an account with that bank just so that the company can bank in your salary.
Can you imagine what its like if you are a frequent job hopper and etc. If you would have jump 5 different companies, perhaps you might have 5 different account with different banks. It puts the word "consolidating"into shame. By the end of your career and also after at least 7 yrs after which some account are dormant, the bank would reserved their right to close the account and charge you a penalty fees and hence forfeit whatever balance that remains in the account.
Can you see the trouble and the huge amount of red tape that crops up by the whole "stupid" system ? Perhaps a part of the system already existed, for example. MEPS but it needs to be fine tune and also upgraded to enable portability where by once you have open an account with this bank A, you could just transfer it to another bank B with the touch of a button or an application. Can you see the convenience. Its like transferring your whole financial asset seamlessly without any huge red tape and to any banks that offered the best rate or services available.
I use to have 5 banking accounts in my younger days. BSN, SBB, Maybank, PB, HSBC but now after many years had manage to consolidate into 2 main bank only. The rest as I said had been dormant and taken over by the bank itself. Its no longer free to have a banking account in this country. There is a cost involve for each and everything.
Therefore, isn't it convenient and ideal if only we could performed banking portability as same as mobile portability !! But then again, mobile portability had been thrust forward for many years now and with many promises but I have yet to see it fruitation. The latest promises is by the middle of this year, but I don't have anymore expectation with regard to this already. It is always postpone, delay and etc and in the end the tele-com are the main beneficiary. Banking portability............a far fetch concept ideal............most probably not in my life time.
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