Curiosity, Thoughts and Whatever...

2. All major central bank are putting in money to bailout and rescue these banks from collapsing.

3. All these bailout are using tax payer money to finance and rescue because it's from the central bank. The bank that were sucking the customer in the first place and charging exorbitant rate and penalty for customer to use their service.

4. Warren Buffet is taking up many banks and investment institution? He's investing while others are divesting.

I think I want to talk a little bit on point 3.

It isn't fair on consumer and for tax payer to foot the majority of the bailout financially. What happen previously when consumer were in the losing end when all the banks raise their service charges rate and implement one sided rules. It's ridiculous. Its pathetic. I agreed to bailing banks so long as there's a reciprocate gesture. There's should be voices highlighting these ridiculously mercenary bank who don't think twice to scam or bully weak customers.

For example: This is a true case and a true scenario cause I have been consulted and I have seen all the document. My friend T have 2 kids saving account (higher interest) with the largest bank M. T open both account on the same date and 90% of the time put in money simultaneously. Therefore both have sum XXXX and interest are compounded daily rest. All were well until recently when all of a sudden she notices the interest deposited into the account are not very equal. If there was a few dollar difference then we would have accepted it etc but ..................gosh it was a few hundred difference. Almost like account 1 = RM 60 while account 2 = RM 700. So T had doubt and ask my opinion and whether can the largest bank M make a mistake with printing or system malfunction etc. I took a look at the kids saving book, and immediately cannot comprehend/accept the discrepancies. I told her to make an enquiry or lodge an official complaint.

I took T to the nearest M bank and she proceeded to show the officer the book and relate her doubt and queries. To our amazement the officer not only left her brain at home she was totally discriminatory. Perhaps she saw my friend T wearing a operator uniform and etc and can't believe she had so much money and thus gave the look of a would be thief. T ignore her and later ask for a higher officer to explain her case. There was no luck either cause the officer says its all under computerised system and thus should be correct. No way could it be wrong. However, this officer have some common sense and thus took down T number and would called T after more investigation. He concur that the interest difference is illogical because the total amount and bank in date are almost simultaneous.

After almost a week the officer called to say he has no jurisdiction and ask T to refer back to her own saving branch to check. Therefore she had to start all over again with her banking branch and the officer attending to her complaint also took down her number and promised to investigate. After what look like more than a month of waiting T finally got the confirmation to say that there was a glitch and thus printed wrongly and ask her to bring her saving book for update and correction. All interest mis-calculated will be refund. I ask T whether the bank gave her a black and white and whether any official explanation was given. Sound to me a lame excuse and easy way out. How did the largest bank in MY have a system that can mis-calculate or was it on purpose done by some officer to mislead and con the customer. We have all heard of unscrupulous banking officer doing white collar fraud and transferring customer monies into their own account. Nevertheless, T doesn't want to push forward the case and want to just let it be bygone. I was like huh……………you should at least get a good clarification from them and make sure they reassure you this would never ever happen again. After all what makes you think it wouldn't happen again?

So you see from the above case, aren't the banks trying to rip off the customer? The rules of engagement for bank are lopsided and thus denied the customer the right to a fair and just service. If you were a tax payer, would you want to fund and give approval for the treasury to save all this arrogant and unscrupulous banks? Think of all the charges, overdraft rate, cheques and other ridiculous rate that had been imposed on you just so that they can have a fat pay cheques and increase their revenue and profit. If you think its alright then perhaps you are one of those upper class citizen in the society.