EPF statement for credit card application, is that ethical?

-Disclaimer-
I am fully aware that this is kopitiam section of the forum. as i am not asking for advice which card is the best in the market, but sharing my experience today about credit card application, and opening this thread with the aim of collating views from fellow forumers over the event,i hope this thread is allowed to stay here in this section of the forum.

I walked pass by a credit card booth earlier today, seeing the financial institution sales personnel offering the credit card i had been checking out. Upon expressing my interest of wanting to apply for a credit card, the sales personnel asked for my ic, stuff the ic into the wireless EPF machine and signal for me to put my thumb print at the thumb print scanner for validation.

while the sales personnel continue to talk to me, explaining the details on the application form, without pre-ampting, he press print button on the EPF statement machine and ask to print the EPF statement for 2013. He then carried on with verification, while his colleague suddenly approached the EPF statement machine, without getting my consensus, and hit print button for year 2012 statement as well.

I paused him and asked his colleague, the lady, why do you need the 2012 statement as well, he quickly explained to me, they need 6 months worth of data.

coming home with the application done, despite all the necessary paperwork are crossed or indicated for XXX financial institution application card purpose only, i am puzzled. when checking with the financial institution website, it clearly states that only 3 months pay is sufficient as supporting documentation for the credit card application. whilst i am a salaried earner, the first three transaction( in year 2013 EPF statement) clearly spell out my monthly income, i continue to feel bizarre over their no explanation given no consensus seek and print EPF statement action without hesitation.

i mean, not to say i have huge sum in EPF accounts to shout about, but EPF statemens are private and confidential, which perhaps some of our spouse doesnt even know how much we are earning / how much we have been accumulating over the years until we share, or when we pass on and nominated them as beneficiary. why cant credit card sales personnel wait for the monthly salary statement? why didnt they even ask if such documentations are available? and with both residential address and postal address widely available in the application form, seeing how people are abducted and with ransom demanded is as low as RM2,000, would easily retrieved EPF statemetns post a risk to public?

Why are EPF statements taken so lightly these days? is this the standard practice? while EPF account 2 was opened up few years ago for withdrawal for property downpayment and ut investment, are banks and bankers allowed to access individuals EPF statements and use them sparingly? is BNM aware of this?

Banks, is this ethical, I wonder?

This post has been edited by kvct: Mar 30 2013, 07:43 PM

I walked past one of those people earlier today. He didn't even ask me if I'd like to get a credit card. The first thing he said after stopping me was 'Do you have EPF?'. I got annoyed and told him I was self-employed, which he assumed meant unemployed and he gave up.

becoz so that they can get their money if u bankrupt later.
when u're above 55 n bankrupt n wanna get ur epf out
bank will process it to insolvency directly without ur concern
so who u owe will get their money back

Banks do not have access to your EPF statements. You were the one who signed in.
I must say BNM has strict guidelines for banks to operate in, although individuals attached to banks may occasionally overstep those boundaries.

credit card promoters and ethics do not mix.

ITS a CREDIT CARD...not debit card
ofcoz they had to at least be sure you are able to payback what u spend
becoz ur using ur future money

EPF statement is the fastest way to know your income. How else can they verify your income in some shopping centre? They want to hook you right there and then, not wanting to wait for you to send other supporting documents later when you got time to change your mind.

Even you apply for housing loan, you also need to provide EPF statement. Everything must tally with your pay slip and bank statement/passbook

This post has been edited by idoblu: Mar 31 2013, 07:09 AM

EPF only showa how much u saved outside of the monthly income. It does not show u how much u spend. And this info ismore important to the banks when determining if u can payback or not. If u earn rm2k but saves rm1k per month, they will likely approve u based on ur ability to save rm1k.

But if u earn rm10k but didnt mamage to save rm1 at the end of the month, they might not be inclined to do so.

So like i said, EPF doesnt how any of saving/spending patterns. Bank statement does.

U earn big money but spend like a cheapskate, how bank profit from u? Lol

EPF means if u pokai....at least the bank can get back some....just like my dad

Is no understanding english that speaks from you.

Which is unethical, because if u already determined that the guy is not in a good condition to use credit card from his banl statement, but now still try to give him one by using EPF statements.

bank = ah long ...nuff said ...there's nothing ethical

Bank only give credit cards based on ur income.

Official income = EPF.

less than RM24k per annum only max 2 cards

more than RM 36k per annum they will start hounding u lar as u can carry more cards.

more u spend=gib more card=u spend more=u dieded.

lol. bank won't cheat ur money. just for ease of application why so emo? u think too much bro.

poor kid

what i know is ...EPF(monthly contribution) can indirectly show how much is your salary

your payslip can be fake(just register 1 company then sendiri become CEO and fake 1 payslip and self claimed have 20k salary..if bank call that company ..u just say yes yes) ..but EPF wont

but what i dislike on the EPF slip(when printing out from machine for CC application) ..is the TOTAL amount ...just print the monthly contribution cukup la ..why need to print total amount

i kena many times already ....do my CC ..then say insurance to me ..wtf


and soon or later ..u will receive many many calls from different bank and insurance agent

This post has been edited by fantasy1989: Apr 1 2013, 03:05 PM

Looking at the number of cc fraud and bad debt, this is a must

Banks cannot take your EPF money..also you have to chop sign on your epf form 'for bank verification only'. These people will usually do it for you.

If you gatal to apply credit card, dun complain...this is the way they do it now unless you have another cc which they can photocopy to verify.

EPF is to make sure you earn what you saying.

you can fake ur salary slip. but u cant fake EPF.... (well not say cant... just alot ppl dunno how to fake it).

so EPF is still the most reliable document to prove ur salary.

if you worry about information leaking.. why not worry EPF website been hack then ur document been stolen/misuse....

Can bank check our EPF without our knowing? Let say people
fake their EPF and then can bank verify the EPF themselves? Nowdays bank so advance can check many things through their system.. just wondering.

This post has been edited by haryzat: Jan 16 2014, 09:57 PM

no, banks cannot check your epf statement because it requires your ic and you also need to be present during the request.

banks can only check your credit report thru CCRIS (aka whatever you borrowed from any banks in Malaysia).

meaning they can check how many credit cards you have housing loans, car loans, 1 year payment history for all of those things.

"which perhaps some of our spouse doesnt even know how much we are earning / how much we have been accumulating over the years until we share"

wow,this really happen?