In fact, I don understand how this OCBC work.. is it earlier u r the one whose CASA being closed without warning after FD matured?

Im sorry for you but I'm not siding anyone here, just analysis

based solely on that spending pattern for those merchant mention it did seems a bit too much for every month in banks view
that pure spending of 20k each month may seems excessive if your reported salary is indeed low as they mention e.g. 5k ...ratio of 1:4

(i can now see that bigpay eg x5 = 5k transfer out, and shopee sspn 5k per perso ...but they wouldnt know or bother as a transaction is A transaction irregardless how its being cycled or used)

Cant say that your reason given is not reasonable in our layman's view, but the projection above of PURE spending sounds illogical to them, maybe of lower ratio like 1:2 and not every month will be an acceptable means
And they also not bother how you cycle the money above as it could also amount to what they claimed as frau.d



(edit: ...missed out there could be 5x bigpay if 5 person...and shopee for 5x5=25k for 5 person )

This post has been edited by anonymous552235: Sep 11 2021, 05:49 PM

being too strict to protect their repu and prevention of reprimand by bnm ..too much cases happening in singapore

i think there is more to it.

because my credit cards limit ranges from 3 to 10x my salary. for ocbc it's 5x my salary.

Maybank give me less than 2x. CIMB gave me like 10x. Some banks just stingy.

so naturally if give such limit then means it's not wrong to spend it as long as can pay back

Yeah there may be smth more to it who knows

But if there isnt ...i think they shud just reduce the limit to just match his salary or half the salary 😅

Blacklist seems to be too harsh...🤔

happened to me as well but its ambank , no reason given on my account closure just send me a letter out of the blue and ask me to go branch complete the process
well they are the boss afterall , and they can decide whose business to take
i just move on after that ...

I requested increase in limit back in Oct 2020, however, rejected as they do not do limit increase at the moment.

So they do have my latest salary and the ratio is somewhere where u mention in the latter la.

I believe that is where the fraud dept coming from la. But I did ask whether paying for family member is prohibited and they say no la.

But banned until year 2999 i believe it's too much la. Meaning I cant do business with them at all and somemore I'm flagged in their system.

I also believe that BNM would not be able to ask them to reconsider as they bluntly reply BNM that their original decision still stand even BNM has explicitly mention to reconsider customer's appeal.

So in my BNM report, the first request was out of the window, but this comes the second request where a specific reason is given instead of 'breach TNC under clause 6 with the bank'.

What they can disclose (after countless calls with the customer service - and yes the CS that handle my case is super helpful) is that it is tagged to the credit card.

And yes to answer other member in the forum question, I do earn RM2400+/- from the bank annually which I do never pay a single interest to them. On another note, I'm not sure whether it's because of the tabulation of the latest campaign that I join, I won RM50 x 8 weeks - which I did not intent to win since this campaign is pure luck - which might cause the concerned in the first place.

I receive the SMS, however, the money is yet to be credited to my credit card, and upon asking, they say all the winnings is forfeited due to cancellation of the credit card (which I understand on this part)

I also talk to the manager (Elin) in OCBC and she did mention like fraud/money laundering etc. Since my background is also in finance related, I explain what those terms are which she is speechless at the end and can just repeat the Bank decision is final.

at first they say, you are earning RMXXk but your credit card spending is average RM20k per month, which doesn't make sense. this activity is unusual and if you refer to clause 6.4(if im not mistaken) you might falls within one of this.

So I did google what 6.4 in their TnC so i ask which one specifically. She cant disclose but I believe she's hinting at fraud and money laundering.

So my argument for money laundering is that the source of money must be illegal in the first place - only than it can be classify within this.

I ask her how did I make payment every month, is there 'cash via CDM' taken place, the answer is no - all payment were originated from my RHB/SCB account, hence I believe the legitimacy of the fund should be investigate from SCB/RHB. If they are ok with in, since all money source could be trace, they could perform extra work as well to investigate further. I tell her as long not CASH or fund source from overseas account then it should pass their checking.

And as to fraud, I told her that all transactions are to a company incorporated in Malaysia and 3 out 4 of the merchant are BIG CORPORTATION that are well establish. And even they themselves might be even using BOOST/BigPay/ShopeePay at some point in their life.

Fraudulent activities define as activity is deliberately deceitful, dishonest, or untrue. They have made 4 calls to me asking what are the nature of transaction of which I've breakdown to them as
BigPay - RM1,000 per month is for normal spending
Shopee - RM15,000 per month consists of 6 Shopee account for 6 family members which my siblings would pay me back just that using my card to earn cashback
Boost - RM4,999 per month also for 6 family members

Why cant the answer above cannot be accepted. I'm the youngest in the family and I believe others are earning higher than me monthly, and as long no 'business' is involve, im using my card for personal use (which includes family member authorised usage).

Again deep down I believe they banning me because I might be earning too much cashback, unless any other LYN member here do actually earn more than me per month?

i'm surprised shopee didn't ban u first for using same card for 6 accounts. lol. anyway lesson is moderation. spread out ur cashback returns from different credit cards. rm120 per month and get urself banned is bad returns to be honest. it's not worth it for these 1% unlimited cashback.

shopee allows same credit card now if it is same family member, if first time link and u get 'limited access' just contact CS.

Their risk management will prepare letter like and ask u to signed the letter.

I am XXXX owner of card ending XXXX authorised the users below to save my CC in the app for future use and I waive my entitlement for dispute if topup intiate from the account below bla333:

1. acc 1 username
2. acc 2 username etc etc

etc etc etc. after that will have no issues. now for new card, i just edit the template and send to shopee email before they even question me in the first place.

So my guess are somewhat correct 😅...and I totally agree with everything u said, it IS correct, but and when, it is contested in court ....

Since u r in finance line, Im sure strictly by definition we r right, but to them the word suspect is enough to quash every single reason....and a perfect example just look to friendly tngo ewallet banning ppl for cycling using c.c using same suspicious reason, and like other forumer commented with ambank, and lazada before 1k withdrawal was allowed, and so forth... i would say they are rather paranoid but to safeguard their license i guess their risk department just went towards the highest bar...

I would conclude that what you did are NOT illegal, but definitely very high risk to them as it spreads out to multiple i.e. 6 persons worth of usage and unsupported documentation, even if supported by submitting one will deem too hassle and troublesome to 1. Identify 2. Verify 3.keeping track and so forth...so when system auto flagged, I guess their best approach is just terminate the relationship and not be part of tidious documentation and perhaps future legal issues if they may have any

This is not a very good sign for us consumer 😶

Deleted

This post has been edited by MGM: Sep 12 2021, 03:41 AM

Does boost allows same cc on 6 accounts?

No. I only use my ocbc on 1 boost acc. Only shopee is multiple.

But this was what u said "Boost - RM4,999 per month also for 6 family members".

I guess he meant a spending of 4999 shared between 6..

I also get the card termination early this year but I’m earning 4 digits of cash back per month last year. Remember to ask them for the annual fee refund which is your “last cashback”.

wah 4 digits cash back. geng!