you mean a record of your bank acc no. for them to refund to you?
I thought your bank acc no. can be maintained on the separated personal info screen on stashaway (i did so).

And i didn't opt for the auto debit from the start due to similar experience with one of the local GLC, headache dealing with these issue. I would rather set a reminder in my calendar and i will debit the money manually

they should have stop the service when they were notified of such issue. Fire fighting in financial industry 101.

to be frank, as someone in the financial industry, the consumers are dealing with the financial institute not the underlying vendors. Yes, the problem is with the vendor, there should be contract obligation and fine in place, but in terms of reputation damage, SAMY taking it fully on them, because consumers deal with SAMY, not the vendor.

this is what banks face normally.

This post has been edited by gundamsp01: Jul 27 2020, 09:04 PM

i had one duplicated auto debit with one of the GLC in your list, in the end, call my bank, call the GLC, both just push to each other, took me awhile to sort it out, in the end, i decided that no more auto debit for any services.

normally this sort of cases would trigger the governing body (this is what i experienced before in bank with BNM), not sure if SC going to investigate on the security issue with the auto debit now.

with the banking app, it can be done la no matter where i am
besides i dont settle my debt right on the deadline, but few days/weeks ahead, right after i get my salary

This post has been edited by gundamsp01: Jul 27 2020, 09:36 PM

you mean if i am in ICU? other than mortgage and hire purchase, the rest has a buffer (deposit), wouldn't be penalized so early.

CC settlement has 1 month grace period, i always pay my car loan 1 month in advance

This post has been edited by gundamsp01: Jul 27 2020, 09:46 PM

based on the current commitment i have
all of it can be handled thru banking app, no issue, as long as i am not in coma.

hey, you may continue with your auto debit practice for however long you want.
for me, i don't trust it, that's it.

yea, they have to ensure the incident should never happen again, and let the customers know how they are going to ensure that as what lee82gx mentioned.
The current mitigation given also not really satisfying, they didn't pull the plug of the auto debit to avoid further damage, but instead asking customers to wait for resolution and the refund will be done latest by 11pm tomorrow (seriously? I thought this needs to be settled like today? now? or latest before the start of next business day?)

the 6 months freebie also feel like the way domino's pizza does it, but i give them that, since other than this, no other compensation that they can give to those who affected.

as a matter of fact, me too, pls share with me as well

This post has been edited by gundamsp01: Jul 28 2020, 12:17 PM

i calculated your internal rate of return, since you said you invested around early July?
and i assume that you put your 8k++ as lump sum instead of accumulated at different point of time.

You have an internal rate of return of close to 20%, which is somewhat higher than average trend which is around 8% - 10% per year on average.

If you treating this sort of passive investment as fast money generator, sorry, you better research more on investment, instead of setting unrealistic expectation.

you mean normal bank to provide direct debit interface and service? Sorry even we as bank also rely on vendors.

we of coz will go for reputable one (depending on budget and experience of the company), and tons of approvals with BNM, but anyway, there were times with system error which causes money to go haywire from account to account, we always handle it internally throughout the night before the the next business day. Which is why i find it unbelievable when SA's procedure doesn't pull the plug like we banks do.


It is not fishy, everything is about cost and reputation (of coz, sometimes depends on the relationship and networking). Most importantly is how they handle the situation, which i find it strange.
But anyway, if you recall the octopus internet banking incident, well, kind of notice even bank also not that reliable.

This post has been edited by gundamsp01: Jul 28 2020, 02:26 PM

if i am not wrong, BNM only regulate banks, stashaway is not one of it.

well, SC is already involved, as they are considered as BNM equivalent for the capital market, just let them do the investigation

i really wish the market to drop or better, crash, for me to bulk buy

wow, still on this auto debit issue?
my view is that SC has been notified, SC will do the necessary to SA if required by the regulation. That's it.

Besides, SA already fixing the issue albeit not immediately and will issue a statement on what happened in these few days.
Yes, there is reputation damage to SA and customers' confidence level affected. Normal for financial institution if things like this happen.

That's it end of story, if you don't like it, you can leave, if you ok with it, then continue, the choice is yours. Why keep harping on the issue?

CIMB has worse happened to them and denied the incident, in the end, CIMB still able to be the top 10 bank brands in Asia in 2020, that's it.
https://www.straitstimes.com/asia/se-asia/m...ost-to-scammers

There are SIT/UAT (and maybe pilot phase) for system launch in financial industry, but no matter what, there could be error that may occurs in production environment no matter how detailed you tested in pre-launch phase.
Case like now, it could be caused by a newly deployed patch that caused the error, or it could be data that caused the error.

What i want to say is, as long as it is developed by human, there is a risk that it may have error. Thing is, do they have a thorough mitigation plan/workflow to handle any error.