Governor Dato’ Seri Abdul Rasheed Ghaffour Urged to Address Double Standards by Standard Chartered Bank

Is this the standard set by Bank Negara Malaysia? Customers are raising concerns over a recent issue involving Standard Chartered Bank’s Petaling Jaya branch, where the bank is holding a Fixed Deposit (FD) under a lien for 45 days without providing any interest, while simultaneously charging customers when credit payments are delayed.

A complaint filed with the bank revealed that the FD was tied to the customer’s credit card, and upon attempting to uplift it, the customer was informed by the bank that it could only be released after the credit card was canceled. To add to the frustration, the customer learned that the FD would not accrue any interest during the 45-day waiting period.

This situation raises questions: Why is there no interest for customers when the bank holds their money, but charges hefty fees when payments are delayed? Is this a double standard applied by Standard Chartered, or is it a practice shared by other banks in Malaysia?

The customer has called upon Bank Negara’s Governor, Dato’ Seri Abdul Rasheed Ghaffour, to ensure that banks uphold fair practices for their customers, particularly concerning the welfare of the people. The lack of transparency and perceived injustice has left many wondering where the justice lies in such situations.

Will Bank Negara take action to safeguard customer interests and ensure that banks are held accountable for their policies? The public eagerly awaits a response from both the central bank and the banking sector.