People’s Voice: Customers Demand Justice, Bank Negara Urged to Investigate Standard Chartered

Kuala Lumpur, February 1, 2025 – Customers of Standard Chartered Bank are demanding justice after alleging that the bank enforces unfair policies, particularly in charging interest fees and delaying fund processing. They are calling on Bank Negara Malaysia to intervene and ensure fairness in the country’s banking system.

Unfair Interest Charges: A Double Standard in Banking Practices?

Customers who miss their loan or credit card payments by just one day are immediately slapped with interest charges. However, when the bank itself takes 45 days to process Fixed Deposit (FD) withdrawals, customers are not compensated with any interest on their money.

According to reports, customer FDs were tied to their credit cards. When they attempted to withdraw their FD, the bank informed them that the funds could only be released after the credit card was canceled. Shockingly, during the 45-day waiting period, the FDs did not accrue any interest.

The question is clear: If customers are penalized immediately for late payments, why aren’t banks held accountable for delays in fund processing? Where is the fairness in such practices?

Customers Urge Bank Negara to Take Action

Customers are now urging Bank Negara Malaysia Governor, Dato’ Seri Abdul Rasheed Ghaffour, to investigate these practices and take strict action against banks that enforce double standards in their financial policies.

Customers are demanding:
✅ Banks should not impose immediate interest charges on minor payment delays.
✅ If banks withhold customer FDs beyond the agreed period, customers should be compensated with interest.
✅ Stronger consumer protection regulations to prevent banks from exploiting customers.

This case highlights the urgent need for a fairer banking system in Malaysia. Banks should not be allowed to profit unfairly at the expense of customers, especially when they themselves fail to uphold fairness in handling customer funds.

Customers are now awaiting an immediate response from Bank Negara Malaysia and Standard Chartered to address these concerns.