OCBC won't let 92-year-old teacher close $8.8-m a/c

last SG · 2008-11-24T01:57:14+00:00

Yong Pung How was OCBC chairman.Dr Cheong Choon Kong is OCBC chairman.that explains... maybe got conspiracy behind

googoomuck SG

How will that help OCBC? the money will always go to the living relative.

It helps OCBC to just let the old lady close her account. The banks's reputation at stake.

However, in Singapore, anything can happen.

NTUC is probably the only insurer in the world that takes zero risk.

The reverse mortgage scheme is clearly in favour of NTUC since it can reduce the stream of payments and limit the number of years and even have recourse if the property value depreciates, so it takes zero risk.

Why would anyone be interested in the scheme under those terms?

deathscythe99 SG

Interesting case. But I'm still doubting the role of the adopted daughter....who knows whether there is any motive by her. And the suddenness of such an action sure makes the bank wonder why is this person doing so.

googoomuck SG

Bank denying customer access to her own money.

NTUC takes zero risk in reverse mortgage scheme.

PAP denying CPF members access to their own money.

Haiz...

stupidissmart SG

there r 2 sides to a coin

a person cannot even draw out his own money

or it is a precaution against cheaters from cheating other people's money. If such precaution does not exists, maybe a lot of people's money will be cheated by shrewd foreigner preying on people who cannot even go to the toilet themselves

Tis is really not a question on the gov...

Shotgun SG

I don't know how this is related to the government at all.

Strange though, why didn't she just visit the psychiatrist if she really wanted her money? I mena for $8.8 million... why not?

youyayu SG

why i got this feeling that dbs is an empty shell

maurizio13 SG

I don't think OCBC owes the old lady any duty of care, there is a case in N. America about and old lady being cheated by a druggie man while withdrawing money from the bank.

Apparently the old lady made alot of withdrawals which were absconded by another man for drugs, the old lady later filed a claim against the bank citing duty of care was breached by the bank, but the Superior Court dismissed the claim. The old lady then filed an appeal with the Supreme Court, but her appeal was dismissed by the Supreme Court with the decision of the Superior Court upheld.

Robert M. Santucci et al. v. Citizens Bank of Rhode Island

http://www.courts.ri.gov/supreme/pdf-files/01-163.pdf

lionnoisy SG

I don't think OCBC owes the old lady any duty of care, there is a case in N. America about and old lady being cheated by a druggie man while withdrawing money from the bank.

Apparently the old lady made alot of withdrawals which were absconded by another man for drugs, the old lady later file a claim against the bank citing duty of care was breached by the bank, but the Superior Court dismissed the claim. The old lady then filed an appeal with the Supreme Court, but her appeal was dismissed by the Supreme Court with the decision of the Superior Court upheld.

Robert M. Santucci et al. v. Citizens Bank of Rhode Island

http://www.courts.ri.gov/supreme/pdf-files/01-163.pdf

well done.It is the correct way of discussions by doing some home works.

But the case u quotes is different where the old woman withdrew few hundred

and the most few thousand every time in a span of 2 or 3 years.

This is a reasonable amount compared with the initial amt of 39,000.

I have not read the judgement.

I think the uS bank shall be liable if there were any signs that

the woman had been druged or under threat to take out the $$.

@@@@@@@@@@@

OCBC case involves 8.8 million.

I think the court will not order OCBC to bear the cost of another

party if OCBC lose at the end.The court will praise Well done,

even OCBC lose!!

maurizio13 SG

well done.It is the correct way of discussions by doing some home works.

But the case u quotes is different where the old woman withdrew few hundred

and the most few thousand every time in a span of 2 or 3 years.

This is a reasonable amount compared with the initial amt of 39,000.

I have not read the judgement.

I think the uS bank shall be liable if there were any signs that

the woman had been druged or under threat to take out the $$.

@@@@@@@@@@@

OCBC case involves 8.8 million.

I think the court will not order OCBC to bear the cost of another

party if OCBC lose at the end.The court will praise Well done,

even OCBC lose!!

Coming from you I find this extremely hilarious.

Since when have you started understanding English? And you want to decrypt legal language?

Ermmm...., under which ambit of the law would you prescribe your "verdict"? Since you said "I think the uS bank shall be liable if there were any signs that the woman had been druged or under threat to take out the $$". Duty of care or breach of contractual obligations?

Seems like lionnoisy has taken a penchant for legal musings.

Suggest you go get a proper primary and secondary education before you proceed on your legal career.

Seriously my dear, what you think of this case is inconsequential and immaterial as far as I am concerned.

yamizi SG

Maybe OCBC simply doesn't have the ability to cash out that 8.8mil.

maurizio, good case studies, but local courts need not abide to decisions made by other jurisdiction.

maurizio13 SG

Maybe OCBC simply doesn't have the ability to cash out that 8.8mil.

maurizio, good case studies, but local courts need not abide to decisions made by other jurisdiction.

Yah, local courts are not bound by judgements from another jurisdiction. It just provides some guidance for the trial judge to make his rulings.

dragg SG

this puts them in a dilemma.

if she is adjudged to be 'not in the capacity to withdraw the money' then what will happen to it eventually?

unless she has a will of course.

yamizi SG

Yah, local courts are not bound by judgements from another jurisdiction. It just provides some guidance for the trial judge to make his rulings.

True but again, the court can choose not follow that guidiance too.

The end thing is, why the bank just doesn't want to payout? 'cos not rich enough?

yamizi SG

this puts them in a dilemma.

if she is adjudged to be 'not in the capacity to withdraw the money' then what will happen to it eventually?

unless she has a will of course.

This is what I am thinking about too!

Don't tell me OCBC going to donate out the 8.8mil to charity?

TemplarKnight SG

aiya.. 8.8 mil leh... if OCBC let go out that amount hor... maybe they become like the LAYMAN bro....

Display Name SG

wah lau, this is a joke.

You want to take out money form your own account, still need the bank manager to approve it?
This is not a CPF or what, this is ordinary saving account.
Since when our society become so unreasonable?

TemplarKnight SG

must see the financial status of the bank which you put money in next time. Always remember... cannot take out also your fault. You went in with your eyes open......

Pin Head SG

there r 2 sides to a coin

a person cannot even draw out his own money

Tis is really not a question on the gov...

No one ever said it was a question on the gov..., and no one is blaming the gov here.

The closest that was mentioned is that the govt may inherit the money, and that's it.

TemplarKnight SG

does OCBC any key personel got link with the ghamen?

angel7030 SG

this puts them in a dilemma.

if she is adjudged to be 'not in the capacity to withdraw the money' then what will happen to it eventually?

unless she has a will of course.

dun worry, her step daughter who quitted a tour guide job to care for her full time is dripping salivate and waiting...patiently 9millions ok, better than kenna toto...

« Previous Page Next Page »