Can Banking Be Better? I’m sure it’s a question you’ve asked yourself before, even a topic you’ve discussed with your friends. Everyone has complaints about the banking system here, as a foreigner here in Malaysia I probably have more than most.
A few things that irk me are..
- The fact I need a guarantor for loans, I’m not going anywhere seriously..
- The fact I can’t get a credit card without a fixed deposit, then I get a credit limit equal to the FD..how does that make sense?
- The fact that charges when banking foreign cheques are extortionate (handling fee, admin fee, courier fee and it takes 4-6 weeks?!)
My salary is pretty decent, I’ve been here 6 years, I’m clearly not going anywhere? What’s the issue with giving me some credit? The issue with the cheques is ridiculous too, the charges were huge and it took an inordinately long time to clear..sometimes more than 2 months – how is that for efficiency?
Thankfully things have gotten slightly better, due to me building up my own personal positive credit history..and the source I used to get cheques from now issues using Western Union (which simplifies things a lot).
There’s STILL a lot of things to improve though like general levels of customer service, counter service and pretty much all of the banks have horrible online banking solutions. Ever waited a few days for the TAC/PIN SMS to arrive? And sometimes never receive it all when you have to make an important payment – yah been there done that.
Another thing that bugs me is how the level of service can vary from the same bank brand between different branches, it’s like night and day sometimes. Some branches are just great and some…are just hideous.
I remember one time I applied for a credit card from a local bank as they were having some promotion and I thought it’d be good to have a credit card as a backup, just to be safe. Anyway I filled up the application, fulfilled all the criteria and submitted it to the bank.
Then I waited….and waited and guess what? Waited some more.
Actually I think I completely forgot about the credit card application until I saw another promotion from the same bank, which reminded me about my application.
So I promptly called up the bank and inquired about the status of my application, guess what? My application had been rejected and well they didn’t even bother to tell me. They just leave you hanging and expect you to work it out on your own?
How hard would it have been just to give me a quick courtesy call and let me know my application had been rejected? Not very right..
And well to this day I still don’t have a Malaysian credit card, their loss right?
If you have grouses with banks, you too can voice your dissatisfaction here: