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25 Aug 2020  (2024 Views) 
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Monetary Auth of Singapore


Hidden fees - dishonest financial institution
I encountered a strange incident, which suggest that a financial institution is acting dishonestly.

I transferred $10,000 into my Plus500 account using my credit card. Prior to the transfer, I was assured by Plus500 that there is no fee charged for the transfer. 

A month later, I noticed that the amount deducted from my credit card was $10,100. 

Plus500 told me that they received exactly $10,000. DBS told me that they transferred the exact amount requested by Plus500. Where did the $100 went to?

I corresponded with Plus500 and DBS several times on this matter. Both sides maintained their side of the event. They showed their internal document to me to back up their narrative. But the internal document may not represent the true position.

Finally, Plus500 agreed to credit the $100 into my account "out of goodwill". 

I was not satisfied. I insisted that they send a copy of their document showing that only $10,000 was received by them from DBS. They did. 

I sent the document to DBS and asked them to show their document to me that they transferred $10,000. I am waiting for their reply.

My investigation was made more difficult that each side insisted that they cannot show their document to the other side "out of confidentiality". I find this reason to be a nonsense - and a way to get out of their responsibility.  I was prepared to grant them permission to share the relevant documents on this transaction.

I wonder how long they have been charging this hidden fees. I did not not check the transfer in the past, as I trusted the financial institution to be honest. Maybe, they are not.

Tan Kin Lian

 


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