Hello local banks : We have a problem here

Posted On 12/02/2006

Filed under Food for thoughts

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Since BNM give the forcing the bank merging, the bank services give little improvement.

Alas, it seems the so called “M&A” did not help beef up the competition, despite it seems most of the improvement is mostly through “encouragement from BNM”(A.K.A force by BNM).

Recently, I have done an online transaction from RHB BAnk to Bumiputra Commerce Bank (BCB) credit card, to my suprise, the transaction REJECTED. Since I don’t track the bank account daily through Internet, I only notice it is rejected when the BCB credit card center send me late payment letter.

OMFBBQ, I pissed off. When I called the card center, I was informed that this two bank (RHB & BCB) just ceased the EACH OTHER Interbank credit card payment. I just think what the fuck!!! Since it is delayed, I put down my phone and do the fucking physical transaction, compete with others driver on fucking parking around bank during working day.

I just can’t get it. What the fucks is happens to local bank? Are they playing some push around games to torture consumer? Why foreign bank like Citibank , OCBC bank or partial foreign own like HSBC accepting Interbank Giro for credit card but NOT local banks. Are you trying to help MPPJ or DBKL increase sales on parking?

After checking the Interbank GIRO bank list, I found that most of the local bank Interbank Giro are handicapped. And since the credit card center remind me the Interbank giro transaction are “mutually interbank”, if one bank didn’t allow similar transaction, the opposite bank will not have the options.

Apparently, many local banks has this problem. To my suprise, Maybank, so called biggest bank in Malaysia, also handicapped the Interbank Giro transfer.

Here is the list of Bank you can do interbank giro with RHB.

Affin Bank Loans
Alliance Bank Credit Card
Bank Islam Credit Card
Bank Kerjasama Rakyat Loans
Citibank Credit Card & Loans
EON Bank Credit Card, Loans & Hire Purchase
Hong Leong Bank Credit Card
HSBC Credit Card & Loans
Maybank Loans
OCBC Credit Card & Loans
Public Bank Loans
Southern Bank Credit Card

And prepare for more suprise. The Malaysian Electronic Payment System(MEPS) establish for years, whick ALL LOCAL BANKS own a share, are means to enable the transaction between banks.

Anyone can check this side to see the control stage.
http://www.meps.com.my/about_us/management.html

Looking at MEPS site, I am speechless.

Isn’t it obvious BNM delayed the foregin bank entry to Malaysia. It is huge absentee of services for local bank, they don’t stand a chance to compete with foreign bank!

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