I wanted to apply for internet banking payments through my corporate account (which was already opened a few years ago). The bank sent to me a very complicated form with more than 100 boxes to be filled in. Being unfamiliar with this form, I do not know how to proceed. The bank staff had to help me by filling in the parts that are needed. I still have to sign on several places in the form (and I do not know what are the liabilities for making mistakes). I also have to get a board resolution to be passed, and also for the resolution to be certified by a secretary (who does not work in my office).
Why do our banks create so much trouble for a simple request? I am able to write checks, so making internet banking payment is a simple extension to this function.
I suspect that this type of hassle is created by a requirement of the Monetary Authority of Singapore. I want to tell the Government that they should review all these hassles that add to the cost of doing business in Singapore.
Why do our banks create so much trouble for a simple request? I am able to write checks, so making internet banking payment is a simple extension to this function.
I suspect that this type of hassle is created by a requirement of the Monetary Authority of Singapore. I want to tell the Government that they should review all these hassles that add to the cost of doing business in Singapore.
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