Martin Lee @ Sg
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Pushy Sales by Bank

Saw this letter published in the newspaper a few days ago.

Pushy Sales even after Minibond Saga

The customer had gone to a bank to place a fixed deposit, but the relationship manager on duty tried (repeatably) to sell to him some insurance product.

Whatever happened to the new restrictions imposed by MAS on bank teller’s activities?

Perhaps MAS should set up a hotline that consumers can call in to complain whenever a bank teller tries to push sales onto him.

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3 comments
lawho says 10 years ago

I know of not just a few personal bankers/relationship managers who do not push in such “sim-lim salesman” style and they are happy and indeed very helpful in setting up FD. The case in mind must be one of those “wolves” (in sheep clothing) who prey on innocent victims. Or maybe it is the instructions/coercion imposed on them by their sales heads. The latter instead should be taken to task for the conduct of their relationship managers

Reply
Vincent Teo says 10 years ago

After reading the article, I am feeling a bit weird.

When you want to place a fixed deposit, why approach a Relationship Manager when a bank teller can do the job? Or maybe the writer is a “Privilege Banking” customer so he thinks that the RM can serve him better.

However he fails to understand that the RM’s job is to sell you something so that he/she can earn the commission. The restriction imposed by MAS only applies to bank teller, I think RMs are excluded.

If the writer had just queue up and approach the teller instead, most probably there will not be such an incident.

Reply
    lioninvestor says 10 years ago

    Hi Vincent,

    I guess have to wait for the bank to write in to forum to clarify.

    Reply
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