It has been some time since it was worth writing about how bad banks behave toward customers. The newspapers have been doing it for me, as the incompetence, greed, and outright criminality of banks has regularly hit the front pages.
UOB has managed to stay out of the limelight, although it continues to peddle financial products (structured deposits! dual currency thingies!) which are unsuitable for the average auntie.
Logging into UOB Internet banking tonight, I saw a notice indicating that the Terms and Conditions were being changed.
This is never a good sign, so I took a close look.
How's this for a gem -
(c) You are responsible for and not entitled to dispute any transaction carried out via
the Services under your Username and Passwords (including such Password
generated by your Device), including all transactions effected pursuant to
unauthorised instructions or unauthorised use of your Username and/or
Password. You will continue to be responsible for and disentitled to dispute any
such unauthorised transactions until UOB has been notified of and has been
given a reasonable period of time to deactivate and revoke your Username,
Password and/or Device. You are required to check your bank statements
regularly. If your bank statements reveal any unauthorised transactions, you are
required to perform the Remedial Actions immediately. Failure to inform UOB
within fourteen (14) days of the date stated on the bank statement will be
deemed to constitute your acceptance of the bank statement and accuracy of the
contents of that statement.
So basically although you are putting your money in a BANK, the BANK says it is not responsible for protecting your money, and if they lose it, you are DISENTITLED (what a stupid word) to complain or seek to get your money back.
And just to make sure this is not academic, UOB reserves the right to send you your password and token any old way they please, and it is not their fault if it falls into the hands of bad guys.
(c) UOB may send the Username, Password and Device (as well as any other
devices, items and information) to you by any means available. You agree not to
hold UOB liable in the event that the Username, Password and Device (or other
devices, items and information) fail to reach you after dispatch. If you suspect or
know that the security of your Username, Password and/or Device has been
compromised, it is your responsibility to notify UOB at the Call Centre
immediately and request a new Username, Password and/or Device.
As usual, logging into your account constitutes acceptance of the new T's&C's.
Well two can play at this game.
Dear UOB,
Your terms and conditions for accessing my money stored with you through the online banking service that you provide are unacceptable to me. I hereby inform you that you are disentitled from making stupid, egregious, and manifestly unfair rules in an attempt to shed responsibility for the very business you pretend to be in.
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