UPDATE: Got a call from the bank today (February 11). Turns out that the "chip card fee" is simply the ATM card fee. It is an annual fee, and NOT a one-time fee (that was what they told me over the phone yesterday!) While I understand that the fee is regulated by Bank Negara (capped at RM8), I am disappointed that it was not mentioned / communicated during the card activation process.
Yes, I've just been cheated by Standard Chartered, again. That's a harsh claim to make, but I believe it should stand that way.
My Standard Chartered eSavers account was billed twice for a "chip card fee" amounting to RM8 per transaction (RM16 in total). All this happened, the day before Chinese New Year.
Here are my points of contention:
1) What's up with the fees? Standard Chartered claims to be leading the pack with a savings account without any fees. That's what you see on their banners and billboards. This "chip card fee" is supposedly unlike the typical annual fee for ATM cards, as it is billed only once upon activation. I'll bet my bottom dollar that you won't find this fee advertised on the brochures or terms and conditions on their website. More importantly the bank officers never informed me of this additional fee. Again, it's not the amount that I am questioning but the way this fee has been stolen from my account.
2) Why was I charged twice? This is a serious error caused by your (Standard Chartered) banking infrastructure / systems. If I had not logged in (online) to check my transaction history, I would have missed this critical error. Your customer service officer informed me that this was an error on the part of the bank, and that the case would have to be escalated for a waiver. Another 3-5 working days before this is resolved. Terrible customer experience, don't you think?
I've had just about enough headaches with this free eSavers account. I guess you definitely get monkeys when you pay peanuts.
Standard Chartered, you better buck up if you want your presence felt here in Malaysia. As for now, I'll just stick with the local favourite. Enticing me with a 7% rebate on petrol, and 3x the interest rates just doesn't cut it anymore.
*p/s: It seems as though I've been having some bad luck with financial institutions as of late - is it just me?