Insurance
POSB refused to allow daughter to empty father’s account
By Wilfred Ling, The IFA on Duty  •  April 22, 2014

break piggy bank

Daughter has to empty all of father’s bank accounts to pay hospital bills

In a complain letter written to the Straits Times on 1 April 2014, Ms. Ruth Wong wrote that it was a hassle to close her sick father’s POSB bank account. Apparently, Ms Wong’s father was so seriously ill, that all of his personal savings was required to be withdrawn to pay for the hospital bills. Using letters signed by her father and doctor’s letter confirming he was lucid when he signed the letter, she did not have a problem in closing her father’s other saving accounts with other banks. In fact, other banks were willing to withdraw all her father’s saving accounts and wrote cheques to her or her mother.

Unlike other banks, POSB was more careful. POSB staff sent their own officers to the hospital to verify her father’s intention to close the POSB account. Unfortunately, ...

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By Wilfred Ling, The IFA on Duty
Wilfred Ling is a Chartered Financial Consultant with Promiseland Independent Pte Ltd. He is a fee-based financial planner by profession.
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