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Tuesday, March 11, 2014

DBS says property is not an asset

DBS continues to surprise me.  This morning, one of its officers called to inform me that I could not use my property as evidence of my risk-free status so that I could qualify for an increase in credit limit for my credit card.

The reason? It does not consider a property worth more than $2 million an asset despite the fact that the Monetary Authority of Singapore has told me in an email (see posting below) that it is one of the criteria which the bank can use.

I do not know the rationale for the bank taking this position but I told the officer that I would like to get to the bottom of this. I have written to the MAS -- again -- to seek clarification .

But I think I should also write to the bank officially to find out .

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