A man in Singapore had his UOB bank account frozen without his knowledge, severely impacting his ability to manage his online business. Despite his efforts, he has been unable to resolve the issue since 15 May, according to a report by MustShareNews.
Jeremy Ong, a 44-year-old entrepreneur who primarily sells tennis and other sports products through his small online and retail business, explained that he relies on a UOB bank account for his business transactions.
However, on 15 May, he discovered that he could neither deposit payments from his Shopee and Lazada accounts into his UOB account nor transfer funds out of it.
Bank account frozen
Concerned about the situation, Ong decided to visit a UOB branch on 19 May for clarification. To his shock, he was informed that his bank account had been frozen since 8 May, approximately one week prior to his awareness of the issue.
Unfortunately, the bank personnel could not provide a clear explanation for the freeze and advised him to contact the corporate banking hotline.
Ong attempted to reach the hotline multiple times, but each call resulted in extensive waiting times of up to 30 minutes, followed by an abrupt disconnection after being informed that his call would be transferred to the relevant department.
Frustrated by the lack of progress, he resorted to sending an email to the Monetary Authority of Singapore (MAS) seeking assistance.
Failure to update mailing address
To his surprise, shortly after sending the email, Ong received a response from a UOB representative on Wednesday, 24 May. The representative assured him that an investigation into the matter would be initiated.
The following day, on 25 May, Ong received a phone call from another UOB representative who informed him that his account had been frozen due to a “failure to update mailing address.”
They promised to resolve the issue within an hour. However, when Ong attempted to withdraw funds from his account, he encountered another failure as the account remained frozen.
As of the time of writing, Ong’s account remains frozen, causing significant disruptions to his daily business operations.
Disappointed with bank
He expressed disappointment that he was not notified by the bank about the account freeze and had to personally escalate the matter to higher authorities before any action was taken.
Reflecting on the experience, Ong concluded that relying solely on one bank for important transactions is risky. He emphasized the importance of diversifying banking relationships, particularly when handling numerous daily transactions.
Furthermore, he expressed his dissatisfaction with UOB’s customer service and criticized their perceived lack of responsibility in conducting business.