I REFER to Council for Third Age chairman Gerard Ee's letter on Monday, 'Grey power'. Mr Ee is just the person to take up the cudgels on behalf of seniors. But has he spoken to a senior who has tried changing, say, his bank?
Credit cards are poured on the young like confetti, but once you are retired you have to place a deposit of usually $10,000 just to receive a credit card. Why?
By retirement, most people are financially savvy and don't get into debt. It's usually the young who overspend, get into debt and create financial problems.
Can we assume from this policy that this is what the banks want? That they eventually make money out of such profligacy and hold these debtors to their chest for many, many years?
Try opening another bank account. A friend told me that the list of questions a senior applicant gets asked is equivalent to that of a volume of the Encyclopaedia Britannica, during which time the clerk becomes exasperated. After all, as we all know, old fogies are so stupid when answering questions. You can see it in the clerk's eyes, which usually says, 'I've not got time for this!'
A few days ago, my wife telephoned our bank of 17 years to try to increase her credit card limit to buy a home appliance, only to be told that because we live on a pension, if we applied in writing, the limit could well be reduced, although they have known our situation for years.
Believe me, my pension is a lot more secure than any salary I ever earned in Singapore.
Sorry, Mr Ee, until there is genuinely sincere service and not merely a cheesy smile, advising a senior to change his bank to demonstrate grey power is a non-starter.
