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Over the past couple of weeks, I’ve experienced a frustrating situation where my money seemed to be held hostage. Today, I’m relieved to share that I’ve finally reclaimed my funds.
Recently, I embarked on the journey of opening a new savings account with CIMB, a prominent digital bank. I even invested a small amount to acquire a physical debit card alongside the virtual one.
Early on, a red flag was raised when my card was declined during a store transaction. I brushed it aside, assuming I might not have enabled its usage at stores. Upon closer inspection at home, I realized everything was set up correctly, but I didn’t let it concern me.
Fast forward to August 3rd, when I attempted to purchase the book, A Man Called Ove, from Fully Booked Online using my virtual card number. It was declined. I tried again using the physical card. Unfortunately, the transaction was also inexplicably declined, even though I had more than sufficient funds to cover the P999 book. Upon reviewing my account balance, I was taken aback to find a total deduction of P1,998.
Alarmed, I immediately contacted Fully Booked, who informed me of a payment issue, providing a screenshot of the declined transaction on their end. To my surprise, I received an email confirmation from CIMB stating that the first transaction was successful. However, the mobile app indicated both transactions were still “In Progress.” Frustrated, I reached out to CIMB via their chat support, only to learn that their response would take 2-3 business days, which was prolonged due to my inquiry being made on a Friday. Their phone customer service, as I found out, no longer provides assistance except for card deactivations.
As the weekend passed, I made an in-store book purchase using my credit card with a different bank and canceled the online order with Fully Booked. Tuesday finally brought a response from CIMB’s chat support, offering a generic message that an investigation will be made and I should receive an email after 7 business days. My persistence with follow-ups went unanswered.
Taking a proactive step, I emailed hello@cimb.com, the BFSI designated consumer assistance, in accordance with BSP’s policy. Despite my efforts, CIMB remained unresponsive, both through the app and email, until I checked the mobile app today and discovered that my money had been refunded. While most banks typically return floating transaction amounts to the account within 24 hours, my experience with CIMB proved quite different. Retrieving my funds from CIMB took an arduous two weeks, with just a single chat response during that entire period. The lack of responsiveness left me feeling as if they couldn’t be bothered to address my concerns.
In response, I immediately moved my funds back to my original bank, deactivated the CIMB virtual card, and closed my account with them.
This ordeal has taught me a valuable lesson. I’m choosing to rely on established, reputable banks moving forward. No more experimentation for me.
Kit Potter's Pensieve 