IT’S good to read the prompt response from Bank Negara about the delayed downward revision of the base rate and base lending rate by commercial banks.
I am facing a different issue. The bank of the company I work for has decided that it does not want an account with a low balance.
This is although there has been no breach of any covenant or condition.
But it is not the first time.
It had made threats a few times in the past.
It is my understanding that banks cannot close anyone’s account unless it is dormant or misused, for example, for money laundering, and that will constitute just and reasonable cause.
A low balance and transaction is not just cause.
At one time, we had millions in our accounts, but not now with the economic slowdown.
Are small- and medium-scale enterprises not entitled to have bank accounts?
What is Bank Negara’s stand?
R. KRISHNAN,
Kuala Lumpur