Complain to Bank then Bank Negara then Ministry of Finance

When I receive my credit card bill statement this month I got a shock when I saw the Finance Interest of RM15.60 over outstanding of RM72.45. It was my fault for not paying the bill in full. I took for granted during my previous month bill payment as I was taken the RM100 for other purpose when I was suppose to pay RM1,000 for the RM972.45 for September bill. I was using cash deposit machine to pay for the bill and thus it suppose to be rounded up and RM1,000 it should be. It was ended up that I pay RM900 for the bill of RM972.45 and due to the laziness of returning to the bank branch and topup the balance I have again took for granted to relay the outstanding accrued to this month. However, it was not something new to me as I did that before and this is only happen when I am paying with cash, when I got to rush for the expiration date and I have allocated RM1 to RM2 for the Finance Interest, as what it should be. Cheque payment is always sharp and I understand the high interest rate of credit card charges.

I had thus made a call last nite and complained to the bank's credit card center. I have requested on the formula on the Finance Interest calculation but I was told that the formula is too complicated for human to understand. It makes me more frustrated when I was told that since I have make the complain the bank shall withdraw this Finance Interest of RM15.60 and I do not have to pay for it. What is the heck? Finance Interest can be imposed and withdraw as bank's like? I have insist to get a copy of how the Finance Interest is being calculated and I was promised by the customer service agent to get a fax this morning but I have not receive any and I have again make second and third call this afternoon. I was again being promised that the fax shall land tonite.

I was totally unsatisfied with the bank's service and I have make a call to Bank Negara thenafter and complain to them. I was again told that the calculation is too complicated for me to understand. I do not understand why and what makes it so complicated to understand. I have expressed my greatest shockness over the RM15.60 from the outstanding of RM72.45 and all my previous bills was paid in full amount. On what basis this high Finance Interest impose? I have even told the Bank Negara staff that this is higher than Loan Shark and by looking at this stupid high Finance Interest I can tell it is wrong. And, if this is exactly what has been calculated by the correct formula it is a wrong formula being formulated by someone who don't understand mathematics. I was assured that Bank Negara will investigate the matter accordingly provided I write a letter and supply the necessary documents to the Director of Corporate Communication of Bank Negara.

I was from Financial Institution's IT background and I was a Double Maths student. I just wanted to get the formula and calculate myself. If a scientific calculator can't help I am willing to write a program to calculate and I have got all the maths functions ready. I am very curious on the complication part and if it is so complicated to calculate then any bank can charge any amount to customers if there is outstanding payment and it is very easy to explain :"It is very complicated to calculate the interest, you cannot calculate yourself, you just have to accept it".

If I do not get any satisfactory answer from Bank Negara I will complain to Ministry of Finance. This type of case I will not give face to anyone especially the bank. If Ministry of Finance also told me the same thing:"The formula is too complicated for you to understand", I will then go back and study day and night and volunteer myself to write a program FOC for them to calculate and verify on the accuracy. COBOL, DELPHI, VB.NET, Java, pHp, any programming language will do the job well.

It is not the matter of small amount of money = RM15.60, it is my principle that if something not right and unfair to me, I will fight to the end.