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RECENTLY, when I tried to reduce the term of my home loan with DBS Finance, I was told that there is an adminstration fee of $200.
The officer who attended to me said that the fee was imposed in June last year.
I highlighted to him the fact that this was not in my contract or was it in any way communicated to me.
His reply was that the bank has the right to impose such fees when deemed necessary and that there is no necessity to inform the customer so.
I wonder if this is standard practice.
Tay Tang Choon
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