So recently I was sent $5000CAD via overseas transfer by my legal guardian to a newly opened DBS account to pay for rent, tuition utilities, etc. the usual overseas transfer timing is 2-4 days however DBS has held the transfer for over 14 days now and is not willing to give me any update on why it is being held and what I can do. They refused to return the money to sender and also are not willing to disclose details to why it’s being held or when they can get back to me regarding this incident. Basically completely stonewalling me and holding the money hostage.
Are they allowed to do this and at this point is there anything I can do about this such as escalating to a higher authority?
Context, I am Singaporean and have never encountered this issue with my UOB account when receiving transfers which are way larger than $5000CAD in the past, even when I first opened the account, so genuinely what gives? I was thinking of switching over to DBS which is why I opened the account but after this terrible experience I don’t think that will ever happen anymore.