Got eFDs due today in my MB a/c. Opened one FD at SCB with the top up 6 % promotion.

I thought with modern advances, opening an FD should be easy and quick. This one took quite some time, lots of paper to sign.

Luckily I did a quick check as the doc I was supposed to sign for was the previous promotion at 5.88%.

Look forward to higher still FD % in Q4.

Cheerio.

Some ending 25th some 29th so by the time I take out and put back in as fresh funds, won't be in time for the September promo as stated on first post of this thread. 

Bro, thanks for informing we cannot deposit the RM1K into Junior Savings Account.

Like that you should have just deposited all into OCBC Combo Plan. If one really calculates the interest earned and taking into consideration of HLB Banker Cheque Fee of RM5.15. OCBC Combo effective rate better than HLB. And if deposit RM50 into Smart Saver and get 2.85%, OCBC Combo effective rate will beat HLB flat. Also, now stuck with RM1K earning low interest rate, fast fast go withdraw and deposit into Smart Saver, hahaha. Wait, you got Junior Savings Account right, go withdraw and deposit into the Junior SA

Bro, like I said, HLB effective 3.74% if one considers the banker cheque fee.

If you need the RM1K to spend then different story. If you talking about depositing RM11K to earn maximum interest, then combining it with what you deposited into the OCBC Combo Plan, you would have earned more than HLB 3.95% end of the day (if you pay RM5.15 for the HLB cheque) 

Anyway, I wanted to highlight again to others than one is NOT getting 3.95% with HLB if he/she intends to go with Bankers Cheque later on unless they have PB like me where HLB only charges me RM0.15/cheque. Actually, I have HLB current account too, so same cost of RM0.15.

My OCBC FD matured today and I just had it "RENEWED" (ya, kind of) with the combo plan. 
Yes... you may wonder how I managed to "renew" when the combo plan requires fresh fund.
Well, the trick is, OCBC regards my persona chq issued from my 3rd party bank's O/D account as fresh fund for combo FD placement . Then I withdrew the matured FD in banker's chq and deposited into my O/D account in the same day. No O/D interest will be incurred.
Talking about usefulness of an O/D account. 

If you don't have an O/D account, then you need to RENTAS the FD withdrawal to your current account in the 3rd party bank of which you issued the chq. But unlike O/D account with ready fund, this method is solely rely on the reliability of the RENTAS transfer. Any hiccups in the remittance may jeopardize your FD "renewal"

@ Gen-x
OCBC AUD spot is 3.13xx today. The drop is due to 25 basis points cut yesterday. 1 week spot-zero contract is 14.xx%   

I don't know about your banker.
For me, no interest incur, been there, done that. 

Maybe your banker shortchange you ? 

My OD is from other bank. There are many types of ODs, the most common ones is to pledge your house as collecteral for the OD facility. Applying is easy, just bring a copy of your house title and see a credit officer.
I guess I need to be a little more technical on this.   
When you bank in a chq before 4pm today, the chq amount will be credited in your a/c as Ledger Balance in the same evening but the fund is still floating or unavailable. By tomorrow evening the chq is cleared and it will be added to your current Available Balance.

The above are the fundamental knowledge of clearing of non house chq deposit.
The next thing you need to understand is the calculation of OD interest is based on the Ledger Balance. At least for my bank. 
If your bank charge you OD interest because they calculate OD interest based on your Avaiable Balance, please share it here, so that we can all avoid these banks.    Also, these banks will most likely commence your FD placement by chq upon chq clearing day. 

If purely for FD withdrawal is FREE if you want to combine with other accounts, e.g. Savings Account, make sure you doucle check if the banker cheque is still FREE. gsc reported sometime back he was charged for his OCBC banker's cheque when he combined it with his Savings Account.

My OCBC banker's cheque also cleared on the same day.
Got the banker's cheque from OCBC around 1pm then banked in to Maybank via machine around 2pm, cleared by the same day evening.

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Added on October 4, 2012, 9:01 pm

I have banked in my ocnc banker cheque into my citi bank account today. When checking with the counter, the cash teller and customer service counter staffs both said banker cheque just like normal cheque, need two working days for clearance. I will monitor my balance to see what is the actual clearance day.

Bro, your Citibank cheque cleared?

Next time can consider munkeyflo method, pass the cheque to RM and sign all document before hand. Once OCBC cheque cleared, call RM

PIDM website has examples of each situation.

If joint account will be protected up to max RM250k only.

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Added on October 5, 2012, 4:27 pm

I have used Giro from OCBC to Maybank Savings Account before. Unfortunately forgotten to transfer to Current Account and was hit for some administrative charges. Its a hard life playing musical chairs.
On afterthought, I should have Giro direct to Current Account. Maybe that also some risk, better get Bankers Cheque less risky.

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Added on October 5, 2012, 4:31 pm

Can ask why since have Bankers Cheque why not deposit direct using it, instead of doing it roundabout way.  

May I know what time you bank in the chq yesterday ?? via chq drop in box (without date/time stamping) or chq deposit machine with scanner ??

If you bank in before 12pm using chq deposit machine with scanner, I believe you will not be charged the OD interest.

Even bank in at 2pm, I still believe that you wouldn't be charge OD interest. Check you Citibank tomorrow.
If my guess is right, you citibank statement will show both debit (your chq) and credit (OCBC Chq) entries on the same day 4th Oct.

I normally do it in the morning to play safe and I never kena OD interest before.

I'm confused on the Transferred X amount of money from OD account to cover cheque 

"shown", means money is already in the Ledger but floating hence LEDGER BALANCE. I  can safely say that you wouldn't be charge OD interest as long as your ocbc chq credit entry "shown" as ledger balance on 4th Oct.

Again, overdrawn account doesn't need CLEARED chq to cover the overdrawn amount, a "shown" ( float chq) amount is good enough to cover the OD. "cover" means preventing the computation of OD interest.

You can go to your Citibank internet banking to verify your transactions or get a transactions print out from the bank. otherwise you will have to wait for the statement next month.

Thanks. Existing current account is with MBB. So I need to open current account with OCBC pledging my FD for OD facilities or does the OD account stand on its own like a saving account.

The bold words above are the root cause. I thought you issued the chq directly from OD account.
But why didn't you bank in the chq directly to you OD account ? You can avoid the OD interest by doing so.

I issued the chq directly from my current account with overdraft facility.

What I meant was u can transfer od fund to cover the chq account on 4th and bank in the OCBC chq to your od account on the same day. There will be no od interest charge if u do it this way.

hi guys,

just came back from moving funds from ocbc to uob.
i can confirm that the banker's cheque from ocbc is FREE if it comes from your FD. While UOB charges only RM0.15 to request for banker's cheque from your maturing FD.

AUD low? In Feb 2009 and July 2011, it was AUD1 = RM2.33 and RM2.74 respectively.

The 5% extra interest not even enough to cover the exchange fee by the bank.

And Bro, have you checked the Time Deposit Rates for AUD recently? It's even lower than Affin's board rates!

I am betting it will go lower being influence by all the analysts' comments that RBA going to reduce rate to below 3.0 by 1st quarter next year. Today's report, ad for new jobs in Australia down for the 6th consecutive month. Last week construction index down the most for 12 months. However, there is another report saying that AUD is going to strengthen because of its AAA rating. I am hoping it will go down to below 3.