yes you are right. no need to keep 3k, just transfer 3k once and spend 1k (to get max cashback rm50).


This post has been edited by matnormyth89: Feb 3 2023, 08:18 PM

ok thanks for the info
now i need to dispute already since already spend RM1k for each month exclude those specific ewallet

just in case anyone want to apply SA without going to the bank

Would like to add MBSB Bank to the list too, the experience was quite seamless.

https://www.mbsbbank.com/consumer-banking/d...vings-account-i

This post has been edited by xperiaDROID: Feb 5 2023, 06:56 PM

bank of china
rize by al rajhi
aladdin by affin

m2u-i

Really funny this Hong Leong, went to home branch and request to switch to BSA with no annual fee then one of the staff end up telling me if switch to BSA cannot use debit card anymore because if want to use debit card must charge RM 8 annual fee lol

Showed them their website which clearly states there's debit card for BSA with no issuance and annual fee and still wanna argue it's not true, called the HQ after got back home and got told the same answer again lmao, enough is enough

Just because they're desperate for the annual fee doesn't mean they should tell lies, time to say goodbye to Hong Leong after so many years of using, if it's not because of their CDM still accepting small bank notes I wouldn't be using it anymore, now I rather deposit the small notes over the counter at other banks.

This post has been edited by xperiaDROID: Feb 11 2023, 12:03 AM

Probably switching maybe it is HLB policy not to allowed it

Suggest you to close and open a new BSA with a different branch as you might encounter a difficult staff on a bad day 🤦‍♀️

If I were you I will report to BNM as well

That's how banks make money, from annual fees, interest and other fees.

I believe the BSA account you are looking at is a product from Bank Negara. All the banks don't make much money from this, that's why they try to upsell or refuse to register BSA for you.

Firstly BSA is not a product from BNM 🤦‍♀️ but a CSR initiative for the public benefits as BNM is a regulator not a product developer 🤦‍♀️

The product is from the banks itself hence if they wanna give extra benefits for BSA they are allowed with written consent from BNM but they have to fulfill and exceed BNM minimum requirements

BSA is a basic right hence banks cannot and refuse to allow customers to use it because it is a breach of consumer banking rights in BNM regulations 🤦‍♀️

This post has been edited by xander2k8: Feb 12 2023, 05:13 PM

If BSA is not a Bank Negara product, then why would Bank Negara lay out specific terms of the product offering itself? And why the SAME product is offered by ALL the local banks, as product requirement by Bank Negara? 🤦‍♀️🤦‍♀️

Maybe you should read this let me know if I am missing anything.. -> https://www.bnm.gov.my/-/banking-institutio...current-account

Please point out where is this a "CSR initiative"? 🤦‍♀️🤦‍♀️

As far as I know, there are no requirements for the banks to accept your registration for a bank account.🤦‍♀️ This is totally up to the bank to reject your application and even Bank Negara can't do anything about it. 🤦‍♀️🤦‍♀️🤦‍♀️



Update: I took an effort to find this just for you..🤦‍♀️

". In December 2004, Bank Negara Malaysia announced the FRAMEWORK🤦‍♀️ on basic banking services which aims at ensuring that the banking public has access to basic banking services at minimal costs. Effective 1 February 2005, commercial banks and finance companies ARE REQUIRED 🤦‍♀️ to offer a basic savings account (BSA) and a basic current account (BCA)"- page 114 https://www.bnm.gov.my/documents/20124/830664/cp05.pdf

This post has been edited by kelvinjohn: Feb 12 2023, 06:17 PM

Firstly BNM is a regulatory money and financial policy body hence they set rules and not launching the product to consumers 🤦‍♀️ They are not laying terms but a minimum standard regulations that each banks has to offered under BSA 🤦‍♀️ that is why it is covered under the framework hence they are not launching products as they are not developing products but regulations development 🤦‍♀️

It is a CSR initiative under Consumer Education Programme that is developed by ABM and AIBIM 🤦‍♀️ and regulated by BNM 🤦‍♀️

Learn what is Central Banks are and their policies are not developing consumer products and it is only left to the banks and association like ABM to developed it 🤦‍♀️ otherwise why on earth you need banks instead 🤦‍♀️

Read the keyword products and services offered by banking institutions. 🤦‍♀️ not central banks 🤦‍♀️

This post has been edited by xander2k8: Feb 12 2023, 10:28 PM

Is it possible to report to BNM if I already closed my account with them? Because I did it today since I had some free time, also went to Maybank nearby to switch from normal SA to BSA and they did it for me on the spot with no questions asked.

Seeing that HLB has been going downhill over the years in terms of their efficiency and the way they treat their customer (at least for me), I don't think I would want to go for them again, people I know that use HLB services have either ditched or plan to ditch HLB due to the way they work, so I prefer to save the hassle and move on from them. Besides, the reason why I was still staying is because of their CDM accepting small notes anyways.

If there are still any banks that accept small notes with their CDM and also provide hassle-free online account opening, I wouldn't mind going for that. Otherwise, it's not much of a big deal as I can either keep it in case of any use or bank in over the counter.

Apparently, I heard Agrobank's CDM accepts small notes too, but too bad their online account opening doesn't include BSA, still need to visit their branch.

While I do understand that they can earn a lot from the annual fees with a huge scale of customers, doesn't mean they should lie, and it's not just the branch staff that's lying even their CS from HQ is lying.

Correct me if I'm wrong, but BSA is supposed to provide lower threshold and better accessbility for the masses to do their banking needs, they can upsell but not refuse without any valid reason, not everyone needs unlimited ATM withdrawal.

You're right, that's the purpose of BSA that's why all banks are required to offer BSA. And contrary to what the other poster said, this is BNM"s policy, not some goodwill/voluntary/charity offer by the banks. However they do it reluctantly by pretending it doesn't exist, it's really difficult, or by obfuscating the conditions to tempt customers to open a regular savings account. From my experience, BSA is never promoted by the bank. It's only mentioned on the bank website under "types of savings account" and in dull/standard BNM style brochure that you can find at the bank.

In your case, I just read above, It seems unfortunate but i think it's really difficult to complain to BNM. Since it will be a case of "he said, she said" and the staff can claim the customer misunderstood or they didn't say that.

In hindsight, if you hadn't folded or agreed to what they said, or ask them to print out a clear letter saying what conditions for BSA is and why you don't fulfil it then maybe you have a stronger chance. Of course you can try complaining to BNM, but i woudn't keep my hopes up.

Another option, if you don't mind the time and effort is now you try to open a completely new BSA at HLB. See if HLB can give any more excuse. If they do, then well ask them in writing or ask permission to record them and see if BNM agrees with them.

Edit to add: My personal experience. Some time ago I wanted to open an account at HLB since my parents have one there, so easier to transfer and manage money. They offer me a regular account, I said I wanted BSA and that was it. So to me it depends on the attitude/culture of the branch staff.

This post has been edited by jonoave: Feb 14 2023, 02:43 AM

You are very welcome anytime to report to BNM telelink on refusal to open BSA anytime 👏 but action taken all depends on the resolution team

So never try never know

The best way to open a savings account these day is online. Less question asked and instant approval if you are not in a blacklist.

I was at Affin branch few weeks ago and they want 6-months bank statement to open a savings account. The staff insisted on this. I got tired of this and downloaded their alladin app and easily registered an account.

Btw, as you said, my experience was same with Bank Negara..they don't really layan complaints.

This post has been edited by kelvinjohn: Feb 14 2023, 08:10 PM

Hi guys. I've been using pbb SA for years. Just read about the BSA without annual fees and just realise pbb do offer it. So I'm wondering if I want to change to BSA from my savings account, can I just switch it or do I need to close and re open a new account?

This post has been edited by annoymous1234: Feb 16 2023, 10:30 AM

Just give PBB a call to find out if can switch then you know what you shall do the next.

I opened a BSA for my sister at HLB app and RM8 was charged as debit card fee, even my own HLB acc was also deducted RM8 every year.
But in their website they did mention that annual fee for BSA no fee but there is charges of RM8 per card?? Menas i will be charged for getting debit card la? Very confusing
UOB staff also told me RM8 will be charged when i applied for a debit card

usually got 2 types of bsa. with and without annual fee.