Let's say if I open my Mach FD account tomorrow, and Mach FD promo ends on April, I still can add fund to my
existing Mach FD account after April?



This post has been edited by BoomChaCha: Mar 8 2013, 11:38 AM

It doesnt make sense for HLB to charge rm20 closure fee for ac longer than 6 mths, because account holder would not want to close it to avoid the penalty and just leave a minimum rm1 balance in the ac until dormant. The bank will end up pile up a lot of dormant accounts which may consume it's system resources. After few years, HLB got to send reminders to ac holders before HLB close the ac for free. More work and more costly to the bank,

It's actually quite a norm for people to just leave a few Ringgit (or the minimum balance as required by the account type) inside the savings account, let it go dormant and auto close by the bank. Besides, it doesn't take a few years for a bank to close an inactive account, certainly not for all dormant accounts.

For most banks, they will close your account if there is not a single transaction in your account in the last 12-month and the balance is less than RM10. The remaining balance in the account, in this case which is less than RM10 will be absorbed by the bank as a fee. So no. No letter will be sent to you. Do note that i am talking specifically about savings account as the minimum balance for savings account is low and there usually isn't any maintenance fee for savings account. So most people couldn't be bothered to go all the way to the bank just to close the account as they see this as time consuming, especially those Generation Y who prefer to do banking remotely.

Besides, as i mentioned, there are banks that still charge account closure fee no matter how long you've been using the account and Alliance Bank normal savings account is actually one of them. Public Bank will charge you RM20 for closing your PLUS Savings Account too last time. However, they abolished the account closure fee about 3 or 4 years ago and PLUS Savings Account holder do not have to pay any fee and is able to withdraw every single cent left in the account as long as the account holder doesn't close the account within the 6-month period. EON Bank had similar policy too.


We still do not know what is the minimum balance for this Mach Money Box Account. It's good if the minimum balance really is RM1 because for Alliance Bank normal savings account which i had to pay RM10 to close it about a year ago even though i've been using the account for close to one year when i closed the account and the minimum balance for the Alliance Bank normal savings account is RM20.

This post has been edited by MilesAndMore: Mar 8 2013, 02:15 AM

alright, noted

Yes you can - the only difference is after April the rate will be lower unless they extend it again or new promo.

Just treat it like another bank account that allow you to place your FD online and get promo rate.

Hi everyone,

silly question here.

Is it the FD withdrawal for a banker cheque can only be done on the FD placement branch?

can it withdraw on any branch? my FD is on Public Bank.

Thank you

HSBC board rates is 2.75%

Hell maybank banker cheque charge me rm5.

is this better than ocbc premier benking deal: 3mth 5.5%?

This was discussed in the previous thread - yes and no. Majority of the bank only allow you to withdraw at the branch you placed the FD.

Bro, I can't seem to find the HSBC Premier Promo BUT from previous offers, usually only half the AUM will be eligible for the promo rate.

And HSBC FD rates are among the worst in town, and if only half the AUM is eligible, then the effective rate will also be much less than what you mentioned.

And the thing with HSBC, you are only entitled to their Term Deposit once (that's it stuck with low interest rate for life after the promo, hahaha), unlike OCBC where Premier Banking account holders are eligible for OCBC FD Promos.

This post has been edited by Gen-X: Mar 8 2013, 12:11 PM

Thanks for the reply.

btw, mach banker cheque fee is the same rate as hong leong bank? (rm5.15)

Greetings guys, is cimb still offering their direct access premier savings account ?

I beg to differ! The statement is anything but simple and clear. And the fact that they are listing Basic Current Account and Other Current Account in the fee disclosure table make it even more complicated!



So is this Mach Money Box Account a Savings Account or a Current Account ? If it is a Current Account, is this Mach Money Box Account a Basic Current Account or it belongs to Other Current Account category ? Do you have a definite answer for this ?



Ok. So despite they are listing Basic Current Account and Other Current Account in the fee disclosure table, you seem to suggest that this Mach Money Box Account is indeed a Current Account, not a Savings Account and it is a Basic Current Account ? Fine. But how do you know it is a Basic Current Account ?

Normally Basic Current Account is a BNM regulated account and under BNM rules, the bank must offer a Basic Current Account with limited free counter service, limited free ATM cash withdrawal and the first two IBG done in a month can only be charged RM0.50/month. However, Mach by Hong Leong is not offering any of these options for its Mach Money Box Account which you suggest is a Basic Current Account. Not only so. BNM clearly stated that the fee for ATM card replacement cannot be more than RM12 for a Basic Current Account, but Mach by Hong Leong is charging RM18. Man... does that mean Hong Leong Bank has violated BNM rules... ?


I certainly am not making people confuse! I am trying to help all of us here to get a clearer picture on the applicable fees of this Mach Money Box Account so to help people dropping by this particular thread to find the best FD suited for him/her and to get the best bang for the buck!

The 4% 12-month FD rate offered by Mach by Hong Leong is attractive indeed. However, not everyone will deposit the maximum amount allowed under this promotional rate which is RM250,000. Some may only deposit RM50,000 or lower and all these fees (debit card annual fee, account closure fee if any) may eat into the profit and there are other better options in the market. I have good intention here but you aren't helping at all!

And who are you to ask me to end this topic ?

The interest is based on 15months or 12 months?

eg:
First 12months - 3.9pa
subsequent 3months - 3.9pa

or 15months for 3.9% ?

LOL. As if you weren't either. This morning you were quoting 3 months. Now you are quoting 6 months And you did not answer whether this Money Box Account is a savings or current account. It means you are not sure either. Since you said it's very clear and simple, jangan sekejap 3 bulan sekejap 6 bulan lah

LOLOL. I thought you said not to argue. It looks like you couldn't stop from arguing either ? Since you were the one suggested not to argue, perhaps you should lead by example and stop arguing ?

Most likely ? That's an assumption. And don't twist my questions please. There are people here that purposely open a savings/current account from Bank A just so they can enjoy the FD promotion by Bank A. Besides, i already gave the reason why but you don't get it at all, or perhaps like usual you don't bother to read other people's replies ? Besides looking for a firm answer on whether or not there is a fee to pay to close the account, be it within or after a certain period, i was also trying to find out the minimum balance for this Mach Money Box.
You also deliberately avoiding answering my questions because you do not have a firm answer. The Mach Money Box Account is giving people the impression that it is a savings account, not a current account. However, from the fee disclosure table, it seems to suggest that it is a current account and to make it worse, it also suggest that there are two types of Mach Money Box Account. But then, from what we all know, there is only one type of Mach Money Box Account, though we are still not sure if it is a savings or current account. That is why i raised my questions here but you weren't supporting what you said with concrete evidence and instead of helping to look for an answer that is 100% reliable, you just wanted to shun people off.

And because you are not sure too, you are saying it is 3 or 6 months now ? But this morning you were confident with 3 months, then later after i raised my doubts, you changed to 6 months, and now it is 3 or 6 months ? What happened to your confidence ? Bottom line is, i asked all these questions because the fee on account disclosure certainly IS NOT CLEAR and you shouldn't be so confident on something you are not 100% sure. So is this a savings account, basic current account or other current account ?

And for the record, Mach by Hong Leong is giving contradicting information in their Products T&C, FAQ and Products Disclosure Sheet too. In the Products T&C, it stated the minimum account opening deposit is RM200. But in the FAQ page, it stated there the minimum account opening deposit is only RM50. Moreover, up till yesterday, it is stated in the fee disclosure table that we need to pay RM1 for each ATM cash withdrawal using the debit card even it is through HLB/HLIB own ATM. But they amended this already today and it is actually free.

Luckily we have edwardcgg who is willing to find out and share the information with us!

This post has been edited by MilesAndMore: Mar 8 2013, 05:25 PM

Thank you so much for pointing it out. Captain

We are all aware that you have been very helpful to members here.

Thank you so much for your significant efforts to this thread.

One same type of rice is eaten by many different type of people, just relax and take it easy..



This post has been edited by BoomChaCha: Mar 8 2013, 05:53 PM

Yes. Helping and sharing information with everyone here. That's the objective. Though i have not been as active in the FD compared to a few years ago, i never stop learning new things from you guys and i still get most of my first hand information on new FD promotions from people like you, bro Gen-X and so many more who were never stingy in sharing out information