Do you really have to pay RM1 each time you withdraw money using your Mach VISA debit card from Hong Leong Bank ATM ? The Fee Disclosure table seems to suggest so

But that will attract a RM1 fee too per over the counter transaction

Yes. But over the counter will still attract a RM1 per visit! The most mind boggling thing is that they will charge you RM1 for each cash withdrawal at their own ATM

The RM1 fee i was talking about is for ATM cash withdrawal from your Money Box Account using your Mach VISA debit card. It is not related to Mach FD.


Apparently you do... for this Mach Money Box Account.


Yes.


For this Mach Money Box Account, you do have to pay RM20 to close it, be it you close it 6 months later or earlier. This account closure fee is stated in their fee disclosure table.


Need to be at least one transaction in 1 year, not 6 months.


This is the RM1 fee i was talking about all along.

By the way, you only need RM50 to open the Mach Money Box Account.

Don't know about that.


It's indeed 6-month for this account



RM10 will be debited from your account when your account goes dormant. Your account is considered dormant when there is no deposit, withdrawal or funds transfer made within 6 months.

By the way, the interest earned is credited on a monthly basis.

Erm... If you refer to my last post, all the replies there were about the Mach Money Box Account, not Mach FD.

For 12-month Mach FD, the interest will be credited at the end of your FD.

This post has been edited by MilesAndMore: Mar 7 2013, 01:32 PM

I was wrong about the 12-month Mach FD. According to their T&C, the interest earned will indeed be credited into your Mach Money Box account every month.

Where did you see this ? There is no mention of this in the Fee Disclosure Table.

I did see this. But there is no mention here that there is no account closure fee if you close the account after 6 months you opened the account either.

It's not a trick actually. RM20 is the account closure fee no matter how long you've been using the account. You can probably ignore the Basic Current Account and Other Current Account for the time being as Current Account is not offered by Mach at the moment.

Again, the has been shown by edwardcgg and there is no mention that the RM20 account closure fee is applicable only if you close it within 3/6 months from the date you opened the account. And the asterisk is no help and it is making all this even more confusing as currently, there is only one type of Money Box Account and it is not a Current Account. Besides, we do not know what is the minimum balance that must be kept inside this Money Box account at all times. So we don't really know just how low the "outstanding balance* in the account can go.


I had a Hong Leong Bank Basic Savings Account two years ago and i did not have to pay a single cent when i closed the account as i had had the account for more than 3 months already then. I was also able to withdraw every single cent inside the account.

Anyway, all banks have a different T&C for the accounts they offered. Alliance Bank for instance, will charge you RM20 when you close your account (within 3 months) and RM10 after 3 months for most of its savings account type.

When you go there this Saturday, do ask them what is the Basic Current Account/Other Current Account about. And do ask them what is the minimum balance must be kept inside the account at all times and share with us. We value your actual experience here


Yes. Only applicable to new-to-bank customer as well as existing customer who upgrade to Premier Banking. However, for existing customer who upgrade to Premier Banking, you need to come up with a fresh deposit of at least RM200,000 to be eligible for this promotion.

This post has been edited by MilesAndMore: Mar 8 2013, 12:47 AM

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

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 ?

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

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

Not changing my stand on the account closure fee which is not clear in my opinion and stating two Current Account types make it worse. And also no point to give further response as none of the questions raised were answered by the one not agreeing with it. And to continue this will lead to no end as what we have seen in some credit card threads which many have since been removed. So get back to the topic guys

Quite a few contradicting and wrong information on their website since they revamped the Mach by Hong Leong website a few days ago.


Yes. Still don't know which is the correct one, whether it is RM50 or RM200. May be you can finally find out tomorrow ? That's if you are still going to a Mach branch as planned tomorrow


Can't find this anywhere in Mach website. But since they are the same company, it is therefore safe to assume that it is the same (RM5.15). Perhaps you can ask too tomorrow ?

Indeed you were


Thanks for the clarification


Yes


Yes. But if the minimum balance to keep is only RM1, then the account closure fee is not important anymore. Worse come to worse, just leave RM1 in the account, don't touch it for 1 year and it will auto close by the bank

By the way, i just noticed this under Sky High Savings. Does that mean it may be possible to withdraw every single cent even when the account is still active ?



It's been extended to end of next month. But if they gather RM100 Million of deposit under this promotion before the new end date, they will pull this promotion early.

Yes.


No. According to their products T&C, you need to keep a minimum average monthly balance of RM1,000 to be eligible for the IBG fee rebate, which will be credited back to your account the following month.




This post has been edited by MilesAndMore: Mar 9 2013, 01:17 PM