Ha ha..

Good idea... Your parents will proud of you.

Please update us as soon as you hear any news. Thanks

We welcome a new member: endau02

Members Recruitment for FD Group Deposit Campaign
Objective: To consolidate all members' funds to bargain for a better FD rate with the bank
Minimum FD deposit: RM 50K per member
Target total FD amount: 2.5 million or more
FD Tenure: Tentatively 1 year
Recruitment Deadline: 31 May 2014
No Obligation: Members can retreat anytime before we negotiate to the bank
Prohibition: Members who registered after March 2014 or less than 300 post counts are not allowed to join this campaign
Privacy: All participating members' privacy are 100% protected

Disclaimer: No guarantee will success in this group FD plan

Participating Members

Members Ok without PIDM (10)
bbgoat
HJebat
gchowyh
plumberly
tbheng
guy3288
helob
McFD2R
besiegetank
BoomChaCha

Members want PIDM (7)
bearbear
munkeyflo
Nostalgia
MNet
wodenus
flyingteeku
ts1

6 months n shorter= non pidm, 6 months n longer= pidm (1)
endau02

Now we have 18 members, total RM 890K (Effective amount: RM 1 Million and 40K)

Plan (my brainstorm only)
(1) Consolidate at least RM 1 million fund from all participating members.

(2) Appoint representative to negotiate with the bank.

(3) As suggested by Warrior HJebat, after bank says OK, then representative generates and PM confidential code (for bank to recognize members' identities purpose) to each participating member so that members can place their FDs at special rate by submitting the code to the bank. Each member will get one unique code only.

(4) Members can place FDs in their local bank branches.

Any suggestions are very welcome..Thank You

This post has been edited by BoomChaCha: Mar 28 2014, 03:57 AM

Words from PR Director !!

Hey bro, 4am, still not sleeping and recruiting more people to the FD Boom ?

Got this info from EPF CS:

For those close to 55YO and currently contributing EPF thru employment you can actually put your savings into your EPF account which gives better returns instead of FD.
The max. amount is rm60k/year (exclude your monthly epf contribution) and after 55YO you can treat your epf account almost like a CASA subject to certain withdrawal options and 1 time/month.

This post has been edited by MGM: Mar 28 2014, 10:26 AM

Previously most people think that this is not applicable to those who are employed and contributing EPF monthly.
But agreed that more hassle to withdraw compare to ATM. UT don't always give +ve returns. I am just comparing with FD.

OCBC told me next month got promo for Islamic FD 3.65% for 12 months.

Min 10k, max 5m. Tentatively this rate if no changes
No funds to put in liao

Max 5m !! Looks like LYN 1m FD group have to exclude OCBC.

Guys, what changes are being made to BR with the recent letter regarding the Islamic banking terms? I'm confused........

I ponder on this for a while and a little lost on the logic...
If >5m can get higher %, ocbc would not stop ppl from putting in 6m, 7m,... which they give the same % instead of higher %.
I guess the banks have different thinking when they set an upper limit for a promo.
Maybe to prevent too much cash/liquid position, or something else.

I asked the UOB guy in this thread before why some banks gives slightly lower rate than board rate for large amount deposit in one single account but unfortunately he didn't give me a proper answer.
My guess is the bank must maintain liquidity commitment to its depositors and the cost of maintaining such commitment to one large deposit account is higher than many deposit accounts.
Same logic goes to overdraft facility of more than rm250k, the bank charge its borrower 1% COMMITMENT FEE for unutilised o/d balance.

This post has been edited by aeiou228: Mar 28 2014, 03:07 PM

OCBC offering 3.65% effective rates? Erm..

Hmm, i wish to know the grouping thing, max can get how many %?

Sorry, been away. Saw more updates on the FD Group campaign. Just in case I've missed out on this info, can I check what is the targeted FD rate that you're trying to achieve? Would be good to know an estimation so I can consider joining too Thanks.

We are planning to consolidate a big fund from all participating members, we use this big fund
to negotiate with the bank for a better FD rate for all members.

About the target FD rate, we do not know, because we have not talked to the bank yet.
I believe the amount of fund will determine the FD rate.

The more fund we can get, it means we have more bargaining power to negotiate with the
bank.

So far, we do not know how much fund we can consolidate by the end of May.
Therefore, we are still in the middle of recruiting members to participate this campaign.
But we do not want to pending this plan for so long.

One of the obstacles we are having is that each member have different exiting FD maturity dates;
let's say if we want to place FD in mid of April, some members may not be able to match the date.

Another issue is some members can accept FD without PIDM, but some cannot. And this indicates
that we need to split the total funds into 2 groups.

In order to ensure our plan can implement smoothly and to avoid other unnecessary problems like other non-participating members might go to disturb the bank for requesting the same special FD rate, so once we get the FD rate, we will not disclose the bank name and FD rate to public in this forum, but we will PM all confidential info to participating members only. Just imagine, if the bank get harassed by other people, the bank will not deal with us anymore.

We are currently just building a foundation, and we hopefully can make our FD plan more systematic and professional in the near future, and this is one of the reasons why we have
a straight policy in members selection.

Sorry for writing this too long.

Lastly, if [Ancient]-XinG- and pinksapphire have decided to participate, we will welcome both of you to participate our FD Group Deposit Plan. But no guarantee our plan will success.

Please let me know if your questions have not been answered or if you have more questions.

Thanks for the info..

Top Cat..Can provide all your profitable UT info..?

Ai.. better ask Bank Rakyat for accurate info

I can be your driver next time..

I heard from Proton and Nissan salesmen few days ago, car loan interest
rates have gone up effective 18 March as instructed by Bank Negara.

Do you think FD rates will go up soon too?

According to Top Flo, OCBC will strike back with 3.65% Islamic FD next month;
meanwhile Affin has been steadying with their board rate 3.6% (see below picture)
for long time..

Will UOB react to OCBC to capture back the FD market share?
We count on you to bring us good news, and please do not forget about our million Ringgit
group FD deposit deal..Bro..



This post has been edited by BoomChaCha: Mar 29 2014, 03:30 AM

You will take over my coordinator job very soon...

No no, no way lah. The person who can Boom the loudest is the PR Director.

To add to what was discussed before, have cancelled some ATM cards (with annual fees) with banks which did not affect online account. But yesterday was with CIMB, for them their system needs the ATM card to keep the online account. So have to pay the annual fees to keep the online account.

So what Magika said before is true for some banks.

This post has been edited by bbgoat: Mar 29 2014, 09:49 AM