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 are not allowed to join this campaign

Disclaimer: No guarantee will success in this group FD plan

Participating Members

Members Ok without PIDM
bbgoat
HJebat
gchowyh
plumberly
tbheng
guy3288
helob
McFD2R
BoomChaCha

Members want PIDM
bearbear
munkeyflo
Nostalgia
MNet
wodenus

Now we have 14 members, total RM 700K

Plan (my brain storm 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 is a very good question.. .. Warrior..
I have been thinking about this issue also, but I do not have the solution yet.

Now We have 9 members are okay without PIDM; and the rest of 5 members
want PIDM.

So if we talk to BR, we have only RM 450K (9 members); versus if we talk to Bank with
PIDM, we will have RM RM 700K (14 members).

I agree with you that BR is the most easiest one to negotiate.
I just come out with these 2 suggestions with my brainstorming:

#1 Suggestion
We use member majority to decide whether to go for without PIDM or with PIDM.
For example, if we have more members are Ok without PIDM Than members want PIDM,
then we go for BR, and vice versa.

That's why we put a term that all participating members can change their mind not to
join due to some unforeseen future circumstances.

I am thinking once if we can get a good rate, most members (including members want PIDM) should follow and join our campaign, and most probably they will put in more money too.

#2 Suggestion
We will talk to 2 banks, BR and another bank is with PIDM, let's Affin.
We will take whichever bank can offer us the better FD rate.

Do you have any suggestions?
or any suggestions from anybody?