eddie2020 Hurry bro, last day Friday! min. 50K. no need check website, trust boomchacha's post #2 

Yup^ I do have some accounts with Amb. Gonna go ahead with their 4.1%pa FD soon.

eddie2020 Hurry bro, last day Friday! min. 50K. no need check website, trust boomchacha's post #2 
jack2

and remember maturity date unless wanna pay expensive price of rollover at board rates 

Last date is 15 Dec 2014.

Just did another placement there, Rentas from BR..

Anyone here is still with Ambank Top Rate FD promotion held 3-4 years ago which the interest is credited quarterly or half-yearly?

I have 3 FDs on this promotion and the counter staff told me that this FD's interest is paid quarterly. And I asked, if I made withdrawal after interest is paid before tenure, will they get back the interest. I was informed that what had been paid, will not be charged back.

So I committed into the FD with 48 months and 60 months. The interest at that time was  3.6% and 4.1%

The 48 months one, last year Dec 2 was expired and I left it over without anything and it was auto renewed to another 48 months with 3.35% interest.
Today is 1 year out of  4 years tenure and I requested to withdraw all the principal. I was told that they will penalty me half of the interest paid for that 1 year.

The issue now is, what I was informed and what they told me now is totally different. Thus, I requested for the term and condition I signed if they have such rule to charge me penalty before the tenure.

They are unable to provide me the T&C I signed or they did not have such thing too. They passed over this case to branch manager to handle and I am waiting for the solution.

How could it be fair to renew me on board rate at 3.35% for 48 months?

Young Magic, did you manage to place your RHB FD on the same day after Rentas from BR..?
I hope I can do the same...

1. Buy banker cheque.
2. Open Saving Account then IBG over.
3. Issue personal cheques.
Almost all banks practise the same policy. Just make sure to check T& C wherever whatever you do.

RHB 9 months 4.15%...
need another rm250 for opening new acc
remember to state for old style passbook acc...AKA non-ATM/card acc..if not have to pay rm20 per year
I got the freegift umbrella..normal umbrella..not those big/golf umbrella

Can issue personal cheque?

Of course the purpose of Rentas is immediate transfer, check account funds instantly in, place FD at RHB. All in the same morning.

Just opt for Basic Saving Account Option 1 RM20 initial deposit passbookless with ATM card, no immediate and annual charges.
I already mention can use personal cheques.

Super Magic.. 
Do you know why need to have a saving account? 
I was told by RHB branch that this RHB 4.15% FD promo does not have monthly interest.

Bro, usually banks pay 50% interest for premature withdrawal of FD, but this is on condition that we have to keep
our money in FD for at least 3 months; if less than 3 months, then no interest at all.

It does not make sense to me that bank will not charge back paid interest for premature withdrawal.

Just imagine, bank agrees to pay high interest rate in exchange for your 5 years FD tenure; if suddenly you want
to pull back, this means you are breaching the 5 years FD contract, so by right you will not get the full interest.

Now back to your 3 issues:
First issue: 48 months auto renew to 48 months board rate at 3.35%.
Usually banks will auto renew or roll-over to board rate, board rate means normal rate.
I just checked Am Bank board rates, 48 months is 3.5%.
So, Am Bank is doing it right in this part. This has nothing to do with fair or not fair.
You made a mistake that you did not go to update or withdraw your matured FD.

Second issue: Want to premature withdrawal for 60 months FD
Bro, this is for sure Am Bank will impose a penalty because you do not want to continue
the contract that you have agreed..

Third issue: Am Bank is unable to provide the T&C
I guess it is Am Bank responsibility to provide you the T&C, then you will clear your doubt

Bro, you are right half and wrong half.

When I first entered the FD agreement, yes, the rate given is higher than normal in exchange for 5 years.

However, when the FD matured after 4 years tenure and renewed at board rate 3.35%, do you think 3.35% is still in exchange for 5 years?

1. Bro.. this still need to see the T&C, bank staff could provide wrong info since no black & white from his/her mouth.

2. Get Am Bank to show you the T&C. This is your right and this is Am Bank's responsibility.
    About " renewed me on board rate with 48 months by giving me 3.35%..." -----> Bro, this is one of the methods how banks    can make money to take advantage from some FD depositors do not have time (or perhaps forget) to withdraw matured FDs
and re-deposit for FD with new promo rate.

Next time, one month before your FDs are matured, please come here to check around the FD promo rates in this thread
Bro, I know how you feel... 
When auto renew, FD will auto renew to the rate that based on the bank board rate.

Once we auto renew, bank will not give us promo rate; unless we withdraw it and redeposit it
back as fresh fund, then we will get promo rate..

ambank 3.6% for 48 mths Top Rates Plan. Interest is payable quarterly with no penalty on early withdrawn.

It did not state does not mean that they penalty you.

I asked and joined them 4 months ago. The manager said interest is payable quarterly. I was shocked that it is too good to be true. I questioned her back that if that is the case, I can withdraw early after interest is paid and will you charge back me the interest paid and penalty.

The answer is NO.

Please opt for other banks if you SCARE. Anyway, the promotion was ended.

Which one is true. The answer I got was contrary with yours.

Update:

I called to AmOnline and talked to the CS. She told me no penalty for earlier withdrawn. Whatever interest you have earned and paid previously will not be claimed back from you.

I told her what you was told by someone and she confirmed with her supervisor again and the answer is the same. No.

Bro, you are right half and wrong half.

When I first entered the FD agreement, yes, the rate given is higher than normal in exchange for 4 years.

However, when the FD matured after 4 years tenure and renewed at board rate 3.35%, do you think 3.35% is still good in exchange for 5 years? 3.35% is board rate which is not the previous promotion rate.

I will ask for the previous agreement I signed. I know UOB has the term and condition and requested customers to read and sign.

Nevertheless, no matter how the outcome is, I will take out the money and willing to loss the 50% of interest paid and put it to higher offer with 1 year tenure and assume I will put the same for another 3 years with 4% interest. I still gain extra interest if compared to their current 3.35% if I am still continue with them.

Thanks.

Bro..calm down first... rice already cooked and cannot reverse already.. 
I suggest you to continue until all FDs are matured then withdraw and redeposit for other new FDs.
If you continue, you have nothing to lose lah..

We never want to against with money.. furthermore, GST is coming soon..
You are very welcome.. All the best to you. And see you soon here...

The case was handled to the manager as claimed by the offer. I am waiting for the call on how they resolve for me.

I am not sure what I posted 4 years ago here would be the solid proof to support what I was told by the manager and also the call center I called to.

Moreover, if they can't provide me the term and condition I signed for this penalty, they have no right to charge me.

I know you, because I had seen your Chinese signature before..

Calculate the profit and loss first to see it is worth it to do a premature withdrawal.

Good Luck.. Bro, Hope you can get it done smoothly ..