Oh... I got it wrong... You mean that one with 3.35%..?
For sure withdraw it as soon as possible lah...better do it tomorrow first thing in the morning..

I mean it is better to continue your existing 5 years FD until it is matured..

that's why man. not enuf money yet but have to start small first so 10k is a good amount and 4.1% is the highest for 10k min FD.

I got 3 FDs with them

1. 48 months tenure, expired Dec 3, 2013 and renewed to another 48 months @ 3.35 expiring Dec 3, 2017

Interest is paid quarterly and I have received 4 times interest and about RM1.3k


2. 60 months tenure @ 4.1% expiring 2016
3. 60 months tenure @ 4.3% expiring 2017.

Since I was told by the manager about earlier withdrawal prior to maturity will not cause penalty on previous interest paid or deduction from principal, that is why I committed for so long tenure.

Since I was told otherwise today, the tenure renewed at 3.35% is not worth at all if I can't fight this case with them.

Just want to ask, I put affin 2-3 months back at board rate 3.7% for 1 year. Should I remove that and put into affin 4.38% and forfeit my 2-3 months of interest?

You need to calculate and compare both cases and see which one gives you the higher interest.

Ok.. now I got a clearer picture..
3.35% is got damn low for 48 months. No need to waste time with Am Bank for this.
I mean you the more days you delay to withdraw, the more interest you lose..
If I were you, I would withdraw it tomorrow first thing in the morning, and get a banker's check to
place FD in RHB at 4.15% for 9 months tomorrow.
Withdraw this FD first, then negotiate with Am Bank for this premature withdrawal case later.
I mean: execute first, report later

2. 60 months tenure @ 4.1% expiring 2016
3. 60 months tenure @ 4.3% expiring 2017.
These 2, you can hold on, not to withdraw, and continue to talk to Am Bank, since these 2 rates are still okay,
furthermore interest is paid quarterly..

This post has been edited by BoomChaCha: Dec 3 2014, 10:47 PM

Difference between 4.38 and 3.7 is 0.68%.

For a RM10k FD, the difference is RM68 for a year or RM17 for 3 months.

RM10k FD at 3.7% interest will give RM370 per year or RM92.50 for 3 months

Will you forego RM92.50 which you have earned ?

Withdraw without settle it, once I withdraw, they will deduct 700 from my principal.

If nego and fail, I still earn extra money but in principal wise, I must get what I have been promised, since I took 2 steps to confirm:

1. the manager
2. ambank online call center



Yes, these 2's rates are still reasonable.

hehehe tell the manager there lah... gimme full 3.35% & you sign up for their latest 1yr 4.1% promo or bye bye. u got nothing to lose. give him ultimatum by end of day ... If he say ok, you stay (win win mah, he also will think twice), else just go rhb lah

my rough calculation which agrees with your assessment ...
keep the money there at 3.35% for full 4 yrs = 3x3.35% = 13.4% plus a bit more due to qtrly interest
OR
take out tomoro keep 3yr at 4%, assuming 2 rollovers of 1yr contract = 12%
plus 1/2 of that 1yr @3.35% = 1.65%
Total 13.65%

gud luck

Aiyo.. deduct RM 700..??

Wah.. like this..? You stuck already... Really deep loh.. this time
Then try to settle this as soon as possible loh.. Hopefully by tomorrow..?
You really cannot wait.. Good Luck

If Manager cannot help.. then go to HQ...

This post has been edited by BoomChaCha: Dec 3 2014, 11:09 PM

Yes. RM700 (50% of the previous 1 year paid).

Anyhow, if I continue with them or withdraw and loss RM700, I still earn RM110 if put at 4%.

So no matter how, I will withdraw but I will fight what I should have been told.

All banks will auto renew FD upon maturity based on board rate if the customer did not give any instruction on maturity. It happened to my Ocbc FD when it was matured and renewed based on board rate. It was my fault for not remembering the maturity date.

5- 6 years ago when you signed up the FD, you may have agreed on auto renew. Even if you did not give instruction not to auto renew, the bank will auto renew for you. Imagine the bank didnt auto renew and leave your money as it is without interest, BNM will probably after them.

Once it is auto renew, the new FD will follow the T and C available at the time of auto renewal. The T and C may spell penalty on pre mature withdrawal.

If you did sign the auto renewal instruction or any by default auto renew instruction, it is deemed as you have agreed and enter a contract of new agreement after FD maturity. With that scenario the bank has the right to forfeit interest for premature withdrawal if the T and C stated that on premature withdrawal.

Move to where to get 4% for 1 year and still earn RM 110?

owh... need 50k @@.. dont have so much.. haha
any other option with more affordable amount

Bro, I am afraid there is no remedy for your RM 700 deduction since you got
a brand new (auto renew) FD which the T & C is different from your previous
FD. But you still can try to talk to the Manager.

You can consider to put in Affin Bank at 4.38% for 2 years to get better than RM 110,
but interest will pay upon FD maturity..

Ai.. Next time write down the FD maturity dates on your calendar or diary lah..

Judging from your old postings, these are my view points.

The no penalty premature withdrawal promo may be true but it was valid on the first 48mth FD tenure you contracted within the offer period in 2009
Upon renewal in Dec 2013, it is the standard banking practice to renewal FD at board rate with the prevailing TnC because the no penalty premature withdrawal promotion has ended since 2010 as confirmed in your post dated March 9 11:43am.
So your FD auto renewal in Dec 2013 was based on standard FD TnC ( without the no penalty withdrawal promo).

Anyway, please update us the outcome.

i'm curious y they allow to use personal chq.. is it ur FD will be effective placement date upon cheque clearance ?

FD placement will take effect on the date of chq presentation before 4.30pm. Not on the the date of chq clearance since your account will be debited on the date of chq presentation as well.

This post has been edited by aeiou228: Dec 4 2014, 10:17 AM

2 months FD promo still available?