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?

This post has been edited by jack2: Dec 3 2014, 04:46 PM

I see two issues here:-
1. Standard practice - I am very sure I asked the question if I withdraw my principal before maturity. Whatever interest paid can be claimed back by bank. The staff answered what had been paid is yours and bank won't claim it back.

That made me comfort to opt for 48 months or 60 months. Even if I need money, I can withdraw every 3 months.

2. I asked for term and condition I signed if there is penalty (just in case I really forgot in (1)), but they can't show me what I signed. Thus, do they have right to charge the penalty? If there is no written agreement, you have no right to charge back.

And you renewed me on board rate with 48 months by giving me 3.35% with this term. Those fresh fund or new customers who deposited, 1 year can get 4.05% with only 1 year commitment. Fair?

Even without promotion, 1 year 3.3% and 4 years you give me 3.35% LOL

Back to the issue, what I was told in 5 years and what I was told now totally is not same case. So, I asked the bank to show me the agreement I signed if they want to charge me penalty.

You are wrong. You thought the 48 months with 3.35% is very attractive? With 3.35% tenured for 48 months with penalty, I believe only ghost will go to tenure it.

Let compare Apple with Apple. I don't want to compare the promotion one.

1 year board rate 3.3%
4 year board rate 3.35% with penalty of half of the interests paid during the tenure.

Which one you gonna opt?

This post has been edited by jack2: Dec 3 2014, 05:25 PM

No issue at all. I can even lost the half of the interest received and closed all facilities I have with them. It is not worth to stay with them anymore.

Moreover, the thing I hate them is their credit card. Late 1 day in payment of Cc will get late fee of min 10. Unlike other banks who offer 3 days after due date without late fee.

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.


This post has been edited by jack2: Dec 3 2014, 09:40 PM

Thanks.

I recalled I did recommend this AM Top Rate Quantum and I got back what I have posted before.

My memory served me well and what I remembered was correct.

Besides confirming with the branch manager while I was depositing, and then some forumers got different answer by they will charge back the interest paid, I called to AmBank Online Call center to check and double confirm, as written above.

However, the manager part is the solid proof even I met the manager. For AmBank Online, I am not sure if they have record for all calls made.

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.

Calculated. Withdraw now and loss 50% of previous interest paid and move to 4% FD by 1 year tenure and continue to put for another 2 years (which is same as the 3.35% tenure expired), I gain extra RM110.

That needs to evaluate if RM110 is worth.

Under certain viewpoint, I would say I should take move, besides earning extra RM110, I would have shorter tenure of 1 year. If I need money in short term, I can still withdraw it.

If I continue with the current one and if I need the money if year 3, I would loss 50% of all the interest paid during the past 3 years.. That more rugi.

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.

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

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.

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.

Dear Forumers,

I failed with the discussion and I have to bear the penalty.

I will withdraw that FD and move to Affin.

3.35% / 2 = 1.65% p.a

I put this money to M2U Saver also can get 2.2%

After this lesson, I learned to be smarter and I want to end all my saving products and cc with them. A good move so I can consolidate.

This post has been edited by jack2: Dec 4 2014, 12:01 PM

brother, thanks a lot for the recommendations.

I prefer with PIDM.. haha.. Later if anything happened, the money is colder than the water.

Affin - I do have their AffinPlus Current Account long time ago.. and the interest is good but it is tier basis. So the effective interest is not that good compared to M2U Saver @ 2.2%

Just done FD with affin. The branch has no customers one. All teller were free!

it seems like Affin FD is not that famous and seldom people here put into it?