Include Mr Vipin Agrawal in your emails: vipin.agrawal@cimb.com

For those of you that need help, just copy & paste the details below. Replace with your personal details & attach a photo of the letter from CIMB (Page 1 & Page 2)

Thanks to user scng for the email template. I have just modified it to include additional reasons.


EMAIL TO:
bnmtelelink@bnm.gov.my
cimbclicks@cimb.com
vipin.agrawal@cimb.com


SUBJECT:
Unreasonable Increase in Monthly Charges for CIMB Home Flexi Loan from 1 Dec 2015


MESSAGE:
Dear BNM,

I recently received a letter from CIMB regarding the Home Flexi Loan that I had signed in 2014. The letter from CIMB is attached for reference.

The letter stated that from 1 December 2015 the bank will impose a monthly fee of RM40 as a "flexi charge" if the Utilisation Rate under the Flexi Loan facility falls below 70%.

I find this new charge unreasonable for the following reasons:

1) The Flexi Loan was sold to me on the basis of allowing additional funds to be deposited as and when needed without condition. The marketing material I was provided at the point of sign up showed ways of reducing both the repayment tenure and interest without any conditions on "Utilisation Rate"

2) There is no explanation as to why the Utilisation Rate has to be 70%, nor has a reason been provided for the increase in monthly charges. Again, I would believe that all customers have purchased this product in view of the flexibility to deposit excess funds as and when needed

3) There is no clarity on whether this charge is over and above the current monthly charge of RM10. Is it RM10+RM40 or is the RM10 fee being revised to RM40? I understand the bank has the right to revise the monthly charges, but this change opens a precedence for other banks to do the same and also unilaterally charge a higher amount in the coming years

4) Given the current macro economic circumstances where the cost of living is rising, the bank should also consider the plight of its existing customers before imposing more financial restrictions and penalties


I hope BNM will take the necessary actions to protect consumers and advice CIMB to withdraw the charges they plan to impose.

There are several other customers who have lodged their views and disappointment on social media including the LowYat forum: https://forum.lowyat.net/topic/3762030


Thank you,
<INSERT YOUR NAME>

Mobile: <INSERT YOUR MOBILE NUMBER>
CIMB Account Number: <INSERT YOUR ACCOUNT NUMBER>