They said shall impose a monthly flexi charge if the utilisation rate below 70%. They never mention the monthly maintenance fees is waived.

Therefore, I would presume is RM 10 + RM 40 + gst, which is RM 53 per month...

My experience with CIMB in terms of service is quite okay.. However, this action makes me lose confidence on them.

I would avoid CIMB at all cost for any loan now, be it Full flexi, semi flexi or terms loan.

Who knows one day they sent out a mail and tell us all loan shall be subjected to a "service charge" of RM 100 per month, regardless flexi or no flexi, because they want to maximize their profit..

Yeah, blardy CIMB wants you to bank in more so that:

1.) Charge you extra RM 40 per month because low facility utilisation.

2.) Reduce your loan size (take away your cash) so call to avoid you being extra charge (RM 40).

Either (1) or (2), borrower still a definite loser.

Done mine... Let's see the response.

More importantly, keep on spreading this news so that every potential loan borrower knows about this.

All the bankers other than CIMB please share as well, you can easily use this example to show to your potential customer how lousy CIMB flexi loan is. Tell them avoid any loan from CIMB bank, be it flexi, semi flexi or term loan, because you will never know one day CIMB shall send you a sudden notification about the additional fees they going to impose.



This post has been edited by samkps: Nov 3 2015, 01:25 PM

Yes, good idea...

https://www.facebook.com/CIMBMalaysia/

+1 .. Agree..

They can impose any extra charges on the new loan application and let the market force to determine its competitiveness, but please leave the condition of existing loan as it is. The bank should not exploit and victimize the existing customer due their new profit leveraging measures.

This post has been edited by samkps: Nov 3 2015, 03:27 PM

Useless.

Let say you have 100k loan, and you put in RM40k to offset the interest. Since the utilisation rate is less than 70%, RM 40 charges applied.

Let say you reduce the loan facility to RM 80k,

1.) The bank will take the RM 20k cash from your account to offset the loan, no more offsetting the interest. That's mean you lose your "flexibility" to withdraw this RM 20k anymore.

2.) After facility reduction, your loan now becomes RM 80k, the new 70% threshold will be set at RM 56k (70% x RM 80k). Now you will have RM 20k leftover cash only to offset the interest, and out of the RM 80k loan, this RM20k means your new utilization rate is 75%. You are "safe" temporary from being imposed the extra RM 40 charges. Nevertheless, to fulfill the requirement (>70% usage), you must not bank in more than RM4k into this account again, otherwise, the utilisation will again drop below 70%.

Thus, by reducing the facility is not a solution at all, because:

a.) You lose totally a portion of the excessive cash flexibility due to reduced loan amount.
b.) The new loan facility still appliacable to this stiupid 70% utilisation rate, means you still losing the flexibility to pump in more cash to offset the interest incur.

Total lost for the customer...

Yeap, you spell it right.

Nice words from CIMB: Reduce facility limit

Actual words for commoner: Settle part of your loan

Ask CIMB show proof BNM already approved it, otherwise ask them fly kite..

I also can claim I received BNM's reply BNM is going to take serious action on CIMB because of this stupid charges as well, blow water only mah.

You should opt the Semi-Flexi loan from starting then.. It's already long time Semi-flexi loan available in market, no RM 10 monthly charges but RM 50 charges per withdrawal...

Stupid... Can CIMB guarantee after switching plan won't have extra charge till the end of loan tenure? Otherwise 2 years later send you a "surprise" mail they are going to have extra charge for this "smart flexi", back to square one again.

By the way, charge per withdrawal is already long time practice in loan market. If I need a semi-flexi loan, why I must take from CIMB at the first place?

Seems like they received pressure now from BNM, that's why persuading customer switch plan. Should not tolerate and continue send in complaint.

Thank yo Manu Boss for the suggestion... Shall look into this possibility for my next loan..

Jason taikor, charges based on utilization rate is not a product I presume, it is an additional charges that retard the original feature of the Full Flexi account.

Shall BNM approve such additional charges to existing customer? Housing loan is a long term tie between the customer and the bank. Imposing this charges gives no other alternatives for the consumer to avoid it, either interest or flexi charge.

If this new charges apply to new loan account, then most of us is okay. Nevertheless, these charges applied to current existing customer.

If it is a same process, does it mean BNM already aware of it and approved it as well? Or they approve it without careful evaluation on the subsequent impact?

Then name this OD and not full flexi account, and don't show to customer how much interest can be saved by using this full flexi loan account.

This is a typical example of exactly showing how gomen justify about the toll and public transport hike too:

"Believe that's the agreement for you using their service and as stipulated in their service agreement, concessionaire could revise charge, fee, rate, etc unilaterally.

If you are unhappy with this toll or public transport hike, you could always look for alternative."

Gomen spokeperson spotted...

This post has been edited by samkps: Nov 8 2015, 12:18 PM

+1... Who knows one day there will be another mail come in and "inform" us there will be "RM 80 surcharge if the utilization rate is below 70% or "RM 40 surcharge if the utilization rate is below 80% instead", can be accepted as well?

Latest reply from the blardy CIMB.

I think now we should complaint to BNM again that the option given to avoid the charges are seriously deviate from the "flexi" feature. Why not give us to change to "semi flexi" (home flexi smart) with zero cost as an alternative choice then? I not even willing to pay the RM 10 as the monthly maintenance charge to this blardy CIMB...
____________________________________

We appreciate your letting us know on your concern over the new utilisation fees that the Bank will be imposing with effect from 1st December 2015.
In our letter to you, we have drawn to your attention on the benefits of utilization your drawing limit and the non utilization of the drawing limit.

Having explained the above, if your utilization rate is below 70% and in order to avoid the flexi charge, we have made available the following options for your consideration:

1. If your excess payment is =<30% (Utilisation >= 70%) - Flexi Charge of RM40 is NOT applicable

2. If your excess payment is >30% (Utilisation < 70%), to avoid the Charge, we have available the following options:

a.You may consider to reduce the Facility Limit by completing the form attached to your letter. The recommended reduction is already pre-completed in the form (if customer does not have the form, to help customer to complete a new form or contact call center to take instruction to perform request over the phone). In the event where you need the funds, you may request for reinstatement of Facility Limit, subject to bank’s approval
b.You may also choose to withdraw the excess payment, our Representatives will be happy to walk you through on our exciting FD and CASA offer>30% (Utilisation <70%)

3. This way, you can continue to have the flexibility of excess payment up to 30% without the Charge

4. For us to continue servicing you with the flexibility of excess payment >30% (utilisation rate <70%), we are with approval from regulator imposing the Flexi Charge of RM40 which is relatively small compared to the interest savings benefit. Please be highlighted that the Management of the Bank has considered only the variation of its charges where the main product features of the Biz Flexi loan have not changed.

5.Please note that in the Letter of Offer, it is stated that the bank is entitled to revise the fees and/or charges by giving 21 days prior notice

As indicated in Loan Agreement, the bank has the rights terms to vary the terms:

If and whenever there is a variation to the Prevailing Interest Rate and/or other bank charges, the Bank may in its absolute discretion make the necessary adjustment consequential to such variation by varying the amount of any instalment or varying the number of instalments or both.
________________________________________________________________________

This post has been edited by samkps: Nov 17 2015, 09:58 AM

That's why I said, blardy CIMB sucking our money like vampire, according to its own perception, without the need to consider the customer. I believe blardy CIMB knows that we are tied with them for a long period, with very limited alternative (even refinancing sometime also incur cost), that's why dare to make such request.

If they impose this on saving / current account (with the same clause I presume), which can easily be shifted to other bank, they knew will lose out most of the customers easily and phase out from the market. That's why they don't dare to do it. Housing loan we are tied up, that's why they dare to do so.

This post has been edited by samkps: Nov 17 2015, 03:19 PM

I am waiting eagerly for this confirmation, if it is true.