I would like to share my experience with Banker Cheque
On 2nd of Feb, 2015, I bought a BC from Maybank and proceed to Standard Chartered to do FD placement.
Because 2nd Feb (Monday) is replacement holiday for FT (KL) for 1st Feb (Sunday) and 3rd Feb is state holiday for KL (Thaipusam), SC branch only allow FD to be placed and effective from Wednesday 4th Feb onward.

If you are doing placement outside KL area, you might want to take note of this.
Cheque clearing (BC or personal cheques) are cleared centrally based on KL business date.

we are already in the electronic age and people here are still using cheques?

why not? i still prefer to use BC for FD matters.

he/she might be confused. haha

that question is not directed to u. u need to read a post and see who it is aimed for.

My personal experience on placing FD at HLB with Banker's cheque and Personal cheque in 2 different occasions date printed on FD cert only starts on the cheque clearence date (2 days later)

There were once Maybank only issued the FD cert on cheque clearence date (2 days later).

it really depends on the banks. not all the banks are doing the same.

i would just avoid these banks if there are better choice around.

banks sometimes did not update on website for promo's. the uob fd 4.4% is on until 31/1.

you will see the promo displayed at the counter. if you are worried and want to be certain, call up before you go then.

shocking )

uob malaysia is the only bank i know that never list their promo fd rates on their website.

For me, it is a simple convenience. Let's say I want to transfer from Bank A to Bank B. If I want to use online banking, I need to have SA for both banks. Then I need to go to the bank to uplift and deposit to SA (most of my FD are renewed automatically at prevailing rate). No data plan, and even I have it, I don't trust mobile apps. I would not use the outside PCs to perform online transfer either, trust issue. So I need to go home, login, transfer and go to Bank B. So mahfan As for rentas, I would still need SA for both banks. Apart from that, I am fine with it. Will be trying it out for the first time soon.

p/s anyone know what happen to Boom Cha Cha? MIA liao

This post has been edited by Human Nature: Jan 14 2016, 10:37 PM

There are many instances where you are constrain by the limitations of electronic transfer. Most bank allows maximum IGB of RM10000 per day. If you want to transfer RM60k, you 6 working days and 66 cents to complete the transaction. With cheque, just 1 working day and 53 cents.

multiple bank runs are not troublesome?

anyway, good to hear that you are planning to go paperless

If I use online transfer: Home - Bank A - Home - Bank B - Home
If I use BC: Home - Bank A - Bank B - Home

Anyway it is a matter of preference

many banks now offer 50k. if you have much bigger sum, go to bank counter to initiate the transfer and limits will be much higher too. then you don't have to worry about clearing date, bankers or personal, public holiday, etc.

If do not yet have any CASA account with a bank that is having a FD promo, BC may be the only choice.
If we do have a CASA with the other bank, online IBFT may not be practical if the amount is big. Back then, the daily limit is 10K.
There may be other reasons such as at that point of time, do not remember exactly the CASA account number or have yet made up mind which bank promo FD to take up etc.

With the present increase of daily IBFT limit, my prefer choice is online IBFT and for big amount, RENTAS.

Smart move. Don't trust outside computer/computer in banks and don't trust mobile apps. Have 2 phones (cheap android phone will do). Install all banking apps into.that phone. Nothing else. Tether Internet from your main phone (turn main phone into WiFi). Don't lose that cheap android phone.
In the west, people use 2 computers. One computer solely for banking and no pendrive will be connected. Nothing on that computer. No word, office no program. Just one antivirus, one browser which will be used to open only the banking page. Nothing else.If want to be even more extreme, can install some antikeylogger program. These are ways everyone should do to keep their banking data safe. Unfortunately you don't see that happening in malaysia. People performing banking on main phone over Starbucks wifi, using same password for emails, FB, banks, put answers to security questions truthfully.

I believe he went for some kind of operation or something like that. He keeps talking about health, heart problem.

This post has been edited by Ramjade: Jan 14 2016, 10:59 PM

why do you have to go home so many times?

before you leave home, cant you transfer funds from your matured fd to bank b, then head straight to bank b?

You can increase the IBFT limit pass the rm50k mark?

OT abit: now that you mention it, he did talk about health several times. hope he is fine.

Unable to do so as most of my FD are renewed automatically upon maturity, so have to be at Bank A physically. At the same time, I dont have SA with many banks. Just recently I opened up SA with OCBC and UOB

This post has been edited by Human Nature: Jan 14 2016, 10:59 PM

no deposit accounts? then open them. it's just a one time effort right?

auto renewal? then dont do auto renewal next time since most people want the promo interest rates. banks like uob and ocbc even allow you to withdraw your fd's online even your fds are set to auto renew.