http://www.thestar.com.my/opinion/letters/...-is-ridiculous/


Friday, 26 February 2016
Midnight withdrawal ruling is ridiculous


I HAD two fixed deposit certificates with a local bank, bearing the due date of Feb 23.

On the due date, I went to the bank in the morning to withdraw my money.

The teller struggled for a while unable to execute the withdrawal.

Then an officer said there is a new directive from headquarters.

Withdrawals can only be executed at midnight on the due date.

But is the bank open at midnight?

Who would execute my withdrawal at midnight?

Nobody. So, I was told to come back the next day to get my money.

And the bank got to keep my money for free for one day!

I am just a small time senior citizen with my few thousand ringgit in fixed deposit.

But multiply this by the many other bank customers, and it could be a lot of interest-free money for the bank every day.

I wonder if Bank Negara is aware of this and has given its approval? I should write to them next.

Furthermore, there was no official notification of this new procedure.

Is this how the bank treats its customers?

What if I needed the money desperately that day?

The bank has definitely let its customers down.

MS L. M. LOKE

Petaling Jaya

It was mentioned that the teller did try to perform the withdrawal (probably with full interest matured withdrawal and not the prematured withdrawal) but the system doesn't permit that.
It was also mentioned that there is a new directive.
So better watch out and find out which local bank is this.
So far, I have not come across any local bank asking me to come back one day after FD maturity due date.

This post has been edited by aeiou228: Feb 26 2016, 05:34 PM

For the sake of discussion, If you shorten the FD tenure to 1 day, then we can see things more clearly.
Say today 26th you make a 1 day FD placement, then the maturity date shall be on 27th. Therefore by hook or by crook, on 27th you can withdraw the FD with 1 day interest.

Note:Assuming 27th is a banking day.

This post has been edited by aeiou228: Feb 26 2016, 05:30 PM

Which bank ?

The clue shorten the list to Maybank, Pbb, CIMB.
Let's guess, CIMB ?

Same here today. The RHB staff told me just ended yesterday, thus have to walk over to the nearby Alliance bank for the 9mths 4.35% conventional FD.

Since the FD interest rate is trending down, you are not wrong to lock your money at 4.5%p.a. for the next 12 months. The 4.15% loan can wait since it is cheaper.
BTW, 4.15% for a housing loan is ridiculously low, you absolutely sure about it?

Maybank eFD FLEXI CAMPAIGN (Conventional)
These Terms & Conditions shall govern the eFixed Deposit (eFD) FLEXI Campaign (“Campaign”) commencing from 28th March 2016 until 30th April 2016

https://www.maybank2u.com.my/WebBank/030716_product_info.pdf

This post has been edited by aeiou228: Mar 28 2016, 01:24 PM

Free ? Nice, and IFT stands for ?

Sweet! didn't realize SCB so generous.
So IBFT is free for both OTC and Online banking?
What about Interbank Giro transfer, also free for both OTC and online ?

Your plan should be working.
I uplifted 2 days GIA-I placement also can get 4% interest for 2 days.
Free IBFT is for OTC only ?

I pengsan reading the TnC

For a minimum of RM250K to max RM300k, you can get 5.5% (5+0.5) at PBB 50th anniversary Bonus $avers reward campaign from now till 31st July 2016.

One think I like about this campaign is that one can withdraw and deposit just like a SA and still enjoying 5.5% as long as you maintain Incremental Average Daily Balance of RM250K

Discuss here:
https://forum.lowyat.net/topic/3937613/+20

You have a 7 figure cash portfolio but you don't even have a chq book ? Its incredibly inconvenient to move funds around without a checking account if one is a 7 figure category HNWI due to the limitation of online banking.

Wow, private banking, you must have couple of millions in order to qualify for it.
Actually, using cash to place a million RM FD is useless to evade LHDN too because the FD account is still under your name. A paper trail already established regardless of cash or chq. Your tax consultant advised you using cash to avoid detection ?

This post has been edited by aeiou228: May 17 2016, 10:12 AM