I have just closed 2 regular SA n open this OCBC360, will I enjoy the benefits from today or only starts in Feb?

Ur interest will count from today until 31 january. Still have 8 days left for u to deposits rm500, send rm1 to 3 diff bank acc or pay 3 bills, then spend rm500 or topup ewallet

The person who wrote this probably misinterpretated the OCBC 360 Account Interest Calculator at their webpage. Certainly 100k average is enough to catch the full bonus reward, 200k just brings you more of the shitty 0.2% base interest.

Dear BNM,

I would like to lodge an official complain. OCBC 360 Account's interest rate of 3.6% was announced on 29 January 2020. According to the Terms & Condition, point 6.2, it states The Bank may, at its sole and absolute discretion, after giving 21 calendar days’ notice, modify or vary these terms and conditions by. However, I have been receiving interest rate of 3.6% effective 2 January 2020 when it is suppose to be 4.1%
Anything to amend? Please feel free

To OCBC Complaints Unit

I would like to lodge an official complaint. OCBC 360 Account's interest rate of 3.6% was announced on 29 January 2020. According to the Terms & Condition, point 6.2, it states The Bank may, at its sole and absolute discretion, after giving 21 calendar days’ notice, modify or vary these terms and conditions by. However, based on the interest credited on 02 February 2020, the interest rate of 3.6% was effective 1 January 2020, when it is suppose to be 4.1%. Based on the announcement date, OCBC  has the right to make the new interest rate effective only on 18 Feb 2020 onwards.

Appreciate your immediate attention to rectify this, and I am prepare to escalate to BNM Telelink.

Regards

Daily balance is the ending balance for the day right?

update from my friend:
her RM told her that the 21 days notification is not including interest rate change, therefore they made it "w.e.f."

since those bonus interest rate are calculated on last day of the month, so they will use the latest rate. base rate will be pro-rated according to the latest "w.e.f" rate given.

In this case, we need someone who is specialise in legal document to understand the clause 6.2..

But, I rmb some sifu mentioned last round when OCBC revised interest rate also give 21 days notice

I received a call from OCBC after emailing to the original email i mentioned, she told me that my interest is calculated based on 4.1% before 29th and 3.6% on 29th onwards. I hence told her that alot of ppl are getting way much lesser, and she has requested 2-3 business days to get the calculation from another team and will call me back.

Received call from OCBC on my case lodged.. she told me is based on revised rate 1.15% for bonus interest. I asked about 21 days notice as per tnc, she said she need to get the relevant team to reply.. said can only send me letter via post, cannot reply via email.. anyway, i shoot another feedback form to follow up just in case they didn’t send me any letter..  at least I’ve written formal complaint.

How you can write something is the field "Details"? If one chooses "Deposit Promotion" it disappears 

Receive call from OCBC this morning. Lodge complaint on 3/2 about the interest rate. They say they are aware of the issue. They waiting for reply from the ‘Product Team’ on their decision on this. They will come out with a decision LATEST by end of this week. Customer do not need to calculate the interest themselves as our system has come out with the amount of how much additional interest should be credited in customer’s account once we have the decision from the ‘Product Team’.

Bonus of 1.30% each category and 0.20% base interest shall be calculated 1 Jan - 28 Jan and 1.15% each category and 0.15% base interest between 29 Jan till 31 Jan.

‘Please be reminded that 2020 has 366 days instead of 365 days so please factor that in the calculation’ - LoL someone must have complaint to them maybe based on 365 days calculation instead of 366 days. My complaint did not address this issue. They might remind everyone about 366 days so people dont complaint why receive less.

The officer that call me teach me to count based on 365 days
My email complaint is about 21 days notice too.. even they credited for 1-28 jan interest based on old rate, still won’t solve my complaint as tnc shown 21 days notice, mean effective 18 Feb from 29 Jan, date they announce the revision.

How shall we bring this to BNM? What shall we write? What email address do we send to?

Thank you for your reply.

It does not state in your terms and condition that OCBC does not need to follow your own TNC clause 6.2 in a case of OPR Rate Change. In your TNC, it did not mention Bank Negara or OPR Rate.

In this case, I will be bringing this case forward to BNM.

Any changes anyone?

5.2. The Board Rate and Bonus Interest Rates fluctuate from time to time and you may find the latest rates at the Bank’s website at www.ocbc.com.my.

For those who are not satisfied with OCBC's response regarding the reduction in interest rate without 21 days notice, besides complaining to BNM, one can also consider lodging a complaint with Ombudsman for Financial
Services (OFS). Check out their website for more information.

https://www.ofs.org.my/en/

Found their email address

enquiry@ofs.org.my

With ur sharing on May 2019 changes during the OPR cut, I’ve an idea to counter them.. they said their rate reduce due to OPR cut, 21 days notice is given if it is product feature change.. but, only base rate is suppose to follow OPR, Bonus interest is product feature which is offered by OCBC which I need to fulfilled the 3 conditions only can get, so, they can don’t give 21 days for base rate is acceptable, but, they MUST give 21 days for bonus interest changes (product feature)

Also based on my calculations the interest is incorrect for jan.

That's what 'average monthly balance means' after all?

because interest rate calculation is by daily basis. if by month, later people complain those with extra 1 day month... then keep quiet with february... lol

Bnm called my dad (i dunno why they linked my email address to my dad's name. I checked my gmail sent email, it's my name and email).

Anyway, bnm emailed me a reply and ocbc will have an official reply in 14 days. Bnm will check and reply accordingly if necessary.

Lol... can one la. How old unker? Still got chansi. Huat ah!
Great!

I received a message from my RM about a good news and need to call me about it. But I was busy so gonna speak about it Tmr.

Hope it’s an approval 😂

No, this would not be according to TnC at all. Would be another break of their TnC. You cannot ask for a solution that is technically impossible. Please only apply for the full bonus interest for January 2020 according to the clause 6.2

All other claims are wasted time.

can someone update the subject/title of this thread so it reflects the correct interest rate?

Revision of OCBC 360 Account/-i Terms and Conditions and Product Information Sheet.

This revised Terms and Conditions and Product Information Sheet will take effect on 6 April 2020.

Previously on Clause 6.3 - NONE

W.E.F 6 April 2020: Clause 6.3 -

" In the event of regulatory requirement and/or monetary policy changes by Bank Negara,
Association of Banks in Malaysia, and any other relevant governing bodies, interest rates shall be
revised accordingly and the revised rates will take effect on the date stipulated in the
notice/announcement. Notification of such change shall be made via announcements posted at
branch or the Bank’s website or any other manner deemed suitable by the Bank. "
Refer https://www.ocbc.com.my/assets/pdf/Accounts...nC_16032020.pdf  for more details

https://www.ocbc.com.my/assets/pdf/Accounts...unt_TnC_ENG.pdf (extracted from 360 Account OCBC website)