I malas to do the calculations, just wanna voice out the bank's unfair practice and put them in the spotlight

You can follow my template, copy pasta
https://forum.lowyat.net/index.php?showtopi...post&p=95394827

This post has been edited by Sumofwhich: Feb 8 2020, 10:49 PM

Tbh they should even provide 4.1% for all 31 days in Jan due to 21 days notice.
Now they generalize everything as 3.6% which is not acceptable, sudden notice and immediate effect. Unless they specifically have a clause mentioning BNM rate changes like what PBB does (as mentioned by someone).

This post has been edited by Sumofwhich: Feb 10 2020, 05:37 PM

They're gonna lose even more customers to SCB. Thinking of going to branch to have my debit card changed to a non-annual fee one since I already have a Titanium

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.

Sent on 14th Feb, forwarded reply and no. rujukan for BNM to follow up today.

-------------------------------------------------

Dear Sir/Madam

Thank you for your email of 8 February 2020 regarding the recent change in interest rates for OCBC 360 Account.

We appreciate your understanding that the revision of our 360 Account interest rates on 29 January 2020 was in conjunction with Bank Negara Malaysia (BNM) announcement of revised Overnight Policy Rate (OPR) from 3.00% to 2.75% effective on 22 January 2020.

Any rate changes due to BNM OPR revision will take effect immediately compared to our own internal rate change that requires 21 days’ notice.

Similarly on 9 May 2019, during the downward OPR rate revision by BNM, we have revised our 360 Account Bonus Interest Rate upward from 1.20%p.a. to 1.30%p.a. Our OCBC 360 Account Bonus Interest Rate was paid according to the revised rate of 1.30% p.a. based on the average account balance of May 2019 for 31 days (for existing OCBC 360 Account holder at that time).

Notwithstanding the above, we have published the new rates for Malaysian Ringgit Deposit products via our webpage, branch notices and notified our customers through statement messages.

For clarification, the 360 Account Bonus Interest is calculated based on the applicable Bonus Interest Rate at the end of every month based on the first RM100,000 average daily balance.

Please visit our website https://www.ocbc.com.my/personal-banking/notices.html for more information on the rate revision.

Please call our Customer Service Executives at 6(03) 8317 5000 if you have any questions.

Thank you for banking with us. We look forward to serving you again.


Yours sincerely

Siti Norsyhrida Binti Saripin
Customer Service Executive
Contact Centre
OCBC Bank (Malaysia) Berhad

The OFS emailed me back, i haven't gathered the info to respond back.

Dear Sir/Madam,

Thank you for your email dated 8 February 2020.

Please forward the following documents to enable us to consider your complaint:

Duly signed original copy of the Permitted Disclosure by Account Holder (as attached);
Duly completed a copy of OFS complaint form (as attached);
A copy of final decision from OCBC Bank;
A copy of identification card;
Chronology of event; and
Copies of other documents related to the complaint.

Kindly submit the above documents to us by POST by 5 March 2020.

Please contact us at 03-2272 2811 extension 100, 174, 205, 206, 207 and 208 if you need further clarification.

Thank you,
Nor Azalia Ahmad Shukri
Consumer Engagement & Analysis
cid:image003.png@01D57F5D.D681E220
Ombudsman for Financial Services [664393-P]
(Formerly known as Financial Mediation Bureau)
Phone: +603 2272 2811
Fax: +603 2272 1577
Email: enquiry@ofs.org.my

Level 14 Main Block • Menara Takaful Malaysia • No. 4 Jalan Sultan Sulaiman

50000 Kuala Lumpur • Malaysia || www.ofs.org.my

By post then I'll ignore, waste of time.

Btw, another reply from BNM, I don't understand what he is suggesting:

We refer to your email on the above.

We wish to inform you that any changes in interest rate or any revision to deposits rates, financial service provider (FSP) should notify the customers by way of communicating in writing or electronically. In addition, the change notice MUST also be prominently displayed at FSP's business premises and website which OCBC has discharged accordingly.

Please be informed that change in interest rate is not a change in terms of conditions. Therefore, should FSPs fulfilled aforementioned requirements, they are deemed to adhere to Product Transparency and Disclosure guidelines.

Hope above clarifies.

Thank you.

Abd Latif
BNMTELELINK
Bank Negara Malaysia
Telephone : 1-300-88-5465
Facsimile : 03-21741515

This post has been edited by Sumofwhich: Feb 25 2020, 12:40 PM

Yea 30k for ocbc, i have no idea how much for Scb PSA, i think 50k

Thanks!

30K no problem, i still do it everyday

Yup, did i stutter? Lol

Yeah small amount.
Ocbc should increase the daily transfer limit.

Yes rm500 spend via card

I found that the overseas card use settings is only for debit card, not my credit cards.
For me, last time I had to call customer service to activate it for overseas usage.

This post has been edited by Sumofwhich: Aug 29 2020, 09:35 PM

Can