Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

 CIMB Annual Fee for Saving Account

views
     
Ramjade
post Apr 12 2021, 10:41 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


QUOTE(ziling60 @ Apr 12 2021, 10:24 PM)
Then this would be against the Bank Negara regulations. Bcz under directive of BNM as I found from some articles, all banks should still offer a fee free saving account to consumer. The way CIMB converted my account type just like that is not cool at all. Anyway I hope this serves as a reminder to whoever reading this thread and still was not aware of if they got charged.

I hav called up CIMB jz now and to my surprise, they couldnt check my transactions before 2020 (i told them i used to hav a fee free account and i have not had any fee charged to this account before until recent years and they should be able to check that in their system to validate what i said). And then they closed my case. Nonetheless i'd continue to pursue this. The fee is just a small amount, but the way they handled this from changing my account type was not the right thing to do, and the fact that they could not check my transactions prior to 2020 in their system was even laughable  , especially when i probably only had 12 transactions in a year (which are RM0.01 interest).

Imagine they have millions of customers, and each person was charged RM8 unknowingly that they actually hav the option to get the non fee account.
*
They do offer a free basic savings account. Only thing is it's not clearly shown. You have to tell the staff you want the free basic savings account. Even then the staff will tell you no such thing exist. Been there and done that.
I kena before. Just went to cimb, close that account and open free basic saving account. No fee since then.
jonoave
post Apr 13 2021, 04:32 AM

On my way
****
Junior Member
656 posts

Joined: May 2013


QUOTE(DragonReine @ Apr 12 2021, 11:00 AM)
Probably not really BNM instruction la, BNM won't campur tangan in small matter like this. It's more likely that internal policy simply instructed them to convert accounts from the old type to new type when they released new classification of account types. Usually for cases like these there will be email or snail mail to notify you of the changes and additional charges. There's probably some fine print somewhere that says if you don't object they're free to charge you, better check if you had any letter or email received about it.

Worst case if cannot change then simply close the account and reopen the free account.
*
Exactly. I understand the indignation of TS - but there's little TS can do now. And I think you're right on what happened.

From what I can sort of remember. When the directive came from Bank Negara that all banks has to offer a BSA, a lot of banks did a "we assume you agree unless you tell us otherwise".

Something like for "purpose of convinence to our customer to receive unlimited withdrawals, free interests, and special promotions" blah blah, "we will be converting all our old passbook accounts to regular savings account to (charge rm8)"

Then put a tiny footnote somwhere "if customer disagree, please let us know within 14 days and close the account".

Then another smaller line "we also launch a new line of BSA which is free". (if this is a requirement from Bank Negara).

I'm not sure if there was an email or letter sent - it could be just a notice like "Revision of interest rates" that are posted in the bank's website and premises (another sneaky tactic).

The RM8 charge has been implemented for many years now. If there was a time to fight it, it would have been years ago. How can you claim ignorance and unfair charges when it's been many years now?
You don't even have transaction records/passbook to show when you were first charged this annual fee.

To TS, please follow the advice given here- take it a lesson learned. Close this account, open a new BSA if you want.
Pay attention to Bank Negara policy changes or emails/letters from you bank.

This post has been edited by jonoave: Apr 13 2021, 04:32 AM
DragonReine
post Apr 13 2021, 08:30 AM

just another dog on the Internet
*******
Senior Member
2,521 posts

Joined: Aug 2011
QUOTE(ziling60 @ Apr 12 2021, 10:24 PM)
Then this would be against the Bank Negara regulations. Bcz under directive of BNM as I found from some articles, all banks should still offer a fee free saving account to consumer. The way CIMB converted my account type just like that is not cool at all. Anyway I hope this serves as a reminder to whoever reading this thread and still was not aware of if they got charged.

I hav called up CIMB jz now and to my surprise, they couldnt check my transactions before 2020 (i told them i used to hav a fee free account and i have not had any fee charged to this account before until recent years and they should be able to check that in their system to validate what i said). And then they closed my case. Nonetheless i'd continue to pursue this. The fee is just a small amount, but the way they handled this from changing my account type was not the right thing to do, and the fact that they could not check my transactions prior to 2020 in their system was even laughable  , especially when i probably only had 12 transactions in a year (which are RM0.01 interest).

Imagine they have millions of customers, and each person was charged RM8 unknowingly that they actually hav the option to get the non fee account.
*
It's not against BNM regulations. "Offer free banking account" and "changing obsolete account type to new account which may have additional charges" aren't the same thing. You signed a contract to give the bank to do the latter when you open an account with the bank, BNM won't entertain it as "not being offered a free bank account".

This is why you need to read fine print of accounts in product disclosure. This is CIMB's:

QUOTE
22 CONVERSION OF ACCOUNTS

The Bank reserves the right to convert or transfer the account holder from an existing account(s) to other type of account(s) the Bank believes is appropriate for the account holder if the account holder’s existing type of account(s) are no longer going to be made available by the Bank, or if the Bank introduce new eligibility criteria or change any existing eligibility criteria for such account(s) and the account holder does not meet the eligibility criteria for the account. The Bank will give the account holder reasonable prior notice before the conversion or transfer. The account holder can close the account holder’s account within 60 days of it being converted without charge.


In the same product disclosure sheet, there are clauses that essentially say that Bank reserves the right to deduct fees anytime and they can change fee structure provided they announce to account holders via email/snail mail/website announcement. I'm looking at the latest clauses on their site for reference but these kinds of clauses are very standard even decades ago.

If you complain to BNM and say you're cheated, but bank can give proof that they've contacted you/attempted to contact you, you'll be dismissed because you signed a contract 😅 "too long didn't read" argument won't hold water. Banks know how to cover their bases when it comes to this kind of complaint. You unfortunately did two things that works against you:

1) Didn't understand product disclosure sheet but signed off on it anyway.
2) When they started charging you fees "long time ago", you didn't submit complaint immediately, doesn't matter that "you didn't check" because you're supposed to keep track of your assets with the bank, not banks job to remind you endlessly. Banks not your parents remind you to do homework lol.

This post has been edited by DragonReine: Apr 13 2021, 08:39 AM
contestchris
post Apr 13 2021, 12:03 PM

Look at all my stars!!
*******
Senior Member
4,337 posts

Joined: Aug 2011
QUOTE(DragonReine @ Apr 13 2021, 08:30 AM)
It's not against BNM regulations. "Offer free banking account" and "changing obsolete account type to new account which may have additional charges" aren't the same thing. You signed a contract to give the bank to do the latter when you open an account with the bank, BNM won't entertain it as "not being offered a free bank account".

This is why you need to read fine print of accounts in product disclosure. This is CIMB's:
In the same product disclosure sheet, there are clauses that essentially say that Bank reserves the right to deduct fees anytime and they can change fee structure provided they announce to account holders via email/snail mail/website announcement. I'm looking at the latest clauses on their site for reference but these kinds of clauses are very standard even decades ago.

If you complain to BNM and say you're cheated, but bank can give proof that they've contacted you/attempted to contact you, you'll be dismissed because you signed a contract 😅 "too long didn't read" argument won't hold water. Banks know how to cover their bases when it comes to this kind of complaint. You unfortunately did two things that works against you:

1) Didn't understand product disclosure sheet but signed off on it anyway.
2) When they started charging you fees "long time ago", you didn't submit complaint immediately, doesn't matter that "you didn't check" because you're supposed to keep track of your assets with the bank, not banks job to remind you endlessly. Banks not your parents remind you to do homework lol.
*
Doesn't make it any less anti-consumer. I can bet millions of accounts are paying the RM8 fee, without expressly understanding or knowing about it.
DragonReine
post Apr 13 2021, 12:41 PM

just another dog on the Internet
*******
Senior Member
2,521 posts

Joined: Aug 2011
QUOTE(contestchris @ Apr 13 2021, 12:03 PM)
Doesn't make it any less anti-consumer. I can bet millions of accounts are paying the RM8 fee, without expressly understanding or knowing about it.
*
It is quite predatory yeah I agree, but again if we're talking strictly by BNM n CIMB T&C, TS got not much leg to stand on 😅 TS would be better off to pursue either through a higher ranked manager in bank who is sympathetic to his case or through an organisation that fights for consumer rights.
jonoave
post Apr 13 2021, 04:42 PM

On my way
****
Junior Member
656 posts

Joined: May 2013


QUOTE(DragonReine @ Apr 13 2021, 07:41 AM)
It is quite predatory yeah I agree, but again if we're talking strictly by BNM n CIMB T&C, TS got not much leg to stand on 😅 TS would be better off to pursue either through a higher ranked manager in bank who is sympathetic to his case or through an organisation that fights for consumer rights.
*
I mean, yeah but it's funny people here on this tered complaining about RM8 annual charges or poor consumer protection. Yes, things are not ideal but this is hardly a shining example.

Try going in Europe where you get charged monthly to keep an account.

Another case - I bought a travel card trial version for 3 months to get cheaper travel fares. Suddenly after 3 months I get charged for 1 year annual fee.
Apparently they put in fine print that the user should submit a cancellation notice before the end of the current period or they will be charged.
No website/app to cancel, no early warning whatever.
My bad for not being proficient in the language and reading the whole thing. I was also angry but nothing I can do - lots of people (especially foreigners complain) but locals will say, too bad you didn't read the fine print or don't know how it works.

I mean, I understand TS's indignations but I'd say - life is short and just think what battles you want to pursue.
How much time and effort is it worth sinking into it.

Good luck TS.
TSziling60
post Apr 13 2021, 05:15 PM

On my way
****
Junior Member
523 posts

Joined: Nov 2012
QUOTE(jonoave @ Apr 13 2021, 04:42 PM)
I mean, yeah but it's funny people here on this tered complaining about RM8 annual charges or poor consumer protection. Yes, things are not ideal but this is hardly a shining example.

Try going in Europe where you get charged monthly to keep an account.

Another case - I bought a travel card trial version for 3 months to get cheaper travel fares. Suddenly after 3 months I get charged for 1 year annual fee.
Apparently they put in fine print that the user should submit a cancellation notice before the end of the current period or they will be charged.
No website/app to cancel, no early warning whatever.
My bad for not being proficient in the language and reading the whole thing. I was also angry but nothing I can do - lots of people (especially foreigners complain) but locals will say, too bad you didn't read the fine print or don't know how it works.

I mean, I understand TS's indignations but I'd say - life is short and just think what battles you want to pursue.
How much time and effort is it worth sinking into it.

Good luck TS.
*
I disagree with you. Firstly, it shouldnt matter when I raise it, be it few years ago or in 2017 when they first implemented this charges, or now. If it is not righteous, its not and i should not be silent abt it. My bad for not noticing it early, but I have a personal reason for only able to deal with this now, and i know i am not in a favourable position in view of this. Moreover it is an account I don use often and i merely hav less than RM100 in this account, I would not normally check the transactions.

As i mentioned rm8 is a relatively super small amount that i could just ignore. But its a matter of principle. Whilst i appreciate your example of Europe, Europe vs Msia (it's a different region diff countries with diff rulings and regulations), i am not in a position to comment on this. If i'm not wrong, in overseas, the account fee to keep a saving account is applicable to foreigners only, but i might be wrong.

Anyway, what I was trying to point out here is that, we shouldnt be ignorant or be intimidated to voice out an issue, regardless how trivial it is or how many years it has been missed. I always believe in if a small matter was allowed to let go, it can always snowball into a bigger one or allow the other party thinking they have the freedom or luxury to continue treating consumers poorly. While this cant be 100% applicable to my case here - consumer protection or consumer rights are not looked at heavily here as opposed to other countries is also because of mentality of malaysians for being ignorant abt it or letting go of the issue just to save troubles for themselves.

The above are just me sharing my thoughts and i do not expect u to agree with me.
SUSxander83
post Apr 13 2021, 05:56 PM

Blast off like a rocket
*******
Senior Member
6,427 posts

Joined: Jan 2003
From: Autobiography!!!
QUOTE(ziling60 @ Apr 13 2021, 05:15 PM)
I disagree with you. Firstly, it shouldnt matter when I raise it, be it few years ago or in 2017 when they first implemented this charges, or now. If it is not righteous, its not and i should not be silent abt it. My bad for not noticing it early, but I have a personal reason for only able to deal with this now, and i know i am not in a favourable position in view of this. Moreover it is an account I don use often and i merely hav less than RM100 in this account, I would not normally check the transactions.

As i mentioned rm8 is a relatively super small amount that i could just ignore. But its a matter of principle. Whilst i appreciate your example of Europe, Europe vs Msia (it's a different region diff countries with diff rulings and regulations), i am not in a position to comment on this. If i'm not wrong, in overseas, the account fee to keep a saving account is applicable to foreigners only, but i might be wrong.

Anyway, what I was trying to point out here is that, we shouldnt be ignorant or be intimidated to voice out an issue, regardless how trivial it is or how many years it has been missed. I always believe in if a small matter was allowed to let go, it can always snowball into a bigger one or allow the other party thinking they have the freedom or luxury to continue treating consumers poorly. While this cant be 100% applicable to my case here - consumer protection or consumer rights are not looked at heavily here as opposed to other countries is also because of mentality of malaysians for being ignorant abt it or letting go of the issue just to save troubles for themselves.

The above are just me sharing my thoughts and i do not expect u to agree with me.
*
Account fee in overseas bank account is charge based on their business model as under certain minimum amount is deposited otherwise the fees is being charged not based on nationality doh.gif

The only difference would be foreigners will be taxed on the savings accounts in certain countries in Europe

You need to understand that RM8 is charges from the Bank to Card Merchant ie Visa/Master/UnionPay and if you’re not happy just open a bank account without ATM card instead
digitalz
post Apr 14 2021, 09:47 AM

The only thing we have to fear is fear itself.
*******
Senior Member
2,030 posts

Joined: Oct 2011


QUOTE(xander83 @ Apr 13 2021, 05:56 PM)
Account fee in overseas bank account is charge based on their business model as under certain minimum amount is deposited otherwise the fees is being charged not based on nationality  doh.gif

The only difference would be foreigners will be taxed on the savings accounts in certain countries in Europe

You need to understand that RM8 is charges from the Bank to Card Merchant ie Visa/Master/UnionPay and if you’re not happy just open a bank account without ATM card instead
*
This is correct. The charges are mainly for the cards. Cut the cards and use only CC from now onwards should be the way. biggrin.gif

But I don't understand why CIMB charges so high compared to all others. Worse is... pay so much but clicks has the most issues on app/site compared the other banks I use doh.gif
SUSxander83
post Apr 14 2021, 10:11 AM

Blast off like a rocket
*******
Senior Member
6,427 posts

Joined: Jan 2003
From: Autobiography!!!
QUOTE(digitalz @ Apr 14 2021, 09:47 AM)
This is correct. The charges are mainly for the cards. Cut the cards and use only CC from now onwards should be the way.  biggrin.gif

But I don't understand why CIMB charges so high compared to all others.  Worse is... pay so much but clicks has the most issues on app/site compared the other banks I use  doh.gif
*
Don’t forget not all CC are free because they are subjected to Service Tax and GT as these are legacy payment system that’s are soon to be obselete thank these charges

CIMB is the biggest legal daylight robbery yet many stillness get sucked to it hence they will just milk as much as possible with the charges as they have the right amend the charges as they see fit with BNM approval
digitalz
post Apr 14 2021, 10:14 AM

The only thing we have to fear is fear itself.
*******
Senior Member
2,030 posts

Joined: Oct 2011


QUOTE(xander83 @ Apr 14 2021, 10:11 AM)
Don’t forget not all CC are free because they are subjected to Service Tax and GT as these are legacy payment system that’s are soon to be obselete thank these charges

CIMB is the biggest legal daylight robbery yet many stillness get sucked to it hence they will just milk as much as possible with the charges as they have the right amend the charges as they see fit with BNM approval
*
Ha! For me, I've been using it since... ages ago so might as well just leave it there. CC can waive - Debit cards should be given the choice to waive too! doh.gif
contestchris
post Apr 14 2021, 10:21 AM

Look at all my stars!!
*******
Senior Member
4,337 posts

Joined: Aug 2011
QUOTE(xander83 @ Apr 13 2021, 05:56 PM)
Account fee in overseas bank account is charge based on their business model as under certain minimum amount is deposited otherwise the fees is being charged not based on nationality  doh.gif

The only difference would be foreigners will be taxed on the savings accounts in certain countries in Europe

You need to understand that RM8 is charges from the Bank to Card Merchant ie Visa/Master/UnionPay and if you’re not happy just open a bank account without ATM card instead
*
This is wrong. All local banks in Malaysia have a free account WITH debit card. Even CIMB has a free version with debit card/ATM card still provided.
SUSxander83
post Apr 14 2021, 10:22 AM

Blast off like a rocket
*******
Senior Member
6,427 posts

Joined: Jan 2003
From: Autobiography!!!
QUOTE(digitalz @ Apr 14 2021, 10:14 AM)
Ha! For me, I've been using it since... ages ago so might as well just leave it there. CC can waive - Debit cards should be given the choice to waive too!  doh.gif
*
Debit card iinm it is not waivable because BNM requirements and it is set to minimum of rm8 and no maximum ceiling set hence they are able daylight rob you

CC is different because the credit are being lend to you insecurely hence they have internal controls to waive those charges easily
SUSxander83
post Apr 14 2021, 10:30 AM

Blast off like a rocket
*******
Senior Member
6,427 posts

Joined: Jan 2003
From: Autobiography!!!
QUOTE(contestchris @ Apr 14 2021, 10:21 AM)
This is wrong. All local banks in Malaysia have a free account WITH debit card. Even CIMB has a free version with debit card/ATM card still provided.
*
Most banks only give you free 1st year while the feses are chargeable on the 2nd year since 2018

The only exception is CIMB BSA1 and RHB which are still offering their limited services
contestchris
post Apr 14 2021, 10:52 AM

Look at all my stars!!
*******
Senior Member
4,337 posts

Joined: Aug 2011
QUOTE(xander83 @ Apr 14 2021, 10:30 AM)
Most banks only give you free 1st year while the feses are chargeable on the 2nd year since 2018

The only exception is CIMB BSA1 and RHB which are still offering their limited services
*
Not true. All local conventional and Islamic banks MUST provide a completely free BSA with ATM/debit card. The catch is, these accounts onky allow for 4 free atm withdrawals monthly, 5th onwards charged RM0.50
SUSxander83
post Apr 14 2021, 01:25 PM

Blast off like a rocket
*******
Senior Member
6,427 posts

Joined: Jan 2003
From: Autobiography!!!
QUOTE(contestchris @ Apr 14 2021, 10:52 AM)
Not true. All local conventional and Islamic banks MUST provide a completely free BSA with ATM/debit card. The catch is, these accounts onky allow for 4 free atm withdrawals monthly, 5th onwards charged RM0.50
*
Likely you said MUST on paper but in reality all would be on normal fee paying account for new ones

You can go try to open an account but I am sure all would fee paying unless it is mandatory rm20 account opening
contestchris
post Apr 14 2021, 02:07 PM

Look at all my stars!!
*******
Senior Member
4,337 posts

Joined: Aug 2011
QUOTE(xander83 @ Apr 14 2021, 01:25 PM)
Likely you said MUST on paper but in reality all would be on normal fee paying account for new ones

You can go try to open an account but I am sure all would fee paying unless it is mandatory rm20 account opening
*
I can confirm you can open such accounts with RHB, Maybank and Affin. Never faced any issue whatsoever. Obviously you must ask, otherwise by default is the paid account.
TSziling60
post Apr 14 2021, 02:29 PM

On my way
****
Junior Member
523 posts

Joined: Nov 2012
QUOTE(xander83 @ Apr 14 2021, 01:25 PM)
Likely you said MUST on paper but in reality all would be on normal fee paying account for new ones

You can go try to open an account but I am sure all would fee paying unless it is mandatory rm20 account opening
*
I agreed with Chris, BNM has a regulation that all banks has to offer a free savings account to consumer. And of course it is up to the bank if they want to give u unlimited over the counter or ATM withdrawal services, of which most banks would be limiting that and unlimited services would be at a fee. You can google the BNM regulations on the fee free saving account.

however as someone pointed out here, the banks would not be offerring u unless u ASK for it. Some would even denied by saying that this product does not exist etc, and that you have to show them their own website that it does exist. It's unacruplous bcz the branch just wan to suck the money out from you.

Anyway, my issue was not bcz of i hav to pay rm8 to cimb. My issue was the lack of integrity and transparency of the bank who can simply convert my account into a fee paying account without actually giving me an option. Even if they have the right and that it's written on a fine print of the contract that they can change anytime they like, for which they did when the whole fiasco of debit card and pin replacing signature rulings implemented by BNM 3-4 years ago, the fact that they actually have a fee free account type and yet still decided to change my account type into a fee paying kind, this is not cool.

I appreciate everyone here suggesting me that if i donwan to pay rm8, can just go to the bank and open a new account. This sounds like i was making a fuss abt needing to pay rm8 - but little did you understand that my concern is more on the act by the bank for changing my account type, for which of course i am not in a favourable position bcz of whatever rights reserved by the banks to do so. it is not righteous, not moral at all. Have u ever wondered, I can afford paying the rm8, what about those who are struggling financially and every sen does count for them, and they might be less literate in terms of this when all of these could have been avoided if the bank can act on good faith and with integrity.

You might see it as just a small matter but i have a different perspectives and this is an indication that we still have a long way to go in terms of consumer protection and consumer rights, be it in msia or other countries.
Ramjade
post Apr 14 2021, 02:43 PM

20k VIP Club
*********
All Stars
22,200 posts

Joined: Feb 2011


QUOTE(ziling60 @ Apr 14 2021, 02:29 PM)
I agreed with Chris, BNM has a regulation that all banks has to offer a free savings account to consumer. And of course it is up to the bank if they want to give u unlimited over the counter or ATM withdrawal services, of which most banks would be limiting that and unlimited services would be at a fee. You can google the BNM regulations on the fee free saving account.

however as someone pointed out here, the banks would not be offerring u unless u ASK for it. Some would even denied by saying that this product does not exist etc, and that you have to show them their own website that it does exist. It's unacruplous bcz the branch just wan to suck the money out from you.

Anyway, my issue was not bcz of i hav to pay rm8 to cimb. My issue was the lack of integrity and transparency of the bank who can simply convert my account into a fee paying account without actually giving me an option. Even if they have the right and that it's written on a fine print of the contract that they can change anytime they like, for which they did when the whole fiasco of debit card and pin replacing signature rulings implemented by BNM 3-4 years ago, the fact that they actually have a fee free account type and yet still decided to change my account type into a fee paying kind, this is not cool.

I appreciate everyone here suggesting me that if i donwan to pay rm8, can just go to the bank and open a new account. This sounds like i was making a fuss abt needing to pay rm8 - but little did you understand that my concern is more on the act by the bank for changing my account type, for which of course i am not in a favourable position bcz of whatever rights reserved by the banks to do so. it is not righteous, not moral at all. Have u ever wondered, I can afford paying the rm8, what about those who are struggling financially and every sen does count for them, and they might be less literate in terms of this when all of these could have been avoided if the bank can act on good faith and with integrity.

You might see it as just a small matter but i have a different perspectives and this is an indication that we still have a long way to go in terms of consumer protection and consumer rights, be it in msia or other countries.
*
You cannot win against banks. No point arguing. What you can do is let banks earn less either via paying less fees where possible, cut non productive credit card, pay credit card in time and in full, shop around for cheapest loan, avoid using banks for overseas transfer.

That's what I do. My account are all fees free, my credit cards are fee free and I pay my credit cards on time and in full. If a bank decided to cut my card benefit, I will terminate my cards. Last but not least I don't use banks at all for overseas transfer.
They aren't earning dime from me if I can help it. I make sure the bank work for me rather than I work for the bank.
SUSxander83
post Apr 14 2021, 04:13 PM

Blast off like a rocket
*******
Senior Member
6,427 posts

Joined: Jan 2003
From: Autobiography!!!
QUOTE(ziling60 @ Apr 14 2021, 02:29 PM)
I agreed with Chris, BNM has a regulation that all banks has to offer a free savings account to consumer. And of course it is up to the bank if they want to give u unlimited over the counter or ATM withdrawal services, of which most banks would be limiting that and unlimited services would be at a fee. You can google the BNM regulations on the fee free saving account.

however as someone pointed out here, the banks would not be offerring u unless u ASK for it. Some would even denied by saying that this product does not exist etc, and that you have to show them their own website that it does exist. It's unacruplous bcz the branch just wan to suck the money out from you.

Anyway, my issue was not bcz of i hav to pay rm8 to cimb. My issue was the lack of integrity and transparency of the bank who can simply convert my account into a fee paying account without actually giving me an option. Even if they have the right and that it's written on a fine print of the contract that they can change anytime they like, for which they did when the whole fiasco of debit card and pin replacing signature rulings implemented by BNM 3-4 years ago, the fact that they actually have a fee free account type and yet still decided to change my account type into a fee paying kind, this is not cool.

I appreciate everyone here suggesting me that if i donwan to pay rm8, can just go to the bank and open a new account. This sounds like i was making a fuss abt needing to pay rm8 - but little did you understand that my concern is more on the act by the bank for changing my account type, for which of course i am not in a favourable position bcz of whatever rights reserved by the banks to do so. it is not righteous, not moral at all. Have u ever wondered, I can afford paying the rm8, what about those who are struggling financially and every sen does count for them, and they might be less literate in terms of this when all of these could have been avoided if the bank can act on good faith and with integrity.

You might see it as just a small matter but i have a different perspectives and this is an indication that we still have a long way to go in terms of consumer protection and consumer rights, be it in msia or other countries.
*
Don’t waste time trying to sue the bank over such thing as rm8 as the fees have been decided by BNM who agreed to it

Try telling to FOMCA and CAP bring class action lawsuit and I am sure you lose badly because Courts will always serve the winning judgement as the banks has protect themselves with various clauses

Have you ever wonder why banks are now very afraid ewallets? Simple fuss free, can be reload by cash for free for now and finally interoperability


3 Pages < 1 2 3 >Top
 

Change to:
| Lo-Fi Version
0.0184sec    0.27    5 queries    GZIP Disabled
Time is now: 29th March 2024 - 10:33 PM