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 CIMB Annual Fee for Saving Account

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TSziling60
post Apr 14 2021, 04:21 PM

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QUOTE(xander83 @ Apr 14 2021, 04:13 PM)
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
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It looks like u still don understand that the issue is not with the RM8. It's fine, i will not go on with explaining it again.
SUSxander83
post Apr 14 2021, 04:27 PM

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QUOTE(ziling60 @ Apr 14 2021, 04:21 PM)
It looks like u still don understand that the issue is not with the RM8. It's fine, i will not go on with explaining it again.
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I understand it is not the fees but the disclosures from the banks

Like I said if you are right go ahead file a report to the consumer tribunal and I am sure you will lose badly doh.gif
canjeth
post Apr 15 2021, 11:50 PM

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QUOTE(DragonReine @ Apr 12 2021, 03:35 PM)
Your account is Type 1 or Type 2? Type 2 got RM8 annual fee, with unlimited free ATM withdrawal and OTC visits. If Type 1 got monthly limit on number of ATM withdrawal and OTC visits, should not be charged annual fee. Check with your bank which type it is, if yours got unlimited ATM/OTC then you have your answer.
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QUOTE(talexeh @ Apr 12 2021, 04:00 PM)
Head to the nearest CIMB branch & close your current account & open a new Type 1 account.
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Thanks to this topic, I have done so earlier today after being emotionally caught up by all your rantings lol and ahead of my account opening anniversary next month when the annual charge will kick in. I have been charged RM15 annually since I opened my account in 2013.

Though I'm a banker myself, I cannot appreciate that I cannot change my account type directly without closing and reopening a new account. I originally opened my account as a Youth Savers account and my account type was auto-converted to a regular savings account. So if the bank can convert my account, why can't I as the customer do so?
coolguy_0925
post Apr 16 2021, 12:09 AM

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QUOTE(canjeth @ Apr 15 2021, 11:50 PM)
Thanks to this topic, I have done so earlier today after being emotionally caught up by all your rantings lol and ahead of my account opening anniversary next month when the annual charge will kick in. I have been charged RM15 annually since I opened my account in 2013.

Though I'm a banker myself, I cannot appreciate that I cannot change my account type directly without closing and reopening a new account. I originally opened my account as a Youth Savers account and my account type was auto-converted to a regular savings account. So if the bank can convert my account, why can't I as the customer do so?
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Simple reason: Because they are the bank, they offered the product & they set the rules protected by a few pages of 6pt font size T&Cs that we had signed during account opening biggrin.gif

Tell you one joke

Years ago I had the same annual fee charging savings account with CIMB opened for university / studies purposes and at that time I never know we have this BSA

So was forced to fork out RM250 for opening a regular SA at BRANCH A and being charged RM8 annually

Years after graduated and started working I found out this BSA thing and went to BRANCH B near my working place to open a BSA without fee and wanted to close the old one

So they started by acting stupid saying no such account etc etc until I shown them the CIMB website with that info

They had no choice but to open that for me

However, they refused to close for me the old account saying only the account opening branch can close it

I asked why Maybank can do it anywhere and only your bank can't and they simply brushed off by saying different bank

So with no choice I went back to the account opening branch and request to close the old regular SA

And what happened, the staff there accidentally closed my newly opened BSA instead. So, it proves the staff cheated rclxms.gif

Probably boh song that's why refused to close for me or simply ignorant

Anyway, ever since I slowly got rid of stuff requiring CIMB bank account I closed it totally for good
Ramjade
post Apr 16 2021, 12:20 AM

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QUOTE(coolguy_0925 @ Apr 16 2021, 12:09 AM)
Simple reason: Because they are the bank, they offered the product & they set the rules protected by a few pages of 6pt font size T&Cs that we had signed during account opening biggrin.gif

Tell you one joke

Years ago I had the same annual fee charging savings account with CIMB opened for university / studies purposes and at that time I never know we have this BSA

So was forced to fork out RM250 for opening a regular SA at BRANCH A and being charged RM8 annually

Years after graduated and started working I found out this BSA thing and went to BRANCH B near my working place to open a BSA without fee and wanted to close the old one

So they started by acting stupid saying no such account etc etc until I shown them the CIMB website with that info

They had no choice but to open that for me

However, they refused to close for me the old account saying only the account opening branch can close it

I asked why Maybank can do it anywhere and only your bank can't and they simply brushed off by saying different bank

So with no choice I went back to the account opening branch and request to close the old regular SA

And what happened, the staff there accidentally closed my newly opened BSA instead. So, it proves the staff cheated rclxms.gif

Probably boh song that's why refused to close for me or simply ignorant

Anyway, ever since I slowly got rid of stuff requiring CIMB bank account I closed it totally for good
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I won't close CIMB cause they have best transfer rate between SG and MY
coolguy_0925
post Apr 16 2021, 12:22 AM

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QUOTE(Ramjade @ Apr 16 2021, 12:20 AM)
I won't close CIMB cause they have best transfer rate between SG and MY
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Not doing this so it is okay for me
Soul Seeker
post Apr 16 2021, 12:55 AM

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Been opening bsa with various bank and never had problem with bank transfer to another type of account.
One question thou if bank have a clause that they can transfer bsa to another type of charging account, then why all the bank cannot transfer regular saving acc to basic saving account ? Went to most local banks ask for transfer existing account to bsa all answered same cannot transfer only open new account.
jonoave
post Apr 16 2021, 04:54 AM

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QUOTE(coolguy_0925 @ Apr 15 2021, 07:09 PM)
Simple reason: Because they are the bank, they offered the product & they set the rules protected by a few pages of 6pt font size T&Cs that we had signed during account opening biggrin.gif

Tell you one joke

Years ago I had the same annual fee charging savings account with CIMB opened for university / studies purposes and at that time I never know we have this BSA

So was forced to fork out RM250 for opening a regular SA at BRANCH A and being charged RM8 annually

Years after graduated and started working I found out this BSA thing and went to BRANCH B near my working place to open a BSA without fee and wanted to close the old one

So they started by acting stupid saying no such account etc etc until I shown them the CIMB website with that info

They had no choice but to open that for me

However, they refused to close for me the old account saying only the account opening branch can close it

I asked why Maybank can do it anywhere and only your bank can't and they simply brushed off by saying different bank

So with no choice I went back to the account opening branch and request to close the old regular SA

And what happened, the staff there accidentally closed my newly opened BSA instead. So, it proves the staff cheated rclxms.gif

Probably boh song that's why refused to close for me or simply ignorant

Anyway, ever since I slowly got rid of stuff requiring CIMB bank account I closed it totally for good
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The whole BSA thing and converting account was pretty hush-hush,
The only reason I found out about BSA is the pamphlets they have from BNM or some regulatory board near the waiting area.

I think mine was already a regular savings account, so was charged RM8 from the start. But then when it increased to RM15, that annoyed me. But at least from the Air Asia account I get RM5 bonus/month, so the RM15 fee is cancelled out.
filage
post Apr 17 2021, 03:52 PM

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QUOTE(jonoave @ Apr 16 2021, 04:54 AM)
The whole BSA thing and converting account was pretty hush-hush, 
The only reason I found out about BSA is the pamphlets they have from BNM or some regulatory board near the waiting area.

I think mine was already a regular savings account, so was charged RM8 from the start. But then when it increased to RM15, that annoyed me. But at least from the Air Asia account I get RM5 bonus/month, so the RM15 fee is cancelled out.
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BSA with unlimited ATM transactions still remains RM8 per year right? I have one BSA I and another BSA II, wonder to close BSA I or not because there was a time I like withdrawing small amounts of cash frequently as CIMB ATMs can pump out RM10 notes easily, wonder if I still want to keep that BSA with fees.
jonoave
post Apr 17 2021, 09:53 PM

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QUOTE(filage @ Apr 17 2021, 10:52 AM)
BSA with unlimited ATM transactions still remains RM8 per year right? I have one BSA I and another BSA II, wonder to close BSA I or not because there was a time I like withdrawing small amounts of cash frequently as CIMB ATMs can pump out RM10 notes easily, wonder if I still want to keep that BSA with fees.
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i don't have a BSA with CIMB, so you'll have to check with someone else to find out.

These days I don't use cash that often anymore, so the ATM withdrawal is not a big deal for me.
coolguy_0925
post Apr 18 2021, 01:03 AM

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QUOTE(filage @ Apr 17 2021, 03:52 PM)
BSA with unlimited ATM transactions still remains RM8 per year right? I have one BSA I and another BSA II, wonder to close BSA I or not because there was a time I like withdrawing small amounts of cash frequently as CIMB ATMs can pump out RM10 notes easily, wonder if I still want to keep that BSA with fees.
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Yes RM8 according to their official website

And according to it BSA 1 was the one without AF

Link

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