As a general rule of thumb, when a revolving credit is extended, they want to make sure that one has the capability to repay their commitment monthly. How can they tell? By asking to see statements such as employee's salary slip, confirmed and corroborated by epf statement and LHDN statements. Since a salary slip can be generated by anyone. the trust increases if your employer is large.

Having said that, some bank's may colaterise your credit line by putting a lien on your fixed deposit, which means you can't withdraw that out as long as that credit line is still extended to you.

Having a lot of money in epf means zero. not even the attorney general of Malaysia can touch it. so it serves no purpose for a lender. epf statement can only show your declared income is genuine.

Priority banking customers are those deemed to have a higher net worth. yet most would still require income documents. it is not automatic.
Private Banking customers are a different category, they are worth 10 or 20 times more than the priority customers. Hence they are given automatic credit line.

hope this helps.

Agreed ... even with Private banking, all 3 of them offered me "special" credit cards. DBS and UOB's credit cards do not have fee waivers, but Maybank's is free for as long as you meet their AUM. I didn't take up DBS & UOB's offer because I'm cheapskate, and because honestly, I prefer to concentrate the benefits accumulations via one or two cards as opposed to spreading too little butter on too much bread.

Anyway, NONE of the 3 private banks I bank with offered the cards just on the basis of AUM - they all needed to see my income statements or IRAS returns. Hence I was a little surprised about the mention of EPF (or in my case CPF) as proof of finances. Not even wills or divorces or bankruptcy can touch our CPF/EPF, much less a bank...

Perhaps in Singapore, it is MAS rules that requires an income statement. It’s similar in Malaysia.
I believe if one is a Private Banking customer, their AUM is generating enough income to qualify for a card. BNM rules just states a minimum income per month to qualify. If past a certain amount, one can get credit cards from more than 2 banks. Limit entitlement is dependant on the risk appetite of the individual provider.
A RM5mil AUM at even 3% return is RM150k income a year. Surpassing the smallish minimum specified by BNM. Hence no necessity for an income statement.

Which bank asked for EPF statement??

As a general rule of thumb, when a revolving credit is extended, they want to make sure that one has the capability to repay their commitment monthly. How can they tell? By asking to see statements such as employee's salary slip, confirmed and corroborated by epf statement and LHDN statements. Since a salary slip can be generated by anyone. the trust increases if your employer is large.

Having said that, some bank's may colaterise your credit line by putting a lien on your fixed deposit, which means you can't withdraw that out as long as that credit line is still extended to you.

Having a lot of money in epf means zero. not even the attorney general of Malaysia can touch it. so it serves no purpose for a lender. epf statement can only show your declared income is genuine.

Priority banking customers are those deemed to have a higher net worth. yet most would still require income documents. it is not automatic.
Private Banking customers are a different category, they are worth 10 or 20 times more than the priority customers. Hence they are given automatic credit line.

hope this helps.

As a general rule of thumb, when a revolving credit is extended, they want to make sure that one has the capability to repay their commitment monthly. How can they tell? By asking to see statements such as employee's salary slip, confirmed and corroborated by epf statement and LHDN statements. Since a salary slip can be generated by anyone. the trust increases if your employer is large.

Having said that, some bank's may colaterise your credit line by putting a lien on your fixed deposit, which means you can't withdraw that out as long as that credit line is still extended to you.

Having a lot of money in epf means zero. not even the attorney general of Malaysia can touch it. so it serves no purpose for a lender. epf statement can only show your declared income is genuine.

Priority banking customers are those deemed to have a higher net worth. yet most would still require income documents. it is not automatic.
Private Banking customers are a different category, they are worth 10 or 20 times more than the priority customers. Hence they are given automatic credit line.

hope this helps.

I think most people reading this can definitely afford the whatever amount required for priority banking. Can anyone enlighten me on the reason to have a priority banking account?

Now I have paid off my house & car. I park most my cash in IBKR (stocks, bonds, futures). I keep my "liquid" cash in FD and MM instruments, and I make a conscious effort to ensure I'm not keeping too much cash (except when the market is insane). I haven't came across any perk that worth my effort to "ensure" myself having 300k in the bank at all time.

Maybe like they say, if you don't see the point, you're not there yet. haha.

Maybank Premier is offering 5.08% pa for a minimum RM100k locked for at least 6 months.

Effective Rate = 3.77% p.a

okay if I may add. I can see the appeal of having Ambank priority banking (unlimited lounge access!). But I'm still unsure if it worth my effort.

I think most people reading this can definitely afford the whatever amount required for priority banking. Can anyone enlighten me on the reason to have a priority banking account?

Now I have paid off my house & car. I park most my cash in IBKR (stocks, bonds, futures). I keep my "liquid" cash in FD and MM instruments, and I make a conscious effort to ensure I'm not keeping too much cash (except when the market is insane). I haven't came across any perk that worth my effort to "ensure" myself having 300k in the bank at all time.

Maybe like they say, if you don't see the point, you're not there yet. haha.

Interesting, but it seems that they require 30% to be in CASA. All in, 3.77% is pretty good but I also can easily get 3.7% off any other promo FD (e.g. std chart 4.0%).

okay if I may add. I can see the appeal of having Ambank priority banking (unlimited lounge access!). But I'm still unsure if it worth my effort.

If need unlimited lounge access then Standard Chartered Priority Banking which needed only 250k.

apply SC Journey also can get unlimited entry . no need 250k. just that benefit on that card is not good only

apply SC Journey also can get unlimited entry . no need 250k. just that benefit on that card is not good only

Klia only. RM600 annual fees waive 2nd year annual spend RM60k.