Shares holdings is not AUM in at least Maybank, RHB and HSBC in Malaysia.

Perhaps this could be due to the diffence in the rules by the regulatory body. BNM and MAS may have slightly different views on this.
If you are a premier customer in HSBC Singapore, you can get a reciprocal status in HSBC Malaysia without having to meet the AUM though.

You should be able to walk into a branch and ask to see the RM in that branch.

That debit card gets you to the front of the line in places where they dont already know you.

I guess those in the private banking echelon would have very little reasons to go to one.

Yes the RM did try. But I am a noob. Not in a habit to put money in places where I have no understanding.

Fully agree. Better be safe than caught with the pants down. Seen it many times. Also not keen to place anything not within the country of domicile. If get called home, the family will have issues.
A modest return is good enough, protecting what we have is far important than trying to multiply it.

That would have been nice, but unfortunately I am a stone throw away from retirement age.

Should be from the employer. Else anyone can just do a transfer to meet the requirement.

Maybank Present offer for Premier Account.
6 months at 5.08%. Minimum RM100k. 70% in FD and 30% in banking account.
Valid 1 Sep 2024 till 30 November 2024.

This post has been edited by BenChiew: Sep 2 2024, 02:55 PM

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.

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.

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

You get effective RM2540 for RM100k in 6 months.
They lock up the RM30k in Casa.
=====
Let me clarify with the RM tomorrow.


This post has been edited by BenChiew: Oct 9 2024, 12:45 AM

I think CIMB Preferred Debit card can get you in.....

RHB, HSBC, Hong Leong, Affin, Public Bank, CIMB, AmBank

Which bank?

Thanks. Haven’t referred anyone to HSBC. Only to Maybank.

Sounds like not all banks have this.

Then Platinum charge card comes with Priority Pass. You can use that to bring in another person. And if you have the A/C card, another can go in, other than your primary card. But someone said they no longer issue the A/C card anymore. Need to check for the latest.