Hello, everyone.

Found out this discussion group by chance and thought I can contribute my views/ thoughts on Privilege/Priority Banking, and clear up any misconception.

I have been in the Retail Banking Industry for the past 8 years and had been an RM for the last few years in a foreign bank which shall remain nameless (hint: they have less than 10 branches at present nationwide) Am still in the industry thus far.

I'll check on this group regularly and strive to answer any queries you may have.

Cheers!

Well, different individuals have different needs. True, some ppl have 200K-300K to spare. They probably invested in properties already and would just retain as cash and just leave the money there for some time (i.e. as emergency cash for personal or business). Or they might just wanna invest into some financial products other than FDs. It can be any reasons, actually. Since it can be considered a significant sum (in Malaysian standards), then might as well take advantage of what's being offered in the market.

In short, it depends on the individuals needs, preference and market/investment outlook.

Random Views and Statements:

1) Don't go into Vietnam funds now. The market there is getting hit very hard. Limited stock counters too. Not much case for diversification.

2) Most elderly folks put into FDs and non-revenue generating products. Only wants service but no revenue. (e.g. unit trust, bancassurance) - It's hard to service when it takes so much time - lotsa opportunity cost!

3) Got from a contact in citi that citigold charges rm240 per quarter if your average quarterly balance falls below minimum balance required (MBR). However, they can't debit from your account if you don't have a current/saving account! Ha... Instead they'll send you a letter asking you to pay - just ignore la

4) to the fellow who's desperate to open citigold a/c in sabah... well.. shop around first la... if you can, i would advise you to place your funds in a S'pore-based bank instead that will give you more product choices as compettion is much steeper! In m'sian, the banks only sell mainly run-of-the-mill products like unit trust, bancassurance and structured products.

5) got a mail earlier asking whether i know any RMs that screws around for a substantial sale. Sorry, can't help you guys as don't know anyone in my circle that does, or am aware of. I may be a private banker, that doesnt necessarily mean I take care of your privates too! haha....

6) Shop around and see what bank can give you the best balance of rates and services. Some banks are very stingy with rates (e.g. BLR is above others and FDs are consistently the lowest; will be the first to revise BLR upwards and the last to revise FD upwards if there are any adjustments) and dish out fees and charges like there's no tomorrow! Critical question you need to ask too - how many clients in their portfolio? Anything more than 200 is lot - not sure will help time to service you!


My 6 cents worth la....

Let me check around - had a few ex-colleagues that was in MBB private banking. Not sure still there... Anyways, they might ask you to be a private banking customer before they extend the plat card to you. The plat card is just a hook, so take note. Will send contact to you directly if my ex colleagues still there.

Thought: Can't you just walked in and join MBB Private Banking and straight away request for Plat card? Anyways, knowing how the industry works, eventually I think the plat cards will be extended to all once the market starts becoming saturated. That's based on my experience!

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Added on June 19, 2008, 10:51 amYou said it, not me.... I admit nothing.



This post has been edited by private banker: Jun 19 2008, 10:51 AM

i see.... hmm...

checked with my ex-colleagues and no longer with MBB. Too bad...

Give it some time - think will be much easier to get card after market becomes saturated.

Btw, might need to pay annual fees too after 1st year - normally the card's annual fees by itself would cost over 2K! That was a few years ago when we analysed various plat card benefits.

Personally, i don't think the card is that big a deal la..

Trust me, plat cards are not a big deal - I see it so often it's become almost like....hmm... a regular credit card? Ha....

Sure there are always a lot of gimmicks to get you with promises of this and that, but at the end of it, it's just a card. You can easily use your existing cards for your purchases and spending. Just identify what you really want/need and take it from there - then you identify the card that will suit your needs. At this juncture, you can never go wrong with having a card that gives petrol rebates!

Anyways, that's just me stating the obvious and blabbering on..... Cheers!