Just wanna ask if anyone got charged rm8 to their saving account for the ATM card annual fees?
Possible to ask them to waive? I tried going over the counter and they say CANNOT. Is there any other saving account in HSBC which does not charge ATM card annual fee? Bahger my interest also not enough to cover the charges.


fyi mine is statement saving...and i wouldnt know why the hell its statement saving

This post has been edited by porkchop: Feb 3 2008, 01:14 PM

Hi porkchop

I have checked my account in HSBC ..and i saw no 8 ringgit fee charge on my amanah saving ATM



Regards

Not possible since it's sort of regulation from BNM. Yours is a normal saving account.

If you don't want to be charged RM 8 annually, you should opt for Basic Saving Account (BSA). BNM specifically demanded that all banks regardless local or foreign to offer two types of basic account with minimal financial charge - BSA and BCA (Basic Current Account).

Both accounts come with ATM card. More details on the accounts go to:

http://www.maybank2u.com.my/maybank_group/...ybank_bba.shtml

Not all bank's savings account comes with the rm8 charges.. read the terms and conditions carefully.

Most will either charge fixed rm8 annually, or limit the number of free ATM withdrawals to 4 times per month, after which they will charge a service fee(rm1 or 2?) for each extra ATM withdrawal.

That's true. It depends on your account type.

1. Pay RM 8 annually for unlimited access of ATM withdrawal, over the counter services and standard RM 2 inter-bank fund transfer.

Or

2. No RM 8 is being charged but with limited numbers of ATM withdrawal and over the counter services. Plus the first 2 inter-bank fund transfers will be charged RM 0.50 and subsequent transfers will be charged RM 2. This will be tracked on monthly basis. Meaning it'll be reset in the next month and the counter restarts.

This post has been edited by David83: Feb 3 2008, 06:43 PM

Hi all,

May I know what's HSBC BSA called? Is it true that not all banks have BSA?

I remember last year I went to BSN bank and want to change my NSA to BSA but those BSN ppl have no idea what's BSA... can anyone here advice me on this?

Thanks in advance.

BSA and BCA are regulated under BNM. All banks must offer them.



The banker at BSN doesn't know about it. It doesn't mean that the bank does not offer BSA/BCA. Most of the bankers are not aware of it. The same thing when I tried to open a BSA at CIMB. The receiptionst at the counter said that she never hear of such thing and luckily at the counter, there's this file that displays all the banking products offered by CIMB.

when u open the account, the HSBC staff didnt inform u?

One needs to demand or inquire more before you open a saving account and let say that you really want a BSA. Tell the banker specifically that I want a BSA. Not other stuffs. If he/she doesn't know about the existence of BSA, ask him/her to refer to BNM Banking Info. It's a very valueable and powerful brochure. Some banks put this brochure in their branch. If not, demand to meet the branch manager and report to BNM.

This post has been edited by David83: Feb 3 2008, 09:37 PM

Good for you since you still able to find details of CIMB products. I tried to tell them what's BSA and they don't seem to get what I mean.

Anyone here can teach me how to get them understand that I want to open BSA account?

Anyway since you says that all banks in Msia has BSA, I'll also convert my HSBC current accound to BSA.

---

Added on February 3, 2008, 9:42 pmThanks for the info David.

Hmmm will go over and change my accounts to BSA this Wed. Just hope they still operating at normal banking hours instead of half day.

This post has been edited by Shinichi: Feb 3 2008, 09:42 PM

Account conversion is not possble as I did say this earlier. Usually you need to terminate the existing SA or cancel the ATM card that comes with the SA. You can open BSA on top of your SA.

Currently, I did that at CIMB but will close them soon since I'm frustated with the Internet Banking service.

---

Added on February 3, 2008, 9:47 pmThere's no reason for them to open for half day. We're talking about banking industry and they need to open their business in the normal working hours. I predict that the banks will have more people in this Wednesday as compared to normal days since all banks are going to close shop for at least 4 days from Thursaday to Sunday.

This post has been edited by David83: Feb 3 2008, 09:47 PM

Oops, I should have said close NSA and open BSA instead

I've "converted" some of my bank accounts from NSA to BSA... some will give me new ATM card for the "conversion", but some re-assign my ATM card to link to my new BSA instead.

Hopefully I'll be able to finish my things on Wed and go to banks to "convert" my accounts...

Oh ya, want to ask for current account, if I close it within half year of opening the account, will the bank charge me?

Penalty of account closure is at the bank's discretion.

For BSA and BCA, account closure within the first 3 months will be penalized.



This post has been edited by David83: Feb 3 2008, 10:01 PM

I found a very interesting clause from Banking Info:

Yes. HSBC charge me for the ATM card annual fee, so are Public Bank and Standard Chartered Bank.



This ATM card annual fee, as far as i'm concerned, cannot be waived.



Yes. HSBC Premier Savings Account.

next question how to be hsbc premier savings

@porkchop,
As long as U have a net worth of RM200k with HSBC U should qualify to become their HSBC Premier Customer.

-Added-
I just got this from the HSBC website:

How to qualify for HSBC Premier
You qualify for HSBC Premier if you maintain an average monthly Total Relationship Balance of RM200,000 or more, which includes your Premier Savings, FlexiTime Deposit, Unit Trusts and Structured Investments at HSBC.

Alternatively, if you are already an existing HSBC Premier customer, you can join HSBC Premier for free in other countries. Come and talk to us for more information.

Should your average Total Relationship Balance drop below RM200,000, a Below Balance Fee of RM150 will be applied for the month.


This post has been edited by tinkerbel: Apr 25 2008, 12:29 PM

now we already knew the requirements... but actually, what is the benefits of being premier customer...

@KooHei,
Give me RM200k and I'll let U know after I become one *grins*

PS: The account is linked globally so if u are in some other country and need emergency cash, U could always walk into a HSBC office and ask for a max of USD2k cash. Also, u can transfer funds to another country with no additional charges.

The other benefits are basically having a personal relationship manager, HSBC Premier MasterCard FOC, Cheque facilities, ATM, etc.

Oh Tinker, my 200k will at least let HSBC earn 6k p.a (Difference between Fix Deposit and Fome Loan)
No wonder they're ok with the USD 2k loan thingy.

@Dyong,
I don't think other banks offer such privileges to their Privilege/Premier Customers; at least not that I know off. I do know in order to become a Priority/Privilege/Premier customers, U will need minimum:

1) RM200,000 with HSBC
2) RM200,000 with Standard Chartered
3) RM300,000 with UOB
4) RM200,000 with Citibank/CitiGold
5) RM300,000 with OCBC

It's more of a gimmick to segment their middle class customer.
The benefits are rare and few.

More conveniently, they will ask you to buy unit trust or bankassurance at every glimpse of you.

@Dyong,
*grins* Like I said, give me RM200k to start off the account and i'll be able to give U feedback

Anytime, I am not in favor of Pre-Nuptial Agreement anyway.

@Dyong,
LoL.. I'm not either, so Ur safe

Tinker,

Sometimes one has to take some risk in Belling the Cat, for the sake of meaningful future...

Have a good weekend

HSBC Premier is the best of all those mentioned above. However Citibank will soon introduce "Citigold Select" to its Malaysia based customers which is a class above all the premium banking services currently can be found in Malaysia. Singapore is the only country in Southeast Asia where Citibank is offering "Citigold Select" banking service. You will need to have AT LEAST SGD1 Million in order to qualify for Citibank Singapore [B]Citigold Select[/B].

By the way, if you can't afford to park AT LEAST RM200k every month with these banks you should NOT even consider open these premium accounts as they will charge you account fee every month. HSBC will be charging you RM150/month while Citibank RM80/month.

@MilesAndMore,
No need to park RM200k every month. Just maintain RM200k or the minimum amount required will do

Usually people will put their money in fixed-deposit or invest in the structured products or unit trust if one is really hungry for Ringgit. People rarely have RM200K in their savings account to avoid the 5% tax on interest.

But you will have to be careful. Just a few years ago HSBC and Citibank both required one to has AT LEAST RM300K in the bank in order to to qualify for their high-end banking service. Both of these banks lower the minimum deposit to RM200K so they would attract more people to deposit with them but they just might change it back to RM300K anytime. Many years ago my dad was using the "Partner Account" from HSBC. HSBC only notified him about a month later after they cancel his "Partner Account" and degrade him to "PowerVantage".

is BSA different from Amanah saving? pls help.

I have Amanah Saving and i have been charged for ATM Annual RM8 .. now the options is BSA or BCA..
https://www.hsbc.com.my/1/2/!ut/p/c5/04...CIckdFRQC42xta/


Basic Saving Account
- offered by HSBC
- No ATM card annual fee
- 8 Free ATM withdrawals per month
- 6 Free over the counter transactions per month
- First two IBG in a month will be charged only RM0.50
- RM5 for each cash withdrawal at overseas HSBC Group ATM
- RM10 for each cash withdrawal via any VISA/PLUS supported ATM worldwide

Basic Savings Account-i
- offered by HSBC Amanah
- No ATM card annual fee
- 8 Free ATM withdrawals per month
- 6 Free over the counter transactions per month
- First two IBG in a month will be charged only RM0.50

Toprate Statement Savings
- offered by HSBC
- RM8/pa for ATM card
- Unlimited ATM withdrawals if account balance is more than RM5,000, else RM1 will be charged starting from the 5th withdrawal in a month
- Unlimited over the counter transactions
- RM5 for each cash withdrawal at overseas HSBC Group ATM
- RM10 for each cash withdrawal via any VISA/PLUS supported ATM worldwide

Amanah Statement Savings
- offered by HSBC Amanah
- RM8/pa for ATM card
- Unlimited ATM withdrawals if account balance is more than RM5,000, else RM1 will be charged starting from the 5th withdrawal in a month
- Unlimited over the counter transactions
- RM5 for each cash withdrawal at overseas HSBC Group ATM
- RM10 for each cash withdrawal via any VISA/PLUS supported ATM worldwide

This post has been edited by fainonline: May 22 2012, 08:43 PM