Wednesday, May 17, 2006

Auto-renewal of fixed deposit at poor interest rate

Dear Mr Tan,

My $50,000 FD was auto-renewed 1 month ago at 1.7%, although the same bank is offering about 3% for other customers.

Probably, after this similar incident was highlighted in your blog, the bank finally tele-invited me to renew my FD at a higher rate of 3%. But I think it is still not fair that the 3% will be effective only from the date when I made a personal request at the bank to renew it.

I trust the banks to auto renew my deposit at the best rates and yet got a lousy deal in return for my trust.

Hazel
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1 comment:

Thomas Phua said...

I suppose the bank mentioned is POSB/DBS.

I tried to transfer money to the FD as well, and the answer in some branch is, the promo rate is for new funds.

Some branches are more flexible.

I told them I can draw out the money carry it out of the bank and come in by the other door or go to other branch, and can they say it is not fresh fund? I question them why make customer make them look stupid?

They gave me the promo rate.

Some time they need stupid suggestion to act correctly.

May 23, 2006 10:20 AM

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