FROM A BANK CUSTOMER
When I visited a bank A to put my money in a fixed deposit, I was treated to personalised service at a sit down counter. If I decide to withdraw, I have to line up at the regular counter.
The bank has a roving officer who checks periodically on everyone in the queue regarding their transaction. The hard sell is strong.
When she came to me in the withdrawl queue, she tried to interest me in structured products instead, citing that they gave better returns than fixed deposit. This is a trap for the uninformed.
During the the last six months, I went to my bank B on two occasions to renew a deposit and to enquire about a shield plan.
On both occasions, the bank officer has online access to my particulars. When I gave them my NRIC, they know what products I have with the bank.
The bank officer saw that I have a particular unit trust with the bank. The officer tried to get me to sell that unit trust (stating that it is not doing well) and get me to buy a different unit trust.
They recommended recommended different products on two occasions.
I was quite confused at that time. I bought the unit trust 5 yrs ago, and it was losing money all these years. Now that it is finally on the uptend, they were asking me to sell. Luckily I decided to not act rashly.
I now realise that their real interest was probably in the commission they would make by selling a new product to me. Straight away, they make 5% and I lose another 5%. Nobody was interested in what was best for me.
It is like preying on my fear - that I should get out of a money losing decision made earlier. If I run now with at least my capital intact. But I realise that this is getting from the frying pan into the fire. I recover my capital and straight away give away 5% to someone else again !
It is a world of predators out there! I shall never trust anything sold by banks again. My interest is the last thing on their minds!
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