Bank customer is unhappy with renewal of fixed deposit

FROM A BANK CUSTOMER

I wish to bring up a disgusting issue regarding the behaviour of my bank.

My fixed deposit of $50,000 with bank X matured recently. The bank auto renewed it at 1.88%.

When I found out, I was so angry that I decided to withdraw the money. This bank has been offering 3% for a new deposit. And yet, the quietly renewed my deposit at a lower rate.

I am angry on behalf of all the people out there, especially those the retirees who are not so well educated. They trust the banks to auto renew their deposit at the best rates. They get a lousy deal in return for their trust.

If they threaten to take out their money and go to another bank, they will get a higher interest rate.

Our banks seems to be playing games, trying their best to OUTWIT and take advantage of the poor, uninformed consumer with their fancy tricks.

I'd say this is blatant cheating by institutions that are supposed to be high on trust and credibility.