Banking On Your Bank

[jw5]

Any comments that you want to post regarding your experiences with banks in SG or in other countries?

Let me start with an advertisement I saw in the ST today.

Citibank is offering their new Citigold priority banking customers a 2% rate on their new fixed deposits.
But before you say, "wah, the rate not bad hor", wait for the catch.
It's 2% on a one month fixed deposit.
Ok, maybe they will continue to offer you the same rate after that month, but frankly, I doubt it.

What happens is that the new customers will happily place S$200,000 in a new fixed deposit with the bank at the rate of 2% for one month. After that month, the bank will happily pay them each about $333 interest.
They will then call you periodically (every month, every week, every day, I dunno) to invest in their products.
At your own risk, sales charges to be earned by the individual and the bank, mgt fee by the fund managers.

Just thinking that if they want to attract new customers, at least offer them an attractive rate for 1 year or at least 6 months.
Offering the rate for one month simply shows how eager they are to sell products to them.

 

[jw5]

Another story about our wonderful banks.

Sometime after the minibond structured desposit debacle, the MAS had laid down a rule that the bank tellers were no longer allowed
to ask customers if they wanted to invest in some wonderful structured product and pass them on to the wonderful relationship managers
waiting eagerly.

So one of the branches of a particular bank decided to "innovate".
When the customers took a queue number, instead of going straight to a teller to do the transaction of their choice, the customer was directed
straight to a relationship manager or personal banker. Doesn't matter if the customer just wanted to withdraw a cashier's order or deposit some cash,
he was directed there.

The relationship manager or personal banker would then make the sales pitch, failing which he or she would reluctantly let the customer go to a bank
teller to do the transaction of his choice. Since the bank tellers were not allowed to direct the customer to the RM or PB, they decided to do the
reverse.

 

[erection2015]

thinking out of the box no doubt.

Another story about our wonderful banks.

The relationship manager or personal banker would then make the sales pitch, failing which he or she would reluctantly let the customer go to a bank
teller to do the transaction of his choice. Since the bank tellers were not allowed to direct the customer to the RM or PB, they decided to do the
reverse.

 

[jw5]

thinking out of the box no doubt.

no doubt bro, but I also see it as following the rule to the letter but not to the spirit or intention.......................

 

[erection2015]

DBS investment people quite poor track record or so i heard. My own experience with them was limited to the Shenton Growth Fund in the 80s. Hardly made any money....but lucky not to lose i guess.

no doubt bro, but I also see it as following the rule to the letter but not to the spirit or intention.......................

 

[Jimmy1978]

Went to their banking page - seems like their investment funds not bad leh. Anyone else here got more recent experiences with the investment services?

 

[lifeafter41]

Any comments that you want to post regarding your experiences with banks in SG or in other countries?

Let me start with an advertisement I saw in the ST today.

Citibank is offering their new Citigold priority banking customers a 2% rate on their new fixed deposits.
But before you say, "wah, the rate not bad hor", wait for the catch.
It's 2% on a one month fixed deposit.
Ok, maybe they will continue to offer you the same rate after that month, but frankly, I doubt it.

What happens is that the new customers will happily place S$200,000 in a new fixed deposit with the bank at the rate of 2% for one month. After that month, the bank will happily pay them each about $333 interest.
They will then call you periodically (every month, every week, every day, I dunno) to invest in their products.
At your own risk, sales charges to be earned by the individual and the bank, mgt fee by the fund managers.

Just thinking that if they want to attract new customers, at least offer them an attractive rate for 1 year or at least 6 months.
Offering the rate for one month simply shows how eager they are to sell products to them.

I believe there will be a minimum of 200k for 1 moth deposit.
Not much have 20k, what more 200k.