As a "preferred customer" and member of the CIMB Club i was offered end of July 2009 to invest a minimum of RM 50, 000 in a australian Fixed Deposit for 3 months at a preferred rate of 5 % instead of the 3% i had. The personal CIMB advert asked to transfer the amount from an existing 12-months MYR Fixed Deposit with CIMB to that australian currency F.D. also managed by CIMB. So i thou8ght why not, earning a few more 2%, no harm. But how wrong was i !!!
Once i made the transfer at my Langkawi branch, which took an hour as no trained staff was in sight, the next statement that i received showed that i was penalized almost RM 1000 as i had to transfer the money from the existing F.D. that had not reached expiry date to the new one. That anything like that would happen was neither explained on there advert nor was it explained by the staff in the bank. Otherwise i would never had done it !! At the end i lost RM 1000 to CIMB instead making the extra 2% profit as offered by CIMB. And my F.D. with the interest rate of 3 % is also gone. What a rip-off !!!
I already withdraw from all my accounts and once the australian F.D. expires that money will also go somewhere but not to CIMB. The best is i wrote 2 letters to their customer care center ( what a laugh ) without receiving any reply. I spoke to the branch manager asking to rectify the problem as i first thought that must have been a mistake but he also decided to never get back to me. So, i will probably see whether a lawyer will be able to settle the issue and otherwise the bank has lost a customer of more than 15 years.
It is a shame that such criminal business is carried out by a bank of it's status in Malysia under the eyes of the law.
Absolutely disappointed and cheated !!!