cccp
October 26th, 2003, 03:23 AM
recently, some guy from OCBC called up my dad and offered an alternative to his existing fixed deposit acc which has a higher interest rates.
throughout the whole negotiation, nothing was mentioned that what my father is dumping money into is a FUND which has market value. all we tot was a new alternative fixed deposit which requires us to extend the expiry date.
We signed a contract to keep the money in the "fixed deposit" for 5 yrs. We were told that if we take the money out, we will not be entitled to the juicy interest rates. However thats not the case. My dad received a mail from OCBC showing the current market value of the FUND. The value has dropped and when my dad called them, they said if we choose to opt out, we will lose some money. I was like...what ur guy said and what ur bank practice is TOTALLY DIFFERENT!
I am very angry abt the practice done by the bank to lure customers. My dad is a retiree and what the guy said and what the bank is offering is totally different. well we can keep the money in there for 5 yrs...but its the practice of the bank that turns me off. I know every financial personnel has a target to meet but one shd not sweet talk someone by providing brief and wrong information.
its also our fault that we arent extra careful....next time when i deal with such people from banks, i will naturally have doubts over whatever they say.
throughout the whole negotiation, nothing was mentioned that what my father is dumping money into is a FUND which has market value. all we tot was a new alternative fixed deposit which requires us to extend the expiry date.
We signed a contract to keep the money in the "fixed deposit" for 5 yrs. We were told that if we take the money out, we will not be entitled to the juicy interest rates. However thats not the case. My dad received a mail from OCBC showing the current market value of the FUND. The value has dropped and when my dad called them, they said if we choose to opt out, we will lose some money. I was like...what ur guy said and what ur bank practice is TOTALLY DIFFERENT!
I am very angry abt the practice done by the bank to lure customers. My dad is a retiree and what the guy said and what the bank is offering is totally different. well we can keep the money in there for 5 yrs...but its the practice of the bank that turns me off. I know every financial personnel has a target to meet but one shd not sweet talk someone by providing brief and wrong information.
its also our fault that we arent extra careful....next time when i deal with such people from banks, i will naturally have doubts over whatever they say.