Wednesday, November 09, 2011

Americans move accounts to credit unions

1 comment:

Anonymous said...

For years I have been keeping a current account with POSB and they happily charge me $2 each month just for maintaining the account. On top of that, they charge me additional 20 cents for each check I used.

I thought that such practice was normal until I found out that there are other banks who can offer this service for free. Three years ago, I switched to RHB (Trio account) and that offered me free checks without monthly fee. Their monthly interest has also been getting lower and lower ever since they start to go big on their advertisement effort. Furthermore, there is no internet banking and their branches are mainly at inconvenience locations.

Recently, I switched to CIMB that offer the perfect scenario. No monthly fee, free checks, no minimum balance requirement and a high monthly interest of 0.8% which can match any FD on market. Although they only have 1 branch, they have a reasonable online banking facility. I even introduce my wife and some friends to the bank. Now we are all happy customers of CIMB.

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