FIXED DEPOSITS
a. Premature withdrawals: If I need to prematurely withdraw my fixed deposit, will the bank pay the interest for the period the deposit was placed with it? If so, how will the interest be computed?
b. Charges: What are the penalty or charges I have to pay, if any, for prematurely withdrawing my fixed deposit with the bank?
c. Rollover of fixed deposits: If my fixed deposit matures and I leave it in the bank, will the bank pay me interest on the fixed deposit for the period until I withdraw it?
d. Withdrawals: What identification do I need to present when I withdraw my fixed deposit?
e. Loss of fixed deposit receipt: What if I lose the original fixed deposit receipt?
f. Public Holidays: What if the maturity date falls on a public holiday?
LOANS
Request your bank to give you the Customer Information Sheet with the relevant information when considering taking up a loan with your bank.
CREDIT CARDS
a. Ask your bank to give you the terms and conditions on the following information:
- Repayment grace period
- Interest Rate charges for outstanding balances
- Minimum monthly payments
- Late payment charges
- Cash Advance charges
- Lost/Stolen card liability
b. At the same time, ask yourself the following 15 questions when applying for a credit card:
i. Why am I applying for this card?
ii. Can I pay for the purchases in full each month?
iii. If I do rollover my payments, do I have the capacity to pay the accompanying charges?
iv. Do I understand the terms and conditions for the use of the card?
v. What action can the bank take if I fail to settle my overdue payments?
Membership Fees
vi. When will the promotional free membership period, if any expire? What is the fee I will have to pay after that?
Payment
vii. What is the minimum amount I have to pay each month?
viii. How much interest do I have to pay on the outstanding amount?
ix. If I do not make the minimum payment for one month, what are all the interest and other charges that I will have to pay?
x. What are the charges I will incur if my payment, either by cheque or GIRO, is returned for whatever reasons?
Cash Advances
xi. If I take a cash advance from my credit card line, what are the charges that I will have to pay?
Loss of Credit Card
xii. If I lose my credit card, what must I do?
xiii. If I lose my card what are my liabilities for unauthorised purchases?
Credit Limit
xiv. What is my credit limit?
Changes in Terms and Conditions
xv. If there are any changes in the terms and conditions for the use of the card, will I be informed of these changes? If so, when will I be informed?
|
|
UNIT TRUSTS
a. What is the profile and background of the asset management company that I am going to invest my money with?
b. Can I invest with cash, CPF and/or SRS savings?
c. What are the risks for investing in this unit trust fund? Are the risks acceptable to me?
d. What is the upfront sales charge that I have to pay when I invest in this unit trust?
e. What are the other charges that I have to pay, eg management fee, switching fee, redemption fees (if any)?
f. How and when will these be levied?
g. What is the price of each unit?
h. How soon can the bank inform me of the number of units I have invested?
i. When and where can I redeem my units?
j. How long does it take for me to receive my sales proceeds?
k. How often do I receive updates on my holdings and performance of the unit trust?
BANK ASSURANCE
a. Which of the following risks am I likely to face:
i. loss of income
ii. unemployment
iii. disability
iv. death
v. divorce
vi. catastrophic losses
b. What does the policy insure me against?
c. What are the features and benefits?
d. What are the premiums payable and frequency of payment?
e. Can I cancel the insurance plan prior to expiry/maturity?
f. What is the cash value if I cancel the policy?
g. What is the guaranteed value on maturity?
h. Does the policy provide for a policy loan? If so, what is the interest rate payable?
CAR FINANCING
Download this PDF file to find out what you should know about car financing. |
consumer related sections |
| Find out more about the Cheque Truncation System which has been implemented since 12 July 2003. |
|
A crystallization of the minimum standards of service that the consumer can expect when dealing with their bank. |
| Find out more about money management skills such as budgeting and saving, and tips on the responsible use of credit. |
| Find out more about the interbank Giro procedures as well as transaction codes used by banks. |
|
