it may not be complex to you but it doesn't mean it isn't complex to others. I don't deny that some don't even bother to read it and get pissy, but obviously foxer77 isn't such a person.
On the contrary, from his post...
saw the monthly letter mail in was always in 2 section of the interest paid.
but they didnt mention how it was calculated
And what im getting in interest seem shortchange.
is it maybe because during certain day s of the month i bank in some money?
..., and from his follow up posts (
"Nvm, this month I stop banking in so I can tell if it correct"), it was actually quite obvious to me that he *is* such a person.
What person is that exactly? One who seems to expect their bank statement to also explain how the interest paid was calculated. I don't know of any bank who does that... One who, when his calculations don't add up, thinks that "the bank is wrong", rather than "where/how did *I* go wrong in my calculations?"... One, who isn't sure how the interest is actually calculated, and is just guessing how this account works (
"is it maybe because...")... and one whose method of trying to figure out if the bank's interest calculation is correct, or wrong, is by not banking in more money the following month.
I'd reckon you're backing the wrong horse there.
If it was not that complex, you wouldn't even have Citibank staff not knowing the proper way of calculations etc. For instance, when you understand that the bonus interest is calculated based on the previous month's lowest balance, it makes total sense why you can withdraw the interest credited without any penalty. But yet some of the Citibank staff can say otherwise. That already shows the TnCs is mildly complex and confusing to some extent for the layman.
I'm actually inclined to believe, most staff had correctly explained it - just that the person either misunderstood, or failed to understand what they were told; or was not able to clearly articulate what they were asking, such that the staff could understand them, and so they were provided with a simplified answer instead.
I'm not saying mistakes weren't made - it is indeed possible the staff may have made mistakes too - but I'm actually a pretty happy Citi customer, and never had any major issues with them. As I was an existing Citi customer, my MaxiGain a/c was opened simply by making a phone call, so it's quite hard for me to appreciate the grief a number of posters here have experienced.
