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Citibank Maxigain Savings Account

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Old 02-12-2019, 01:43 PM   #6811
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Then, in the evening, I used their Mobile app to withdraw $100 000 (the maximum allowed) to a Standard Chartered account. I selected the FAST transfer option, however, unbeknownst to me, Citibank changed it to a GIRO mode of transfer which will take a few days.
Why would it be 'unbeknownst' to you, when it is in Citi's Online User Agreement that you accepted in order to use the app?

4.16. "FAST Transfer Limits" means (i) S$10,000 for each outgoing transaction via Citi Mobile® App or S$50,000 for each outgoing transaction via Citibank Online, and (ii) S$100,000 being the maximum aggregate outgoing transactions which I can originate in a day, or such other amounts as you may prescribe from time to time.

Aside from having been informed of the limits, I'd also just like to call out that you had also accepted the following, in the same agreement...

You cannot guarantee the time at which the receiving banks or billing organisations will credit the account(s) of my payees.

AND

I accept that you may at your sole discretion credit the account(s) of the relevant payee(s) or issue a check or cashier's order to such payee(s) pursuant to the relevant payment or transfer instruction. I acknowledge that you are not responsible for any interruptions, errors, omissions or delays in the issue or remittance of such check or cashier's order howsoever arising

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Old 02-12-2019, 01:45 PM   #6812
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actually, it drop a little, like $5?

30/11/2019 BONUS INTEREST EARNED 4908 SGD 83.95
30/11/2019 INTEREST EARNED 4900 SGD 83.29

31/10/2019 BONUS INTEREST EARNED 4908 SGD 80.09
31/10/2019 INTEREST EARNED 4900 SGD 90.78
i think it's because they cut from 80% to 70% of SIBOR for october. then dec onwards cut to 50% SIBOR
No, it's because there are 30 days in Nov, and 31 days in Oct.
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Old 02-12-2019, 02:00 PM   #6813
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The call centre wants to sleep. And sleep early somemore. Goes to bed at 8pm.

Doing this sents me jitters.
They stop waiving late charges sent moi jitters
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Old 02-12-2019, 02:03 PM   #6814
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bye...i have transfer all out... the live chat agent told me i got $2.38 interest for these 2 days( 1 & 2 dec) to be credit by end dec.

Live agent reply : If we close the account now, no service fee will be billed however this S$ 2.38 will be absorbed by the bank and will be donated to charity.

My reply: why absorb by bank and donate to charity?


Live agent reply: We are merely advising you of what may happen if you keep the account open with no average daily balance in the account while waiting for the unposted interest to post. It is up to you to decide if you wish to close the account right now or keep it for December.

Live agent replylease be advised that the interest of 2.38 is based on November and wont increase anymore because for you to earn base interest there should be 70K in the account plus there is a change in Maxigain that will take effect today

WTF... if i never maintain $15k till end dec ..this interest $2.38 will be donated to charity lol... think i heck care liao... waht based on her last reply the interest is now based on november ..so confusing siah... now is based on 70k... maybe i also blur liao
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Last edited by Singleton; 02-12-2019 at 02:09 PM..
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Old 02-12-2019, 02:09 PM   #6815
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bye...i have transfer all out... the live chat agent told me i got $2.38 interest for these 2 days( 1 & 2 dec) to be credit by end dec.

Live agent reply : If we close the account now, no service fee will be billed however this S$ 2.38 will be absorbed by the bank and will be donated to charity.

My reply: why absorb by bank and donate to charity?


Live agent reply: We are merely advising you of what may happen if you keep the account open with no average daily balance in the account while waiting for the unposted interest to post. It is up to you to decide if you wish to close the account right now or keep it for December.

WTF... if i never maintain $15k till end dec ..this interest $2.38 will be donated to charity lol... think i heck care liao...
there's still the interest from 70% SIBOR and step up bonus interest for november that you have not received. it will only be credited in end dec, if you keep the account open
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Old 02-12-2019, 02:20 PM   #6816
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there's still the interest from 70% SIBOR and step up bonus interest for november that you have not received. it will only be credited in end dec, if you keep the account open
so its better to transfer all in Jan?

by then, no more lapse, still got some petty interest too
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Old 02-12-2019, 02:26 PM   #6817
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so its better to transfer all in Jan?

by then, no more lapse, still got some petty interest too
Opportunity cost. Unless you nowhere to put the cash
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Old 02-12-2019, 02:31 PM   #6818
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Just to summarize (with assumption that you will put your money to some other instruments that will generate more interest for month of Dec):

- Withdraw all cash right now.
- If your Nov 2019 interest is worth more than $15, keep the account open and close it 01 Jan.
- If your Nov 2019 interest is worth less than $15, close your account right now and forfeit that miserable $15 interest.
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Old 02-12-2019, 02:36 PM   #6819
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Opportunity cost. Unless you nowhere to put the cash
Leave 15 bucks inside to get few hundreds in interest not worth it?

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Old 02-12-2019, 02:45 PM   #6820
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Where got 1.2%?

Reset to step 6 because you withdraw money in Dec, it becomes 0.6%

Then apply new rate, slash to half = 0.3% nia

Base = $0 (balance less than 70k)
Bonus= $$150,000 x 0.3% x total day in nov 30/365 = $36.98

However you can workout the percentage as $36.98 out of that $15,000 remaining balance
For those thinking about the bonus interest, see above calculation... Wondering why some calculated got hundreds for bonus interest
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Old 02-12-2019, 02:49 PM   #6821
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Leave 15 bucks inside to get few hundreds in interest not worth it?

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i do not think he meant closing account. he simply mentioned withdrawal of all cash. the opportunity cost of laying your 150k-$15 in the account for Dec.
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Old 02-12-2019, 02:52 PM   #6822
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Citibank is running out of money. Citibank cannot afford to operate a call center 24/7 anymore. May have laid off call center staff to save money.

If you own stock of Citibank, consider selling soon before the stock price goes down further.
ya their call centre from 8-8pm now, no more 7/24 support

then i read someone shared they moving out of their MacDonald house in handy road by feb 20

in april this year they also nerfed the citi prestige benefit so i cancelled as well save on $530 annual fee.

seem like they doing alot cost cut with downward revision in interest
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Old 02-12-2019, 02:55 PM   #6823
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Opportunity cost. Unless you nowhere to put the cash
yeah..

hopefully in jan, there's something better..

if not, just pump back to bonu$saver
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Old 02-12-2019, 03:07 PM   #6824
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ya their call centre from 8-8pm now, no more 7/24 support

then i read someone shared they moving out of their MacDonald house in handy road by feb 20

in april this year they also nerfed the citi prestige benefit so i cancelled as well save on $530 annual fee.

seem like they doing alot cost cut with downward revision in interest
Move out of macdonald house something not right

Soon they will announce layoff at this rate
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Old 02-12-2019, 03:09 PM   #6825
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I got assigned a new RM
Just called me and told me got FD with better rates.. but need meetup for discussion
How ah?
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