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Wed, Jan 29, 12:35 PM (20 hours ago)
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Team:
During my phone conversation with one of your specialists yesterday, I had shared my concern about the changes put forth in early termination penalties for certificates. Though I have rarely withdrawn money early, we never can predict unusual circumstances. One of the major reasons people opt for certificates is for security reasons, while also receiving reasonable returns by locking in the rates over a period of time. Having a penalty of 30% of the remaining term period seems a hefty penalty compared to the norms and standards for early termination set forth by credit unions and banks over the years.
What do I know about the penalty system for early withdrawal?
I have had accounts with various types of financial institutions over the years and have also kept my credit scores stacked up to ##### over the years. Normally, banks and credit unions tend to have 3-6 months interest penalty depending on time to maturity.
What other suggestion do I have?
Yesterday, I received a letter out of the blue, a marketing mail from #####. Instead (added here: of this kind of marketing mails), mail notifications for such changes in rules mentioned above would be a more useful info to be notified about with the consumers.
In this day and age of email systems, email notification would be even better. Many times, these kinds of rule changes tend to be in fine print and gets missed out. It is what happened to me. Moreover, I doubt whether I received any notification on the dates of maturity and the term deposits got rolled over to another term (--- without my knowledge).
Yes, certainly it is the onus of the consumer to keep an eye on such information. However, with better notification system available nowadays, these are the information that I believe should be notified to consumers. I hope the management understands the consumers' point of view and make necessary changes in this matter.
January 30, 2020
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