Whatever it is switch everything to basic savings.
Until we get rid of the inconsiderate BN govt, we have to live with a lot of ****.

Pay up with your 2nd account in your EPF and look for another financing arrangement if u are unhappy with the bank. EPF money may not be there one day .. from the way the BN govt think it’s their money.

Adino: Not sure if we can blame BN for this… it’s just another money making scheme cooked up by the bank.

I manage to get myself elected as the vice president of the RA for this area, for 2 years
You have to see with your own eyes, what actually transpired behind closed doors! Half of the things happened there actually are good material for conspiracy novel, believe me

The lesson I learnt : If I want to get things done, champion it myself. Not through any of these JMB or RA. Get myself elected into the JMB, if the need arise.
Or go to see your MB from Pakatan Rakyat. I am sure their service centre is very helpful

Adino: Wow, really so much politics going on behind the scenes!

Adino: Yeah, the weather plus lots of travelling.

As for the bad news letter from the bank, I know which bank that is cos I got the very same letter too. I will have to change my savings account over to the basic one and yeah, having to take leave to do that sucks big time. If not for the fact that I support the people running the show, I would’ve taken my money elsewhere a long time ago.

Adino: Oh well, what can we do about those ridiculous bank charges. We are at their mercy, really. Without the bank I will be sleeping on the streets.

Perhaps it is time for you to go whip out your letter of offer from this bank and check for the penalty clause for early settlement. Banks normally charge 2-5% based on outstanding loan amount and some unscrupulous ones will charge on principal amount. Given the rates you have mentioned above, by changing to another bank which offers you at least BLR-2.2% it would mean a savings of 2.35% which is a lot more than what you would have to pay if you stayed on with the current bank.

And because a loan is such a long tedious affair, threaten the bank you are seriously looking at changing bank. Perhaps the best way to threaten is to ask them to calculate how much you may be penalise if you move bank and showed them how much you could save despite the penalty. It will occasionally wake them up and reduce the rates for you.

Adino: Thanks for the advice. I am not taking a MBB loan, but from another bank starting with H. I have to check my letter of offer but if I recall correctly the penalty is 5% of the principal amount. I have two years left in my lock in period.

Rest assured, I will be looking for some quotations from competing banks to see my savings in the long term. Any loan sales people reading this please send me an email haha…

I feel there is no need to beg, or threaten the bank or imply that I will go to another bank. My request itself already made clear what I wanted.

Cheers.

Adino: Thanks for the encouragement.

Adino: Wow, looks like your situation is really bad. Thanks for the advice !