Consumer Tips by Association of Banks in Malaysia

Protecting Your ATM Card

ATM Card is a debit card that you can use to access your account(s) at your Bank, and at other MEPS ATM. Besides that, you can use your ATM Card to access other service Terminals such as Cash Deposit Machines and EFTPOS terminals (if the service is available at your Bank). If your ATM Card bears the VISA PLUS, VISA Interlink, MasterCard Cirrus or Maestro logo, you will be able to perform the ATM or EFTPOS transaction overseas.

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Protecting Your Credit Card

A credit card is a payment instrument that enables you to make purchases of goods and payment of services instead of using cash or your debit card. You can use the credit card at any merchant locally or internationally, which displays the same credit card brand as that on your credit card.

The credit card issuer will pay the merchant on your behalf first and bill you later. When you get your statement, you are required to settle at least the minimum payment amount by the due date. The credit card issuer will impose finance charges (interest) on the outstanding amount if it is not paid by the due date.

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Investing In Unit Trust

Unit Trusts are collective investments that allow investors with similar investment objectives to pool their funds to be invested in a portfolio of securities or other assets.

As investors seek to maximize returns on their financial resources, unit trusts provide an ideal way for them to gain in the long run, returns superior to cash savings and fixed deposit investments. Unit trusts allow investors to have easy access to a wide range of investment exposure not normally available to them.

A professional fund manager is appointed to oversee the performance of the pooled funds in the respective portfolio.

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Pre-Payment Charges On Housing Loan

Most banks offer home loan facilities for their customers to purchase or refinance their properties. A typical housing loan requires a customer to pay a fixed monthly installment on a fixed due date. This is assuming there are no changes in interest rates, otherwise the installment amount and loan period could change.

When a customer wants to pay in excess of the fixed monthly installment, the excess amount is termed as “prepayment”.

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Security Tips When Banking Online

Internet Banking is becoming increasingly popular as it allows you to carry out various banking transactions at the comfort and convenience of your home, office or wherever you may be, during and after banking hours. However, there are still some customers who remain hesitant over online banking due to newspaper reports of internet banking scams such as “phishing” and “script editing”.

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Accessing Basic Banking Services At Minimal Costs

One may have already heard of the basic banking services, namely, Basic Savings Account (BSA) and Basic Current Account (BCA) but does not know that under these accounts, one can enjoy for instance free 8 ATM withdrawals and 6 over-the-counter visits. This article will provide you with some general information about BSA and BCA as well as assist you to choose the type of accounts that would best cater to your banking needs.

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Source: TIPS FOR THE GENERAL PUBLIC, More: ARCHIVES