Term deposit rates reduced by hidden fees
Because of the higher interest rates offered by the Arab Bank we decided to take out 2 term deposits for our company. We needed to provide documentation and have an interview which went smoothly. However at the end it was mentioned that there would be a $25 fee for setting each up. The bank withdrew the fees when threatened with withdrawal of the applications.
However on maturation of the first deposit and transfer of the principal plus interest to another financial institution we found that a $25 transfer fee had been applied. In 40+ years of...
- Customer Service
I tried to set up a term deposit and followed all instructions on their website.
Numerous attempts failed and my applications kept dropping out after completing several pages of documentation. When I spoke to a representative and explained the situation, I was told the website was faulty.
It was so frustrating that I decided to opt for a lesser return on my $50,000 and went with another provider.
- Customer Service
- Incentivised Review No
Trying to set up an ordinary online account and took days! The online application process was terrible, the page that had the online application was not in the right place, but I found it. The application process was just so long with the online ID verification being all wrong. I had to go to the post office to get it verified but when I called to check I was told to send in all the copies to an email that was not stated anywhere on the website. All in all a very frustrating process.
Term Deposit Account
Customer service is non existent. Rang them twice on separate days to set up a $50,000.00 term deposit and they said each time they would ring back later that day. 2 weeks later still no phone call. I have now set up an account with another financial institution with no problems.
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