Acleda Bank is blackmailing me

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Josh_76
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Re: Acleda Bank is blackmailing me

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Doc67 wrote: ↑Wed Sep 07, 2022 9:56 am
I can sort of understand the fear that we foreigners will do a runner but to demand / hold a security of almost 200 times the card limit as ransom,


So, 200 x $2000 card limit = $400,000 on deposit. Interest on that is about $2300 A MONTH after tax. Why do you have a credit card? What's the point of it?

Do yourself a favour and spread it around. One bank might fail but an entire system failure is much more unlikely. Holding KHR also puts you at FX risk if the 4050/1 KHR/USD fantasy peg breaks. You could end up with a 30% haircut.

I know you are getting about 2%+ extra for a KHR deposit, but Prasac pays 7% on USD and they are not exposed to large commercial real estate lending, which can seriously fuck a bank up.

Having said that USD deposits could also be converted to KHR in times of crisis. Think Argentina mi gringo amigo.
1. To buy airplane tickets online for starters. Also, paying the tax on the occasional mileage tickets. These things can't be done without one. I just had no idea that United Airlines, for example, only accepts cards from a limited numbers of countries - Cambodia not being one of them. However, I suspected there was nothing in the 16 card digits that communicated that the card was from Cambodia, I changed my address in my UA account back to my European one & presto! it worked.


2. Oh, it's spread around.

Why/what would cause the peg to break? There's no outside influence on the KHR & the government wants people to use KHR.

I think the times of crisis have been here for over two years already.
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Josh_76
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Re: Acleda Bank is blackmailing me

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TWY wrote: ↑Wed Sep 07, 2022 10:05 am I'm not sure I see the issue here.

Your communicating with someone for whom English isn't their first language.

No bank is going to offer you a higher rate on a fixed term deposit unless your generating a TON of other income for them. The publish the rate - you take it or leave it.

As for the credit card. It is standard practice here to require a deposit with the bank to have the card.

Communication at ACLEDA is often a bit of a challenge for me at the bank. But its easily solved by either asking for a manager to explain further or bringing my wife along with me (which is the best option as that way you know you aren't being told "yes" or "understood" just because the person is too nervous to say they aren't sure what your requesting).

We've banked with them for a long time and only had one serious issue. And ACLEDA fixed it. That said I wouldn't recommend anyone keep a substantial amount of money in the bank.

I'd far rather deal with ACLEDA than any of these MFI's.
And yet you saw the manager (this isn't a lowly staff member) mention "better rate" in the chat.
The problem is he keeps contradicting himself. Obviously, I take into account that he isn't a native speaker but he sure understands what he offered.

Happy to put a deposit *covering the card limit*, as I mentioned.

BTW, one time a higher up told me that the deposits at our lowly branch (I won't name the city, obviously) numbered in the region of $650,000,000.

I've dealt with Amret, Kredit/Philipp Bank & LOLC for years now and it has been a pleasure. Of course, I understand that they may be more risky than Acleda.
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Jerry Atrick
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Re: Acleda Bank is blackmailing me

Post by Jerry Atrick »

Acleda are kind of sucky at customer care. I have an account with them which I rarely use following a dispute some years ago
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Josh_76
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Re: Acleda Bank is blackmailing me

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Jerry Atrick wrote: ↑Wed Sep 07, 2022 2:18 pm Acleda are kind of sucky at customer care. I have an account with them which I rarely use following a dispute some years ago
I thought they were pretty good in the beginning but now I have to agree. Customer Service and the cc business side has been full of frustrating mishaps. I will see if ABA is better for the card. I am going to have five years to test drive that.
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