I have banked with them since 2016 and it's been a rocky ride due to some misunderstandings & cases of incompetence.

I have a fairly large KHR deposit with them that's maturing this month. I had been asking for their best rate to help me make a decision. I had let it drop that I have a better offer from another financial institution. I didn't threaten or communicate that I would definitely take my money elsewhere.

Since Monday, communication has been very disappointing. Two earlier statements were rescinded (that they would give me a slightly better rate and the other option that I could do a rollover and lock in the official rate for longer (which I would have been happy with)). I expressed my disappointment but said nothing further.

Now a couple years ago, I also got their Visa card. It has a modest limit of a couple thousand US. The expiration date says 2024.

This afternoon I was thinking "if you pull your KHR, there might be an issue with keeping the cc". And sure enough, soon after that I get this text:

"Hello Sir
Refer to your term will expire
on this Sep so that your credit
card also will expire so will you
continue for using this credit
card after you continue your term?"

<I mention the expiration date on the card.>

"OK thank so how about your
term deposit with the rate we offer?"

I just say "We will discuss " but mention the word "blackmailing" and that this is what his text feels like.

"Oh sorry. Yes we will discuss for your better
rate."
[This after telling me yesterday they will offer me the published one & that's it. ]

I then said, I wished to speak directly to the decision maker (as I'm aware it's not him, it's time to directly to the source).

So, that's where we at now. I have to add I also have a USD account there, which is always well filled and the cc charges are directly deducted from there. 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, that's a bit rich, no? I don't remember signing anything tieing the card to the term deposit.

Well played, Acleda, though. I have to hand it to them. Overplayed maybe.
Banking here certainly has been interesting.


Just to make it clear: I'm not complaining, nor am I a victim here (I'll get an outstanding rate, no matter what). I do understand how incredibly fortunate I am and I'm happy I chose to move here three years ago.

so whats your problem apart from beeing happy to be in KOW?

truffledog wrote: ↑Wed Sep 07, 2022 1:03 am so whats your problem apart from beeing happy to be in KOW?

I would of thought understanding of how the banking system works, many of us will be worried about the situation, is our money safe.

It seems more difficult to negotiate a better rate on fixed term deposits than it used to be. I was making one a couple of years ago and more or less got told "take it or leave it".

I suppose that the majority of people here have more money with the development of the country, I was at the bank counter in Kampong Cham! Then told to take a seat before I finished my transaction. Why because a customer came with a !large amount of cash, all in riel, it needed counting and looking over. $395,000 dollar's worth. I understand when the manager got involved and asked him how he has this amount of cash, his answer was he sold his motorcycle!!!!

AndyKK wrote: ↑Wed Sep 07, 2022 1:53 am

truffledog wrote: ↑Wed Sep 07, 2022 1:03 am so whats your problem apart from beeing happy to be in KOW?

I would of thought understanding of how the banking system works, many of us will be worried about the situation, is our money safe.

your money is not too safe with any bank that pays 7% interest to finance its business. There must be an underlying risk (country risk or company risk or both) If the bank would be safe it would have the chance to finance on the financial market at much much lower rates. M

Missus took all the money out of ACLEDA and put it in ABA a while back before the big move. Once ABA offered WING transfers, it became much easier to conduct business in Cambodia outside Cambodia. I wire money into the ABA account, she sends it out via WING. She’s an always pay cash person and hates debt. Never saw a bank as an investment strategy.

I'm not sure I see the conundrum ... Your present bank has a track record of unsatisfactory service and now won't give you terms you feel are fair .... Simply take your money down the street and give another bank an opportunity to satisfy you .... You already have one cc at a bank your happy with, why fret over Alcleda cc ?