Fixed deposits probably last chance...

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chinesetakeaway
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Fixed deposits probably last chance...

Post by chinesetakeaway » Mon Mar 23, 2020 3:23 pm

I tried to close my ABA, Canadia, CIMB fixed deposits and all are insisting that they now can only be closed at the branch in which they were opened. Previously it was possible to do in app and/or telephone banking. I know many retirees here rely on these deposits and would be devastated if they were ‘locked’ or even seized. I’m not in Cambodia so there is nothing I can do... But the few percent you’re getting now is NOT worth the RISK.
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Mr.November
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Re: Fixed deposits probably last chance...

Post by Mr.November » Mon Mar 23, 2020 3:27 pm

I closed (early) my 7.5% USD deposit with a Micro Finance and took cash with no issues last Thursday. They still gave me 5% despite terminating half term! ABA / CIMB should not fail, small banks may but I wouldn’t worry if you bank with one of the biggest banks.
chinesetakeaway
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Re: Fixed deposits probably last chance...

Post by chinesetakeaway » Mon Mar 23, 2020 3:42 pm

Mr.November wrote:
Mon Mar 23, 2020 3:27 pm
I closed (early) my 7.5% USD deposit with a Micro Finance and took cash with no issues last Thursday. They still gave me 5% despite terminating half term! ABA / CIMB should not fail, small banks may but I wouldn’t worry if you bank with one of the biggest banks.
Most likely is imposition of capital controls i.e. you won’t be able to take your money out of the country.
Khmer_Risotto
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Re: Fixed deposits probably last chance...

Post by Khmer_Risotto » Mon Mar 23, 2020 3:45 pm

I'm sure most of you know this but there is NO deposit insurance in Cambodia. If the bank goes belly up you are SOL.
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Re: Fixed deposits probably last chance...

Post by offroadscholar » Mon Mar 23, 2020 4:38 pm

chinesetakeaway wrote:I tried to close my ABA, Canadia, CIMB fixed deposits and all are insisting that they now can only be closed at the branch in which they were opened. Previously it was possible to do in app and/or telephone banking. I know many retirees here rely on these deposits and would be devastated if they were ‘locked’ or even seized. I’m not in Cambodia so there is nothing I can do... But the few percent you’re getting now is NOT worth the RISK.
I tried to close a fixed deposit with Canadia around 18 months ago and was told I had to visit the branch where I opened it. So that policy isnt new for Canadia.

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chinesetakeaway
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Re: Fixed deposits probably last chance...

Post by chinesetakeaway » Mon Mar 23, 2020 6:06 pm

offroadscholar wrote:
Mon Mar 23, 2020 4:38 pm
chinesetakeaway wrote:I tried to close my ABA, Canadia, CIMB fixed deposits and all are insisting that they now can only be closed at the branch in which they were opened. Previously it was possible to do in app and/or telephone banking. I know many retirees here rely on these deposits and would be devastated if they were ‘locked’ or even seized. I’m not in Cambodia so there is nothing I can do... But the few percent you’re getting now is NOT worth the RISK.
I tried to close a fixed deposit with Canadia around 18 months ago and was told I had to visit the branch where I opened it. So that policy isnt new for Canadia.

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There previously was a close deposit option in the app. None of my deposits now show this.
offroadscholar
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Re: Fixed deposits probably last chance...

Post by offroadscholar » Mon Mar 23, 2020 7:02 pm

chinesetakeaway wrote:
offroadscholar wrote:
Mon Mar 23, 2020 4:38 pm
chinesetakeaway wrote:I tried to close my ABA, Canadia, CIMB fixed deposits and all are insisting that they now can only be closed at the branch in which they were opened. Previously it was possible to do in app and/or telephone banking. I know many retirees here rely on these deposits and would be devastated if they were ‘locked’ or even seized. I’m not in Cambodia so there is nothing I can do... But the few percent you’re getting now is NOT worth the RISK.
I tried to close a fixed deposit with Canadia around 18 months ago and was told I had to visit the branch where I opened it. So that policy isnt new for Canadia.

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There previously was a close deposit option in the app. None of my deposits now show this.
Ok, interesting.

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Re: Fixed deposits probably last chance...

Post by pczz » Tue Mar 24, 2020 2:40 am

quite possibly something with increased diligence on money laundering, although to be fair Cambodia is going to be in a state if corona takes off and I would expect capital controls and possibly the governemtn reducing rates and delaying withdrawals to provideliquidity
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atst
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Re: Fixed deposits probably last chance...

Post by atst » Tue Mar 24, 2020 5:29 am

I just checked mine Canada bank no problem closing using app on phone in Australia

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offroadscholar
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Re: Fixed deposits probably last chance...

Post by offroadscholar » Tue Mar 24, 2020 12:59 pm

atst wrote:
Tue Mar 24, 2020 5:29 am
I just checked mine Canada bank no problem closing using app on phone in Australia

Image
I just checked mine on the Canadia bank app.
Unlike yours, for Maturity Instruction I have "Automatic Rollover", and no option for "Pre Close fixed Deposit"
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