Know what SEDAR is

Informative rant post. =/


First the informative part.


SEDAR is a type of account by BSN
that kinda forces us to save money.


Ideal for anyone who can't save money on their own accord.
*ahem*


The minimum amount needed to open an account is RM50,
but here's how it's different from normal savings accounts.


Instead of leaving that RM50 and wait for it to bear children,
you have to bank-in RM50 every month within the first 7 days.


The minimum is RM50,
but you can choose to start off with more.


For example,
when I open the account,
I can choose to bank any amount which is more than RM50


Let's say I chose RM300 every month,
(you have to fill it in the bank slip and it will show in your passbook)
so every month I have to bank-in RM300 before the 8th.


If I fail to do so,
the interest will not be given.


You have to repeat the process for 24 months,
which means I will be "forced" to save RM7200 in 2 year's time.


The interest rate is 2.5% which will be credited every 12 months.
After the 24-month contract,
you can't bank-in money anymore
but you can still keep the account and continue to be paid for the interest.


You can have multiple accounts,
which means you can either have a new account every 2 years,


or


open multiple accounts to spread out the money


so that if you need the money badly,
you can take the money out of one account
and continue with the other accounts.


(You won't lose as much on interest)




Sure it offers less interest than Fixed Deposit,
but for Fixed Deposit,
I'm not forced to save.


(which won't work for me)


Click here for more details on SEDAR.


Now,
the rant.


You can choose to either have an individual account
or a joint account.


My mom have a thing about joint accounts
coz just in case something happens to one of us
the other one can get the money out.
(For medical or whatever you wanna use it for)


So last Friday we went to open a SEDAR joint account.
For those who know anything about joint accounts,
you'll know that we can choose if:
One of us sign
or
both of us sign
to withdraw money/ close the account.


We chose the first option.


Like I said,
in case the other person can't go to the bank


In the hospital, paralyzed [touch wood], too far away etc
(like my current situation)


After the whole process of opening an account and getting the passbook,
my mom somehow asked something that started the drama.


The thing about SEDAR's joint account
is that both have to be there for withdrawal.
You have to close the account to get all your money out.


"Either one to sign" can only be applied when we want to withdraw the interest.


So WTH is the point of the option "either one to sign"?


The interest won't be enough to do much,
if it's a fairly new account.


And it completely defies the purpose of that option,
which is flexibility for users.


It's a silly policy IMO.


Losing customers because of a silly policy.
Do something about it, BSN.


that's what J_Fish has to say~ Au Revoir~


p.s. Underworld post coming right up.