The first problem is to locate the bank deposit slip. After checking the forms at the counter I found the one that I should be using. A copy of it is to the right. Now you may notice straight away that there is English written there, but be careful, there are a few deposit slips for different purposes. Also the other major difference is that the form is in red. In Australia red printed forms are for usually withdrawals not deposits.But to make this easy for me, I have a copy of a previous deposit form that is our receipt and I can copy for that. In fact the hardest thing about this form is writing the landlord's Chinese name. However, the kind bank teller always helps me as I plead that my writing is really bad and to check it carefully.
Now the next banking adventure is to another bank. Over the last couple of weeks, I have noticed a promotion for a rate outside another bank just down the road. The advertising banner showed a rate but not the details of what the rate is for. So today I decided to find out.
Walking into the bank, one is generally greeted by a security guard asking what business you have. I guess it is a deterrent for bank robbers, but I won't go down that path. The other purpose that the security guard serves is to weed out the customers that the bank doesn't want, like foreigners. Anyway after pointing to the sign that said 1.68% a young man was found that could speak to me (mixture of Chinese and English). After saying the interest rate and pointing to the sign, he knew exactly what I wanted and produced this flier.You'll have to excuse my writing as I made a few note as I went. But initially looking at it I thought, great 12 months term deposit at 1.68%, that's great compared to the other banks. But there is a trick. They use the rate for the last 2 months as the incentive to entice you in.
The rate actually varies from month to month. For the first and second month, you receive the rate of 0.58%pa, then on the third and fourth month you receive the rate of 0.78%pa and this goes on every two months. Then for the eleventh and twelfth month you receive the 1.68%pa interest. When all worked out the actual fixed rate is about 1.08%pa - a bit short of the advertised rate.
When trying to understand, my first instinct is to do an example. When the young banking man saw this, he immediately grabbed one prepared in advance (good to see that they are prepared).
Now I am not sure of the banking environment in the other parts of the world, but this would raise a few eyebrows in Australia and New Zealand as being a little deceptive. But none the less, it is was interesting to see how the local banks attract business.Anyway, the great rate has now become a just OK rate. Now the question becomes can we get a better rate for our money somewhere else???
Till next time, haveagoodone...
