Forum: Bank asked retiree to place FD to retain credit cards
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I have been a Maybank credit card member since 2011. Being a senior citizen with limited spending, I recently requested the bank to lower my credit card limit. This is also to safeguard myself from scams.
I was completely baffled when its staff called to say my cards would be cancelled, as I had indicated on the form to lower my credit card limit that I am a retiree with no income.
Should I wish to keep the cards, I had to pledge a fixed deposit (FD) amount of $10,000. As I have a current FD with the bank, I asked the staff if I was able to use that instead.
This was rejected as the bank would accept only a new FD at the board rate, which is much lower than the current promotional rate.
The bank’s policy seems to be insensitive to the needs of a long-time, elderly customer who just wanted to avoid being a victim of scams.
Cheong Seok Pheng
