Week 28.3 MAYBANK discontinued gold wafer program.
Yesterday night, one customer sms me that maybank is discontinuing it gold wafer withdrawal program. I never have maybank gold Saving account before because UOB offer a better deal since day 1 and physical some more. Nevertheless for the benefit of many investors, here is the info
Here is the scanned letter from him email to me.
29/07/2011
Discontinuation of gold wafer
In line with MGIA (Maybank Gold Investment Account)’s enhanced features, existing GSPA accountholders who wish to withdraw from their account in a form of gold wafer may do so, subject to availability as per Clause 16.2 of the GSPA agreement with a premium charge applicable. Accountholders have until 02 September 2011 to withdraw in the form of wafers, after which the available options of payment will be in the form of cash or credit into their accounts.
Conversion of gold wafer at Maybank branches
If you are a GSPA accountholder holding Maybank gold wafers, you may convert the gold wafers to cash or credit them to your account at the prevailing market price at selected Maybank branches from now till 02 Sept 2011. The Selected Maybank branches are listed below
Kuala Lumpur Main, Penang Main, Kuantan Main, Kota Kinabalu, Bukit Bintang, Alor Setar Main, Seremban, Lahad Datu, Shah Alam, Malacca Main, Kota Bharu Main, tawau, Ipoh Main, Seremban, WIsma Satok
Should you wish to have the option of retaining the gold in physical form, we would like to suggest that you opt to purchase Kijang Emas gold coin issued by Bank Negara Malaysia which is available at selected Maybank branches.
As a token of appreciation for your continuous support, we would like to extend yoy a special offer which is only available from now till 02 September 2011. For every minimum purchase of 150g of gold, you will be entitled to a special rate. The special rate quoted is lower than the selling price published in our website. Please bring along this letter to any of our Maybank branches nationwide to enjoy the offer.
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Well, whatever is it you are free to comment on this. Discuss with your fellow friends and investor on what is your next course of action.
1. Do nothing. After 2nd Sept if you want to sell the wafer, sell at ebay, mudah, etc
2. Sell all your wafer back to Maybank
3. Change to cash
4. Other action
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Well you can place your comment below in this blog.
Yes UOB is better in terms of service and offerings, not to mention maybank service is not very professional as many of the staffs are not trained to handle this properly, regretted to have bought this. They literally forced everyone to liquidate their physical or risk it becomes illiquid, by selling the physical and converting to another physical will result in huge loss when measured in gm to gm.
ReplyDeletecredibility lost.
ReplyDeleteaiyah, many still have not much choice. Will follow whatever procedure set by the banks.
ReplyDelete