My fixed deposit matures today and OCBC has this 1.3% interest rate for fresh funds.
When I wanted to withdraw my fixed deposit and put the funds into the new promotional 1.3% fixed deposit. OCBC said no and reject me, saying it must be fresh funds.
Then I suggested that I withdraw as my money as CASH and then deposit this cash (fresh fund) into the new fixed deposit. But they insist I must top up with $10,000 before allowing me to do this.
I thought it was a ridiculous OCBC and told them , isn’t it the same as me withdrawing the CASH, walk out of the bank and reappear with the CASH at the deposit counter as fresh fund? Isn’t it the same?
The OCBC staff claim that it is not possible as they have CCTV evidence that the funds are not fresh.
All along I thought fresh fund equals to cash right? This is infuriating! I don’t have such problem with other banks only this OCBC.
Anyone encounter the same thing or is it just this branch I visited?