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Caution doing business with I&M BAnk
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enyands
#11 Posted : Wednesday, September 09, 2015 10:47:50 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
mawinder wrote:
enyands wrote:
Merit wrote:
I deposited a large sum of money with I&M Bank. The interest they offered me was about 350 basis point less than what i was earning from a competitive Bank. This was put in a 2 year FDR earning 8% per annum. At the end of 2 years they did not compound the interest but paid me simple interest at 8%. The FDR clearly states the interest at 8% P.A. Very clear and no ambiguities. Yet they paid me 4m less. Can anybody recommend a good lawyer so that i can sue them.



Having worked in a bank as accounts management officer for awhile I'll tell you two things

1. Banks are smart people . Whenever you sign those agreements for FDR there is a clause you over read and that clause had a hidden meaning of the word "simple interest rate "
I was called names when "breaking " their FDR after maturity . Some customers sued the bank but case went no where

2 seeking a lawyer is a good thing . Bearing in mind the 4m you are talking of no lawyer will tell you that there is no hope. If you were talking of 20,000 then they will be honest to you and tell you their cut will be much more than 20k you are fighting about .

In conclusion when they handed you that contract ,before you deposited the money go see a lawyer to Interpret those hidden words the banks like using in their contracts .if you have your brother who is a lawyer then go for it .but if you want someone to have a piece of your 4m then fight for it .the case will drag in those courts for ages . Now you are wise get you money and run. You can't beat banks .they have prosecutors , judges and even your lawyer in their payroll . All the best

With due respect you may understand how banking works but your view on the judiciary,law and banks is based on pedestrian thinking and is wrong. Tomorrow I will post links on suits against banks which the banks have lost. Your blanket condemnation of magistrates,judges,prosecutors and lawyers in Kenya is unfounded.



Well my judgement was based on the year 2000 to 2005 . Maybe things have changed now . I don't know since it's been a while . But during that time I never saw anyone of complaints being won . Maybe things have changed for now .I still stand to be corrected ..
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Gordon Gekko
#12 Posted : Wednesday, September 09, 2015 11:12:37 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
Shame on you I've had an FDR with them for the last 2 years. I've put it in a monthly deposit, rolling over each month automatically. I get 9.25% which is automatically compounded each month.
Be smart, why lock it for that long a period and earn simple interest?
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Chaka
#13 Posted : Thursday, September 10, 2015 9:21:15 AM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
Gordon Gekko wrote:
Shame on you I've had an FDR with them for the last 2 years. I've put it in a monthly deposit, rolling over each month automatically. I get 9.25% which is automatically compounded each month.
Be smart, why lock it for that long a period and earn simple interest?

What you are saying is that the application form states that if no withdrawal instructions are given,the principal+interest is automatically rolled over?
In this case might it not be better to put your cash for e,g in Zimele @ 9%,where the interest is compounded on a daily basis?
I am also surprised that the interest has remained @9.25% for 2 years..
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mwekez@ji
#14 Posted : Thursday, September 10, 2015 9:41:18 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Horton wrote:
Dont they all pay simple interest?
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jano
#15 Posted : Wednesday, September 16, 2015 10:13:54 AM
Rank: New-farer

Joined: 7/12/2011
Posts: 57
Location: nairobi
why lock your money for 2yrs at 9.25% while most fund managers offer much better? like now if you shop around you will get 14-16%p.a for 1m plus
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Chaka
#16 Posted : Wednesday, September 16, 2015 11:26:40 AM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
jano wrote:
why lock your money for 2yrs at 9.25% while most fund managers offer much better? like now if you shop around you will get 14-16%p.a for 1m plus

Apart from Britam,who else is offering 15% or 16%?
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Bigchick
#17 Posted : Thursday, September 17, 2015 7:51:46 AM
Rank: Elder

Joined: 2/8/2013
Posts: 4,068
Location: At Large.
Merit wrote:
I deposited a large sum of money with I&M Bank. The interest they offered me was about 350 basis point less than what i was earning from a competitive Bank. This was put in a 2 year FDR earning 8% per annum. At the end of 2 years they did not compound the interest but paid me simple interest at 8%. The FDR clearly states the interest at 8% P.A. Very clear and no ambiguities. Yet they paid me 4m less. Can anybody recommend a good lawyer so that i can sue them.


It is always advisable to fix money in a bank for shorter periods like quarterly. This will enable one to get the best prevailing rate at any given time.

About your matter,have you factored the withholding tax?

Then I think your caution against I & M is not warranted at this time.My take is that you should have gotten to the bottom of the matter and when sure that they have wronged you,you bring it here.From your text it's not clear.What if you have a grudge against them and all you want is to spoil for them?What if it's you who did not understand the ts&cs?
Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Chaka
#18 Posted : Thursday, September 17, 2015 9:35:26 AM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
Does anyone here know whether Jubilee does fixed deposits(wealth management)?
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Chaka
#19 Posted : Friday, September 18, 2015 5:51:32 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
Chaka wrote:
Does anyone here know whether Jubilee does fixed deposits(wealth management)?

I passed by Jubilee today and they haven't started this yet..
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Bachuma Gate
#20 Posted : Friday, September 18, 2015 6:39:32 PM
Rank: Member

Joined: 3/26/2012
Posts: 280
Try CIC or Pan African MM fund. Rates above 14%. Compounded monthly.
DOH
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