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.

Get in touch. ellyodhong@gmail.com

FDR ni nini?

I concur with @mnandii, take your cash and run if you are not satisfied.

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

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 ..

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..

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

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?

I passed by Jubilee today and they haven't started this yet..