FREQUENTLY ASK QUESTIONS

Transcription

1 BUSINESS TRANSACT STARTER Q1: What is Business Transact Starter? A1: Refer to the following diagram. FREQUENTLY ASK QUESTIONS Business Transact Starter comprises of Business Current Account, AmStar Current Account and internet banking, i.e. e-ambiz or AmOnline. Business Essential packages consist of suite of products such as fixed deposit, overdraft facility, Biz Guard insurance and merchant terminal. Q2: What is the benefit of subscribing to Business Transact Starter? A2: Subscribing to Business Transact Starter allows you to enjoy higher interest rate in the AmStar Current Account and preferential rates/discount under the Business Essential packages. Q3: What is the interest rate for Business Transact Starter? A3: Please refer to the following table. Business Account AmStar Account Current Current Nil Board Rate Promotional Rate 0% Average Account Daily Balance Interest RM 0 RM 40, % RM 40,000 RM 300, % RM 300, % Note: Amstar rate above is not applicable for individual customer. Q4: Who is eligible to subscribe to Business Transact Starter? A4: Business Transact Starter is catered specifically for SME within Retail Banking, i.e. soleproprietorship, partnership, Sdn. Bhd. and professional bodies only. Wholesale Banking customers are not eligible. Q5: Why do I need to open 2 accounts under Business Transact Starter? 1 P a g e

2 A5: Business Current Account is purely for transaction where it comes with a cheque book facility for making payments while AmStar Account is designed for the purpose of generating high return for any excess funds. Q6: What happens if there is insufficient funds in the Business Current Account? Can I still issue cheques? A6: Yes, you can. Business Transact Starter comes with a sweeping facility. The system will sweep from AmStar Current Account if there is an insufficient balance in the Business Current Account. Q7: What happens if there is both Business Current Account and AmStar Current Account have insufficient balance? Can I still issue cheques? A7: No. You are advised to ensure that there are sufficient balance in both account to cover the cheques issued. In the event of insufficient fund, your cheque will be returned. Normal charges stated in the product terms and condition applies. Q8: Does the Business Current Account comes with Overdraft facility? A8: No, customers are required to apply(subject for approval) for the OD facility. However, the customers are entitled to enjoy preferential Overdraft rate under the Business Essential package once they sign up for Business Transact Starter. Q9: Can I just subscribe to AmStar Current Account and does it come with Overdraft facility? A9: No. AmStar Current Account must be opened with Business Current Account. The AmStar Current Account does not come with OD facility or cheque book. Q10: How much is the initial deposit for Business Current Account & AmStar Current Account? A10: RM 1,000 for Business Current Account & RM 1,000 for AmStar Current Account. Q11: Can I choose not to sign up for sweeping facility? A11: No, signing up for Sweeping Facility is compulsory, which is a feature of the Business Transact Starter. Q12: Can I change my existing OD facility/merchant/biz Guard rates to BusinessEssential preferential rates? A12: No. The preferential rates are only applicable to new facility only. OPERATION Q13: What happens if I decided to close the Business Current Account after 3 months? A13: If the Business Current Account is closed after 3 months, the AmStar Current Account will also be closed and you are no longer entitled to apply for new application under the Business Essential package. However, you will still continue to enjoy the existing Business Essential facility if you applied before the closure of the Business Transact Starter. Q14: Will AmBank contact me if both accounts do not have sufficient fund to honour the cheque? A14: No. You are responsible to ensure that the Current Accounts have sufficient funds before issuing cheques. 2 P a g e

3 Q15: Can I have different set of authorise personnel (to transact monetary & non-monetary transactions) for both accounts? A15: No. The same set of authorised personnel will be applied for Business Current Account and AmStar Current Account. Q16: Can I apply cheque for AmStar Current Account? A16: No. AmStar Current Account does not come with a cheque book facility. Q17: Can I sign-up for Business Essential Package without signing-up Business Transact Starter? A17: No. Business Essential Package is only offered to Business Transact Starter subscribers. Q18: Can I apply for ATM/Debit Card for AmStar Current Account? A18: No. Q19: Can I apply for ATM/Debit Card for Business Current Account? A19: No, ONLY Sole Proprietor is allowed to apply for ATM/Debit card for Business Current Account. Q20: Can I open Islamic Current Account / Basic Current Account-i & AmStar Current Account? A20: No. Business Transact Starter is not available under Islamic product. FEE & CHARGES Q21: Is there any service charge for sweeping facility? A21: Yes. Sweeping facility from AmStar account for any insufficient fund in Business Current Account is RM2.12 (Included GST) per transaction/ every sweep. Q22: Any charges will be imposed if Business Transact Starter closed within 3 months? If yes, how much will be the charges? A22: Yes, RM21.20 (GST included). Q23: Is there any annual fees that I need to pay annually for Business Transact Start? A23: Yes, if you do not maintain the minimum average balance as follows: Business Current Account AmStar Account Monthly average Less than RM1,000 Less than RM3,000 balance Service charge RM10 (excl GST) to be charged semi-annually RM5 (excl GST) to be charged monthly. Q24: Any charges imposed if I would like to have no. 7 th token for eambiz internet banking service? A24: The Bank provides 6 FREE tokens to the customer. RM180 will be charge for every additional token. Q25: Is there any expire date for Business Transact Starter package and Business Essential Package? A25: No. Business Transact Starter and Business Essential Package subscribers will enjoy the benefit as long as they remain as subscribers. However, the Bank reserve the right to change the packages i.e. default features and benefits for Business Transact Starter with 21 days notice. 3 P a g e

4 Q26: Can I close AmStar Current Account and maintain Business Current Account? A26: No. You will no longer be a Business Transact Starter subscriber if you cancel the AmStar Current Account.Customer will continue to enjoy the Business Essential packages until it expires or cancelled. Q27: Can Sole proprietor apply for eambiz internet banking service? A27: No. However, sole-proprietor will be offered AmOnline, which is a similar internet banking service. Q28: Can I request to have the same interest after 6 months for my AmStar Current Account? If no, can I close the AmStar Current Account and reopen a new AmStar Current Account in order to enjoy the interest rates? A28: The interest rate offered for AmStar Current Account is promotional rate applicable within this 6 months campaign period only. At normal circumstances, the interest rate may change from time to time at the Bank s discretion. If customer wishes to close and reopen a new AmStar Current Account, normal process applies. Q29: What is the T&C to enjoy the AmStar Current Account interest rates? If I withdraw the money from AmStar Current Account, will my interest gone for that month? A29: You must be a Business Transact Starter customer in order to open and enjoy interest rates in the AmStar Current Account. Interest is calculated on daily basis and will be credited monthly as long as there are funds in the AmStar Current Account. However, there will be service charge if you do not maintain the minimum average balance: Monthly average balance Service charge Business Current Account Less than RM1,000 RM10 (excl GST) to be charged semi-annually AmStar Account Less than RM3,000 RM5 (excl GST) to be charged monthly. CASH REWARD CAMPAIGN Q30: What is Cash Reward Campaign? A31: It is a 6 months campaign where customer will be given cash reward when they maintain the following balance in the Business Current Account: Q32: Do I qualify for the Cash Reward Campaign if I m an existing customer? A32: Yes, existing customer is required to top-up a minimum of RM 10,000 as fresh fund in order to participate in this campaign and maintain an average Balances of RM10, 001 or more in Business Current Account against the set baseline. The set baseline are based on average balances of existing Current Account and/or Current Account-i as at 31st October 2015 to measure the incremental as provided in the example below : 4 P a g e

5 E.g. : Average balance for existing Current Account and/or Current Account-i as at 31st October 2015 is RM 20,000. Customer top-up a fresh fund of RM10, 000 on 10th February Q33: When will be the cash reward paid to the customer? A33: The cash reward will be credited into the customer s Business Current Account within 60 days after month end. Promotion Month Cash Reward Crediting November 2015 within 1 st December st January 2016 December 2015 within 1 st January th February 2016 January 2016 within 1 st February st March 2016 February 2016 within 1 st March th April 2016 March 2016 within 1 st April st May 2016 April 2016 within 1 st May th June P a g e