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I have a recorded phone conversation with the broker in which it illustrate my say if required please to provide me with an e-mail.

On June 2005 one of ABN Amro Bank gentlemen came to my office in Dubai proudly explaining about their new Regular Saving Plan “Royal Skandia”.
As he said it is a flexible plan, only 10 monthly premium payments are a must, and after that I am free to continue the plan with the regular monthly payment or to withdraw 50% of the deposits plus the 7% interest profit, or to discontinue the plan and withdraw the money plus the 7% interest profit by sending a signed letter one month prior to the final payment.
The deal was for the minimum period which is 10 months because I was planning to leave the country.
After the ninth month I sent my letter to the bank mentioning that I want to discontinue the plan.
The reply was that the minimum period is ONE YEAR not before that.
This was my first shock but I said to myself no problem two additional months it is no

2006-10-19 10:33:08 · 2 answers · asked by eliejabb 1 in Business & Finance Other - Business & Finance

2 answers

Return to the original contract of Royal Skandia as signed for the small print terms and conditions that binds the customer to bank.

Convention is of one year or six months tenure but where geographical contract terms provide discounts, ensure the atypical ten months are adhered to.

The one year application applies if ample notification were provided by the service representative. The failure of which may be disputed in the request of notification and the right to a new contract with the bank, requiring a new set of signatures.

Present recommendations would be to write to the bank before personal visitation to clarify the position on the contract.

Where a breach occurs, forfeiture of a quantum of interest on deposit will likely come into play. The value of capital sum assured may likely be un-guaranteed as well. The principal deposit is returnable to the depositor.

It is frequent that Banks do hard sell at the expense of customers and do not always disclose all manners in full.

Although the buyer today is largely protected by implied exceptions, such as the seller knowing the purpose of buyer's purchase of the said, the doctrine of Caveat Emptor has to be vigilantly and vigorously applied regardless the circumstances and geographical location.

2006-10-21 05:03:49 · answer #1 · answered by pax veritas 4 · 0 0

I should have known Zaphod73 would be on here, see the source and call you a liar. This guy leans so far Left that pictures of him are always profiles. I would like to know how the aforementioned moron would like to explain the reporters have to have accurate information and verifiable sources before the run a story. Had the story not been absolutely factual, I can assure you that Obama-tard would have had that reporter and the Wall Street Journal strung up by the balls.

2016-05-22 03:10:02 · answer #2 · answered by Anonymous · 0 0

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