The Portal
Established in 1999
Home | Entertainment | Arts | Books | Short stories | News | Shopping | Games | Education | Collectibles | Get Singapore things | Food | TV/Radio | What's New | Health | Get something done in Singapore | Attractions | Useful Services | Internet Stuff | Message Board | Stock | Recruitment | Banking & Finance | Hobbies & Crafts | Local Talents | Telecommunication | Associations & Clubs | Auctions | Office | Companies | Virtual Cemetery | Virtual Singapore Postcards | BackPackers' Corner | Singaporean Cooking | MORE
Founding| OUR PAST | World War II | Our Gazetted Monuments | Sightseeing
FLIGHT INFORMATION CURRENCY CONVERTER
Private Banking - An Introduction 2 continued
Continued from FrontPage
Oh, yes! Even fixed deposits attract some risks - particularly when the political situation in the country where the currency is domiciled becomes unstable. Within weeks, weaknesses in the exchange rate of the affected currency can wipe out all the interest you expect to earn from placing the deposit, and in certain situations, may even cause you to lose part of your principal (amount you invested).
Your CRM will arrange for you to sign some agreements - do look through these agreements carefully. One of them says that you cannot hold the Private Bank liable for any losses from your investments. Many a time, private banking clients have got their fingers badly burnt when investments turn sour. They then point the finger of responsibility at the private banker in charge of the account. Bear in mind that the private banker only acts according to your instructions. Bear in mind, also, that all telephone conversations with your private banker and anyone else in the private bank are taped as a matter of practice. So, before you rush to a lawyer to sue the private bank - sit down and think first. That tape will be used as evidence. However, one point in your favour is that all banks are averse to bad publicity. They may rather pay you off than risk getting the bank's good name splashed all over the daily newspapers. So, if you are caught in such a situation, make full use of this point (but carefully).
As a client of a private bank, you are accorded certain privileges not given to the normal bank customer. These are some of them:
*The interest rates on your deposits are significantly higher
*There is a significant discount given to you when you take up their financial products
*You are included in any new financial product without having to be put on a waiting list
*Commission charges are reduced
*You can be anywhere in the world. You just need to make a call to your CRM to remit funds to yourself, or to anyone, anywhere in the world. However, for large sums (say, millions of dollars), your CRM will request you to send a fax to confirm the transaction. An original written instruction is not required at all. Remember - all telephone conversations with your private banker are taped!
As more people in South-East Asia become flushed with cash, private bankers will be more than willing to bend their rules slightly to accommodate such newly rich people, to the extent that Private Banking may no longer remain the domain of the super rich and famous.
ABOUT THIS WEBSITE | ADVERTISING WITH US | LISTING WITH US
Contact us at help@getforme.com
P.O. Box 162 Hougang Mall Post Office Singapore 915306 Tel: (65) 282 4221 Fax: (65) 281 4785. The business name getforme.com is registered in the Republic of Singapore under Certificate of Registration Number 52908811L
Copyright ©1999, 2000 All rights reserved