Monthly Archives: June 2011

Tips on Financial Issues for the Public and Consumers

BANKING ISSUES

Read the terms and conditions of a contract carefully
You have to read and understand the terms and conditions of an agreement/contract for any loan or investment related product prior to signing any related documents.

Responsibilities of a guarantor
You have to understand the responsibilities and obligations of a guarantor. Guarantors are legally bound to make repayment if the borrower fails to settle the loan.

Disclosure of financial information
Do not disclose your financial information such as account number, credit card number, password and other personal particulars to third parties either via telephone, e-mails or any links in websites.

Transactions at ATM machines
Do not allow third parties to make transactions at ATM machines on your behalf, even to those whom you know such as your spouse.

Credit card transactions
Credit cards should be used as a payment instrument and utilisation should be within your means. Please verify the amount swiped after each credit card transaction and make sure the card returned belongs to you.

Submission of documents
Be cautious before submitting photocopies of your identification card or passport to third parties, other than to financial institutions or experienced lawyers acting on your behalf.

Internet banking facilities
Do not be deceived into opening an internet banking account in order to win prizes or inheritance from an unknown party. This could be a scam! If you have already done so, contact and report to your bank and to the police immediately for their further action, also keep Bank Negara Malaysia informed.

Memory cache function
Do make sure that you have log-out properly after using the internet banking and clear the memory cache after completing the transactions.

INSURANCE ISSUES

Read the policy contract carefully
You have to read and understand the terms and conditions of the policy upon receiving the policy contract from insurance companies. You are given 15 days from the date of receipt to scrutinise contents of the policy. Use this opportunity to validate the information and evaluate whether the policy suits your requirement. Understand the limitations or the exemption clauses. Please contact the insurance company or its agents for further explanation, if necessary.

Importance of disclosure
You must disclose all material facts in your application form completely. If your agent fills up the application form on your behalf, please read and understand the requirements in the form prior to signing the form. Failure to do so could cause your insurance policy to be terminated or the insurance company might repudiate your claims.

Purchase of insurance policy
You can purchase insurance policy either directly from the insurance company, through authorised agent, or banks/financial institutions which has bancassurance arrangement with insurance companies. If you are buying the insurance policy from an agent, please ensure that he/she is an authorised agent of the insurance company. If you have doubt, request for proof such as registration/authorisation card of the agent or contact the insurance company directly. All authorised agents are registered under Persatuan Insurans Am Malaysia (PIAM) or Persatuan Insurans Hayat Malaysia (LIAM).

Premium payment
You have the choice to either pay the premium directly to the insurance company or through agents. You have to ensure payment is made under the insurance company’s name and also ensure that you receive the original receipt from the insurance company. Avoid making cash payment to the agents, if possible.

QUICK RICH SCHEME

Investment and deposit taking
If you want to invest, please ensure the company has a VALID licence from the Authorities such as Bank Negara Malaysia (BNM), Securities Commission (SC) and Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK). You can contact BNM at 1-300-88-5465, SC (03-62048999/03-62048777) and KPDNKK (1-800-886-800) to verify the status of the companies.

High investment returns
Be cautious of any form of marketing strategy which promises high returns or profits without risk. High returns come with high risks. Make sure you gather additional information about the company.

SMS or prank calls
If you receive any SMS or call through your mobile phone, promising huge cash rewards with the condition that you are required to reply to the SMS or return the call, you have to substantiate first by checking with the Authority such as Bank Negara Malaysia. Always be cautious of such calls.

Sources : Bank Negara Malaysia

Icann Announces Huge Expansion of Web Domain Names from 2012

New system will go far beyond .com and .net and allow names in different languages and scripts

The internet naming board Icann has decided to allow the number of internet “domains” to expand enormously in one of the biggest changes ever to the internet’s method of naming sites.

New website suffixes should start appearing late in 2012 and could be categorised by subjects including industry, geography and ethnicity and include Arabic, Chinese and other scripts.

A special meeting of Icann’s board approved a plan to expand the number of possible internet domain name endings from the current 22 – such as “.com”, “.org” and “.net” (which are separate of the country-specific domain endings such as “.uk”) – to allow domains “in any language or script”, according to Rod Beckstrom, president and chief executive of Icann.

“Today’s decision will usher in a new internet age,” said Peter Dengate Thrush, chairman of ICANN’s board of directors. “We have provided a platform for the next generation of creativity and inspiration. Unless there is a good reason to restrain it, innovation should be allowed to run free.”

But the move could also create enormous confusion for consumers and companies. It greatly expands the risks from “phishing” sites because they could use confusing domain names in language scripts that look similar to existing ones to capture peoples’ details.

And for companies, the challenge will be to decide whether to register their names in all possible domains, or to create their own suffix, or to limit themselves to a small number of domains.

The need for a larger number of global top-level domains – gTLDs – has become increasingly obvious with the expanding number of languages being used on the internet and the shift towards IPv6, a new numbering system for internet addresses that enormously expands the number of devices that can be connected directly to the net.

Icann’s decision follows years of discussion and debate, and went through more than seven revisions. Icann insists that strong efforts were made to address the concerns of all interested parties, and to ensure that the security, stability and resiliency of the internet are not compromised.

The move is the biggest change to the internet’s domain naming system since “.com” was introduced 26 years ago, which opened out the formerly academic and military system to commercial use.

Icann will receive applications for new domain names for 90 days from 12 January 2012. The fee is $185,000, and the form for application is 360 pages long. It will also begin an awareness campaign pointing out that it has introduced the new scheme.

Source from http://www.guardian.co.uk/technology/2011/jun/20/icann-domains-expansion-annnounced

Celcom Postpaid – Celcom Exec Plans

Celcom Postpaid

Postpaid call plan is a service provided by a prior arrangement with a telco(like Celcom). In this situation you are billed after the fact according to the usage of mobile services at the end of each month. Typically, the your contract specifies a limit or “allowance” of minutes, text messages etc., and the you will be billed at a flat rate for any usage equal to or less than that allowance. Any usage above that limit incurs extra charges.

Exec 20 Exec 50 Exec 250 Celcom 1 + 5*
Upfront RM 20 RM 50 RM 250 RM 15/line
Deposit
Monthly Access Fee RM 20
Monthly Commitment Exec 20 RM 50 RM 250 RM 15/line
Contract
Voice Calls to All Networks RM 0.20/min RM 0.15/min A combination of 2000 minutes/SMS
Additional RM 0.10/min/sms
RM 0.20/min
Video Calls to All Networks RM 0.20/min RM 0.30/min RM 0.20/min
SMS to All Networks RM 0.10/sms RM 0.12/sms RM 0.10/sms
MMS to All Networks RM 0.35/mms
Calls Between Supplementary Lines Free 2,400 min each line
SMS/MMS Between Supplementary Lines Free 3,000 sms/mms each line
Charging Block 30 seconds
Credit Limit RM 300 RM 300 RM 750
Data Plans PAYU/Lite/Basic/Advance PAYU/Lite/Basic/Advance Advance Included PAYU/Lite/Basic/Advance
Bonuses RM90 rebates (for MNP customers: RM15 x 6months) or
RM60 rebates (for new customers: RM10 x 6 months) over your 6 months’ bills when you sign up for Mobile Internet Plans
Discount **Total Monthly Usage RM 60 – RM 79.99 = 10%
Total Monthly Usage RM 80 – RM 149.99 = 20%
Total Monthly Usage RM 150 and above = 30%
Additional Benefits# Monthly usage hit RM 99
– Free Calls to Celcom Numbers on weekend***
– Free Data usage on weekend***
Monthly usage hit RM 199
– Free Calls to Celcom Numbers everyday
– Free Data usage everyday
Free Value Added Service Voicemail, Call Waiting, Call Hold, CLIP (Caller Line Identification Presentation)
Itemised Bill RM 3
Auto Billing Rebate 5%

*Celcom 1+5 is a supplementary line
**For domestic usage only, IDD and roaming usage are excluded.
***Weekends mean Friday, Saturday and Sunday

#You are required to register yourself via sms ILOVEWEEKENDS to 22188. And this rewards only applicable for same billing cycle. That’s mean when you hit RM 99 on the last Sunday of the billing cycle, you have no chance to enjoy this additional benefits.

Data Plans

Quota Maximum Speeds Fees
Pay As You Use (PAYU) Unlimited 384 kbps RM 0.10/10kb (Max RM 250)
Lite 1GB 384 kbps RM 48
Basic 3GB 512 kbps RM 68
Advance 5GB 3.6 Mbps RM 98

Rewards :

Birthday Reward

FREE 50 SMS on your birthday. Free 30 SMS to your supplementary account holders on their birthdays.

Anniversary Reward

Free up to 30 minutes call to any Celcom numbers on your anniversary. Free up to 20 minutes on your supplementary account holders on their anniversary too.

Surprise Reward

Only God knows whether you might get or not get this special surprise bonus.

Personal Accident Coverage (by MAA Takaful)

Randomly selected Celcom Postpaid users, RM 12 per year will be charged.

RM 38,000 coverage for death & permanent disablement.Plus RM 2,000 with Funeral Expenses.