Maybank: Discontinuation of Physical Gold Wafers
Maybank no longer backs its paper gold with physical gold. They may say they does. You will never know.
Dear Valued Customer,
With effect from 16 May 2011, Gold Savings Passbook Account (GSPA) has been renamed as Maybank Gold Investment Account (MGIA). In line with MGIA’s enhanced features, existing GSPA accountholders who wish to withdraw from their account in a form of gold wafer may do so, subject to availability as per Clause 16.2 of the GSPA Agreement with a premium charge applicable. Accountholders have until 2 September 2011 to withdraw in the form of wafers, after which the available options of payment will only be in the form of cash or credit into their accounts.
For GSPA accountholders who are holding Maybank gold wafers, you may convert the gold wafers to cash or credit them to your account at the prevailing market price at selected Maybank branches from now till 2 September 2011. The selected Maybank branches are listed below:
Kuala Lumpur Main Penang Main Kuantan Main Bukit Bintang Alor Star Main Seremban Kota Bahru Main Malacca Main Shah Alam Tawau Ipoh Main Wisma Satok Kota Kinabalu Lahad Datu Should you still wish to have the option of retaining the gold in physical form, we would suggest that you opt to purchase the Kijang Emas gold coin issued by Bank Negara Malaysia which is available at selected Maybank branches.
Thank you.
Those who invested in Gold Savings Passbook Account (GSPA) will have until 2nd of September to withdraw their physical gold wafers. Thereafter, your gold investment will in paper format – a passbook.
