LawEddie.com

Bloggers & Law, Internet Law, Legal Tips, M’sian Law News, E-commerce, Inspiring Stories…

LawEddie.com header image 2

Money Matter – iMoney.my

June 30th, 2013 · No Comments

Do you feel like your income is always not enough to cover your expenses? You just couldn’t save enough money in your bank account. Well, I started notice the importance of financial planning 5 years ago after attended a seminar. Throughout these years, I started to read on financial planning related books and talking to people who have good track-records in this respect.

Though I must admit that I am not an expert and I know very little about financial planning or wealth management, but I always believe in few notions, e.g. “live within your means”, “set financial goals” and “be a smart consumer”.

In view of being a smart consumer, recently there is a website, iMoney.my which focus on providing financial information to people like me, so that people are more well-informed about financial products.

I find this website useful and below are my observations after visiting the website:

1. Information on various financial products – this covers car loan, personal loan, housing loan, credit cards, fixed deposit, insurance and money others. All these products relate to almost everyone of us as you are bound to use any of them.

2. Time saving – the comparison of various financial institutions offers save my time to do market research on a particular financial product. After visiting the website, I just came to realize that I am not getting the best FD interest rate from my current bank and in fact, Bank Rakyat is offering 4% per annum of FD interestrate.

3. Financial tips – you can also find good articles about various financial planning/management tips.

4. Good legal compliance – the website seems in compliance with the Personal Data Protection Act (PDPA), which is a relatively new law governing the manners of collection, usage, disclosure, storing, transferring, deletion of personnel data. Though the PDPA has been passed by our parliament but the enforcement date has yet to be confirmed. Another good practice is that I realize is that the webmaster respect your privacy and does not correct your email or any of your personal data whenever not necessary.

5. Response time – after visiting the website, I also came to realize that in fact, my current credit card provider does not give me the best cash rebate based on my spending habits, hence, I applied for another credit card via this website. However, I found the response time was not satisfactory as based on their FAQ clause 13, the response time should be within 24 hours of the next business day after receiving users’ inquiries , but after waited for 2 business days I still did not hear from them. Thereafter, I decided to email their customer service and I received an almost immediate call from their end to apologize of not reverting to me earlier due to system technical issues. Overall the experience of using their services was still a pleasant one.

I want to congratulate the team behind this website (though I do not know them personally) to have successfully putting up a very useful and informative first of its kind financial website in Malaysia and across the region. I can imagine the challenges that they might face when dealing with so many difference financial institutions.

Tags: The News Room · Uncategorized

0 responses so far ↓

  • There are no comments yet...Kick things off by filling out the form below.

Leave a Comment

Disclaimer:Eddie Law is currently not involved in legal practise.This Site is provided for your information only to help you understand some of your legal rights. It should not be relied on as legal advice because it is not a substitute for an in person consultation with a lawyer. Nothing transmitted to or from this Site constitutes the establishment of an lawyer-client relationship between you or any lawyer. Eddie Law shall not be liable for any lost suffered by you as a result of relying on the information herein.