CIMB Dynamic Market Rider NID-i ..... Am really taken for a ride!

I received the final statement on the performance of the investment product yesterday morning and in the afternoon the bank relationship manager texted me that my capital had been credited into my account (purposely opened for this product) and that he was sorry that there was NO DIVIDEND! Definitely worse than the normal FD but luckily my capital is "PROTECTED". I SMS the staff that I would come to the bank this morning and take out all the money and close my account.

No amount of persuasion would make me participate in any of their products. Once beaten twice shy.Anyway I also do not fancy when the chief of the Islamic Bank division of CIMB addressing me as "Dear valued investor" there is a certain coldness in the tone. Perhaps GLC Bank is like this, taking customers for granted. He should not have bothered to sign his name.

Actually I had a bad vibe about this investment the moment I chose it in early 2008(after being persuaded for its "expected high returns" and capital protection) and put my signature on the form and given my personal cheque. I regretted it almost instantly. I bought it without much thought as the closing date for the product was around the corner. After the financial meltdown in October 2008 I started to receive statement that the certificate value was lower than the capital and that made me upset especially when I read in the Singapore Law journal 2009 report that Capital Protection is not the same as Capital Guarantee.It doesn't matter now.

True, I should read the fine prints over and over again before putting my signature next time. And,yes, CIMB Dynamic Market Rider NID-i is good only for capital-protection, the touted high returns is garbage and to think that my 3-year investment is fruitless can be quite distressing even though I have had losses on the stock market which is supposed to be riskier and therefore tolerable. A real lesson learnt indeed.

Had I put my money in a PNB unit trust at a regular dividend of 6% per annum for three years I would have made 20% out of my capital, a real big amount. For this overrated investment, I made air. So people my delayed gratification for this product was really an exercise in futility. Never again will I be adventurous with this organisation and with salespersons with glib tongue. Serve me right as well for not doing more research on this kind of investment products. And indeed diversification at times could be bad for some of us who are not really financially savvy. My only consolation is I did not maximise the investment neither did I agree to leave it for five years as suggested by the female staff who by the way has resigned from the bank ( I noticed the staff turnover is high in this bank).

I am taking out all my money plus an additional amount and tt it in USD to a private fund based in Hong Kong and recover my "opportunity loss" for the last three years in three years to 2015. No risk no gain as the saying goes, but this fund I am going into has a proven track record as my better half has been with it for the last 10 years and he is extremely happy with the consistent high performance even during the global financial crisis.

So here I go again for the fun ride and thank goodness, the fund is not named "MARKET RIDER". Come to think of it I now wonder how come the CIMB product did not ride on the vast global and local market improvement in 2009 and 2010? Was it riding on worthless investment products itself? I thought a structured product is exposed to multi equities/investments designed for optimum returns for investors. It looks to me that the product was a gimmick managed by foreign fund managers paid by the bank. I am now convinced that I was really taken for a ride!