Overview of Public Bank

Public Bank, headquartered in Malaysia and founded in 1966. Offering a diverse array of financial products and services, Public Bank satisfies various banking needs, including deposit accounts, remittance services, real estate offerings, vehicle auctions, loans, card services, and investment options like unit trusts and private retirement schemes.

The bank provides a range of account types such as savings, current, fixed deposit, foreign currency, and gold/eGold investment accounts. While the minimum deposit requirement varies by account type, Public Bank is not involved in leveraged trading, spreads, or offering demo accounts. Its trading platforms primarily consist of online and mobile banking services. Customers can access customer support via phone and email, and the bank offers educational resources through its website's Knowledge Centre, downloadable brochures, and a YouTube channel, aiding users in understanding its products and services and enhancing their financial literacy.

Pros and Cons

Pros:

• Wide range of financial products and services: Public Bank offers a diverse range of banking products and services, including savings accounts, current accounts, loans, credit cards, investment products, and foreign currency accounts. This allows customers to meet their various financial needs under one roof.

• Convenience of online and mobile banking platforms: Public Bank provides online and mobile banking platforms that offer convenient access to account information, fund transfers, bill payments, and other functionalities. This allows customers to manage their finances on the go and at their own convenience.

• Diverse options for account types: Public Bank offers a variety of account types for different needs and circumstances, such as regular savings accounts, fixed deposit accounts, student accounts, and senior citizen accounts. This allows customers to choose an account that best fits their financial goals and preferences.

• Accessible customer support: Public Bank offers customer support through phone and email, allowing customers to easily reach out for assistance with their banking needs or inquiries.

• Secure and convenient fund transfer options: Public Bank provides various secure and convenient fund transfer options like online transfers, mobile transfers, ATMs, and over-the-counter transactions. This allows customers to send and receive money efficiently.

Cons:

• Lack of regulatory oversight (needs further clarification): Public Bank operates under the regulatory framework of Malaysia, which involves several key institutions and regulations. While the provided information outlines the regulatory bodies and relevant acts, it doesn't explicitly address any potential concerns regarding the lack of oversight. It's recommended to conduct further research or consult a financial professional for a clearer understanding of potential risks associated with Public Bank's regulatory environment.

• Minimum deposit requirements vary by account type: Some Public Bank accounts have minimum deposit requirements to open or maintain an account. This poses a barrier for individuals with limited funds initially.

• No offering demo accounts: Public Bank doesn't offer demo accounts, which allow potential customers to explore the functionalities and features of their online trading platform or investment products without risking real money. This could be a disadvantage for individuals unfamiliar with these services.

• Lack of comprehensive financial education resources: While Public Bank provides basic information about their products and services, they not offer extensive financial education resources like online courses or workshops compared to dedicated financial education platforms. This could hinder individuals seeking in-depth knowledge about finance and responsible banking practices.

Regulatory Status

Unlike financial entities under regulatory scrutiny, Public Bank's operations lack oversight and adherence to regulatory standards that are typically associated with licensed financial institutions. As a result, potential customers should be cautious about the potential risks and uncertainties associated with engaging in financial transactions with Public Bank, given the absence of a regulated framework governing its operations.

However, Public Bank operates under the regulatory framework of Malaysia, which involves several key institutions and regulations.

Market Instruments

Public Bank offers a comprehensive range of financial products and services for various banking needs.

In terms of banking, customers can choose from a variety of deposit accounts including savings accounts, current accounts, fixed deposit accounts, and foreign currency accounts, each offering different features and benefits. Additionally, Public Bank provides safe deposit box services for secure storage of valuable items and facilitates remittance services for convenient money transfers domestically and internationally. They also have an International Business Unit to assist businesses with global banking requirements and offer properties for sale or lease as part of their real estate services. Furthermore, Public Bank conducts vehicle auction sales for those interested in purchasing used vehicles.

On the lending front, Public Bank provides various loan options such as home loans for financing property purchases or renovations, vehicle financing for purchasing cars, SWIFT loans for immediate cash needs, overdraft facilities for flexible credit lines, UNIFLEX loans offering versatile financing solutions, and financing advice to assist customers in making informed borrowing decisions.

Public Bank's card services include credit cards and debit cards, each with their own promotions and rewards programs. They also offer digital payment solutions such as Click to Pay, Google Wallet, and Samsung Pay for convenient and secure transactions.

For investment needs, customers can explore options like unit trusts and private retirement schemes, structured product investments, gold or eGold investment accounts, share trading, margin financing, and electronic Initial Public Offering (eIPO) and eRights application services.

In terms of insurance and wealth management, Public Bank offers solutions to help customers plan for their financial future, protect against critical illness events, obtain hassle-free protection via telemarketing, secure outstanding loan protection, and ensure the financial security of loved ones. They also provide savings options for children's education funds and offer fund prices and Net Asset Value (NAV) information for investment tracking and decision-making. Overall, Public Bank's diverse range of products and services satisfies various financial needs, offering convenience, flexibility, and security to customers.

Account Types

Public Bank provides a range of account types tailored to suit different financial goals and preferences.

Public Bank's Savings Account offers customers a flexible and convenient way to save money while earning interest on their deposits. These accounts typically have low initial deposit requirements and come with features like ATM access, online banking, and passbooks for easy account management. With a savings account, customers can securely store their funds while maintaining easy access to their money for everyday expenses or emergencies. Public Bank offers various types of savings accounts tailored to different needs and preferences, such as accounts for children or seniors, each with its own set of benefits and incentives to encourage saving habits.

Current Accounts provided by Public Bank are designed for customers who require frequent access to their funds for daily transactions. Unlike savings accounts, current accounts usually do not earn interest but offer features like check-writing capabilities, overdraft facilities, and online banking services. These accounts are ideal for businesses, professionals, and individuals who need a reliable and accessible account for managing their day-to-day financial activities.

Fixed Deposit Accounts offered by Public Bank provide customers with a secure way to invest their money for a fixed period at a predetermined interest rate. With a fixed deposit account, customers can enjoy higher interest rates compared to regular savings accounts, making it an attractive option for those looking to maximize their returns on surplus funds. Public Bank offer various terms and maturity periods for fixed deposits, allowing customers to choose the option that best suits their investment goals and timeline.

Public Bank's Foreign Currency Account enables customers to hold and transact in foreign currencies, providing a convenient solution for individuals and businesses involved in international trade or travel. These accounts allow customers to deposit, withdraw, and transfer funds in different currencies, reducing the need for currency conversions and mitigating foreign exchange risks. Public Bank offers a range of foreign currency accounts for various currencies, each with its own set of features and benefits tailored to specific customer needs.

The Gold / eGold Investment Account offered by Public Bank provides customers with a platform to invest in gold as a hedge against inflation and a store of value. These accounts allow customers to buy, sell, and hold physical gold or invest in gold-related products electronically, providing flexibility and convenience in gold investment. Public Bank offers options such as gold savings accounts, gold investment accounts, or electronic gold (eGold) accounts, each with its own features and benefits to satisfy different investment preferences and risk profiles.

How to Open an Account？

Public Bank account opening cannot be done entirely through an automated process. However, you can initiate the process online or visit a branch to complete it.

Opening an Account Online:

1. Visit the Public Bank Online Account Opening page: https://www.pbebank.com/

2. Select the type of account you wish to open: They offer various accounts, so choose the one that suits your needs. (e.g., Current Account, Savings Account)

3. Fill out the online application form: This will require your personal information, contact details, and other relevant details as requested.

4. Submit the application: Once you've completed the form, review it carefully and submit it electronically.

5. Wait for approval: Public Bank will review your application and notify you of their decision via email or phone.

6. Complete the process (if approved): Public Bank might request additional documents or ask you to visit a branch to finalize the account opening process.

Opening an Account at a Branch:

1. Locate a Public Bank branch near you: Use the branch locator on their website: https://www.pbebank.com/Personal-Banking/Branch-Locators.aspx

2. Visit the branch during their business hours.

3. Inform a customer service representative that you want to open an account.

4. Provide the required documents: This includes your identification documents, proof of address, and other documents as requested by the bank.

5. Complete the account opening form: The representative will assist you in filling out the form with your information.

6. Fund your new account: You are required to make an initial deposit to activate your account.

Leverage

Public Bank itself does not have a “maximum leverage” as it's not an individual entity seeking leverage. However, the concept of leverage can be applied to analyze Public Bank's financial health.

According to publicly available information, Public Bank's financial leverage ratio is around 1:9.6 (Total Assets / Common Equity). This means that for every RM1 of shareholder equity, the bank has RM9.60 of total assets, with a significant portion financed by debt. This ratio is higher than the average financial leverage of companies in the Malaysian banking sector, which is around 1:4.4. This indicates Public Bank uses more debt financing compared to its peers. A higher leverage ratio can be beneficial. It allows the company to potentially amplify its returns, as any profits earned on borrowed funds go directly to shareholders (equity holders).

However, it also comes with risks. Increased debt also signifies higher interest payments. This can affect the company's profitability if its income from operations isn't enough to cover the debt obligations. In times of economic downturn, servicing higher debt can become challenging, potentially leading to financial strain.

Trading Platform

Public Bank offers a comprehensive and user-friendly trading platform through its online and mobile banking services. With PBe Online Banking, customers can access a wide range of features and tools to manage their investments efficiently. The platform provides convenient access to account information, transaction history, and real-time market data, empowering users to make informed trading decisions.

Additionally, PBe Online Banking offers tutorials and FAQs to assist customers in navigating the platform and understanding various investment products and services. To ensure security, Public Bank integrates SecureSign Token technology, which generates one-time passwords for secure authentication and transaction authorization. In case of any suspicious activity, customers can easily report fraud through the platform, enabling prompt action from the bank's security team.

Public Bank's mobile banking app, MyPB App, extends the trading platform's functionality to users' smartphones and tablets. With features like PB engage MY, customers can access personalized investment insights and recommendations based on their financial goals and risk tolerance. Moreover, the integration of Alipay+ and DuitNow QR facilitates fund transfers and payments, enhancing the overall user experience. The PB Journey App provides users with interactive tools and resources to track their investment journey and monitor portfolio performance on the go.

To ensure the security of mobile transactions, Public Bank implements PB SecureSign, which adds an extra layer of authentication through mobile devices. Additionally, customers are encouraged to secure their devices to prevent unauthorized access to their accounts and sensitive information. Overall, Public Bank's trading platform offers a comprehensive suite of online and mobile banking services, empowering customers to manage their investments conveniently and securely from anywhere at any time.

Deposit & Withdrawal

Public Bank offers a range of payment methods tailored to the diverse needs of its customers, each accompanied by its own fee structure.

For funds transfer to Public Bank accounts, customers can utilize online banking and mobile banking services without incurring any transaction fees, providing a convenient and cost-effective way to manage their finances. Similarly, transactions conducted through ATMs and over-the-counter services for fund transfers to Public Bank accounts are also exempt from any fees, ensuring flexibility and accessibility for customers across different channels.

Interbank GIRO (IBG) transfers, which facilitate payments between different banks, are free of charge when conducted through online banking and mobile banking platforms. However, a nominal fee of RM0.30 per transaction is applicable for IBG transfers processed over the counter, although this fee is waived for senior citizens aged 60 years and above and disabled persons.

DuitNow transfers via account number, another popular payment method, can be executed free of charge through online banking, mobile banking, and ATMs, with daily transaction limits in place and payment references provided in both payers' and beneficiaries' bank statements

For more detailed information about specific fees and charges, customers can visit Public Bank's official website or refer to their terms and conditions documentation.

Funds Transfer to PB Account

Note: Daily transaction limits and operating hours vary depending on the channel used.

Interbank GIRO (IBG)

Note: Transaction limits and availability of payment references vary depending on the channel used.

DuitNow Transfer (via Account No.)

Note: Daily transaction limits apply and payment references are available in payers' and beneficiaries' bank statements.

Customer Support

Public Bank provides customer support through various channels to assist customers with their inquiries, requests, and concerns. One primary avenue for customer support is via phone communication. Customers can reach Public Bank's customer service hotline at 603-2179 9999. This phone line serves as a direct point of contact for customers seeking assistance with banking-related matters, account inquiries, product information, and any other queries they have.

Additionally, Public Bank offers customer support via email. Customers can reach out to the bank's customer support team by sending an email to customersupport@publicbank.com.my. This email address provides customers with an alternative means of communication, allowing them to express their concerns or seek assistance in a written format. The customer support team typically responds to emails promptly, addressing customer inquiries and providing relevant assistance.

Educational Resources

Public Bank provides a range of educational resources aimed at helping customers enhance their financial knowledge and make informed decisions.

The bank's Knowledge Centre on its website serves as a hub for basic information about its products and services, offering users an overview of what Public Bank has to offer.

Additionally, Public Bank offers downloadable information brochures covering various topics related to their offerings, which can be accessed from their website's resources section. These brochures provide detailed insights into account features, eligibility criteria, and associated fees, aiding customers in understanding the specifics of each offering.

Moreover, Public Bank maintains a YouTube channel featuring informative videos on using their mobile banking app, explaining account features, and providing general financial tips. While these resources not offer comprehensive financial education, they serve as valuable tools for users looking to familiarize themselves with Public Bank's offerings and improve their financial literacy.

Additionally, customers can seek personalized assistance and guidance from Public Bank's customer service representatives through phone, email, or in-branch visits, further augmenting their understanding of the bank's products and services.

Conclusion

In conclusion, Public Bank offers a wide range of financial products and services, providing customers with convenience, accessibility, and flexibility in managing their finances. However, the lack of regulatory oversight poses potential risks for customers, and varying minimum deposit requirements across account types could limit accessibility for some individuals.

Despite these challenges, the bank's online and mobile banking platforms offer secure and convenient fund transfer options, complemented by accessible customer support channels. While the absence of comprehensive financial education resources and demo accounts hinder customer engagement and learning opportunities, Public Bank remains a prominent player in the banking industry, serving the diverse needs of its customers with its extensive range of offerings.

FAQs

Q: What financial services does Public Bank offer？

A: Public Bank provides a wide array of banking solutions, including deposit accounts, remittance services, loans, card services, and investment options like unit trusts and private retirement schemes.

Q: How can I open an account with Public Bank？

A: You can initiate the account opening process either online through their website or by visiting a branch in person, where you'll need to provide necessary documents and complete the required forms.

Q: Are there any fees associated with fund transfers at Public Bank？

A: Public Bank offers various fund transfer options, with many being free of charge, although some services incur nominal fees depending on the method and channel used.

Q: What support channels are available for customers at Public Bank？

A: Public Bank provides customer support via phone and email, offering assistance with account inquiries, banking-related matters, and product information.

Q: Does Public Bank offer educational resources for customers？

A: While Public Bank provides some educational resources such as brochures and a YouTube channel with informative videos, customers seeking comprehensive financial education find limited resources available.