1- What is a Tuition Fee Account?
Is the type of Flexi saving deposit that parent/guardian will deposit in the tuition fee account purpose to pay for their children's school fee at maturity which is basically at the school payment date.
2- Why do I have to open a Tuition Fee Account?
Save with CAB for a Tuition Fee Account will receive the following benefits:
- To earn high interest 5.2% p.a.
- Get a rebate cashback 0.25% maximum of $50 per transaction when you make a payment to the partner school.
- Can apply Tuition Fee Loan up to 80% including other school fee maximum $10,000. Non collateral required with low interest 10% p.a.
3- How can I open the Tuition Fee Account? What is the requirement?
Checking the partner school with CAB. Tuition Fee Account opening and requirement:
- First, the parent/ guardian has to open a source account as a savings account at any CAB branch or instant account through CAB mobile banking. The Requirement, ID citizen card with validation/ Phone number/ Email (optional).
- Second, create a Tuition Fee Account under a source account with multiple kids, select the partner school, input the student name and ID number through CAB mobile banking and iBanking.
4- Which currency is available for the tuition fee?
Currency available currently available only in USD
5- After I open the account, where can I cash into the Tuition Fee Account?
Many options to deposit to CAB Tuition Fee Account:
- Directly to any counter of the CAB branches.
- Transfer within any CAB account.
- Transfer through Bakong Local.
- Local Bank Transfer.
- True Money Agent.
- keep up to date for another channel and agent
6- Should I need to make more than one tuition fee account for Multiple student names?
One Tuition Fee Account for one partner school with multiple student names.
7- Can I deposit more than a time per month?
Yes, you can deposit more than a time per month or anytime.
8- Is it an automatic payment from the tuition fee account to the school?
It is not automatic payment; you have to transfer from the tuition fee account by yourself to the school.
9- What is the minimum or maximum amount for deposit to a Tuition Fee Account?
You can deposit any amount. The more you deposit and save in a tuition fee account, the more you earn higher interest than a normal standard saving account.
10- How can I review the tuition fee account balance?
You can review the balance from CAB mobile app or iBanking.
11- What will happen if I am late for the deposit to the tuition fee account?
As it has no restriction for deposit or any penalty of late deposit.
12- Will I get a penalty if I pre-termination or close the tuition fee account?
No penalty fee; If you want to close an account or stop using school fee payment, all of your funds will transfer to your source account.
13- For any reason, can I transfer from a Tuition Fee Account to any account?
You can make transfer out for only 2 options:
Option 1: Can transfer any amount payment to the school partner.
Option 2: Can transfer all amount to source account then the tuition fee account will close (T & C will be applied).
14- How do I get a Tuition Fee Loan?
You can apply through CAB mobile app or iBanking. There will be a message,Your loan request was successfully submitted, and our staff will contact you shortly.