To avoid a crash in the Kuwaiti Stock Market "God forbid" I decided to save some money in the bank and get minimal heartbreaking interest. The opportunity cost was so high and it was hard for me to take that decision, yet I knew it was the right thing to do.
I figured I will open a new account in a bank that is not my main one, in order to forget about the money and not be tempted to invest it in equities.
A year and a half passed by and I was quite impressed with my ability to forget about my money for so long. However, when I checked my account online to see how much interest I managed to collect, I was shocked that my actual gains were so much lower than I had calculated / anticipated. I went to the bank the next day and they told me that your account was frozen and that's why you did not get the interest you had in mind!!
Why the hell did the bank freeze my account? I am giving them a chance to utilize my funds for lending and trading, yet they were so greedy and did not want to pay me interest after 6 months, the time it took to declare my account frozen !!
Why do Kuwaiti banks do that? Why not take a fee and keep my money slowly growing?! Is freezing an account a threat to enforce regular deposits into an account?!?!? Is this the only way to be competitive!!! Cant they enhance their services and offer more products to entice people to save?!?
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