[Help] Need advice on priority banking options SCB or others..

doody_

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From what I read, stocks used to be counted for SCB AUM, but not anymore. So unless someone can say they got SCB priority in the last 1-2 months using stocks as part of the 200k AUM, else stop repeating the same false statement...
 

wahkao3

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I can confirm that SCB criteria for Priority banking is SGD $200k. Assets under management are counted. So your stocks will be factored in. So make sure at the time you ask to get upgraded your total stock portfolio is above $200k.

Dont suay suay some market crash and your stock portfolio value drop below $200k at the point of application.

if portfolio drop below 200k will kanna kick out of priority banking and pay admin fee right?
 

Perisher

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Just called SCB, was told stocks are NOT included for the calculation of the SGD $200k needed to qualify for Priority banking.

From what I read, stocks used to be counted for SCB AUM, but not anymore. So unless someone can say they got SCB priority in the last 1-2 months using stocks as part of the 200k AUM, else stop repeating the same false statement...

That wasn't the case when I called in just a month ago because I called to ask specifically about this. :s22:
Sorry for any misinformation.
 

lousylah

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StandChart call centre outsourced to India and are not well informed of their banks T&Cs or products.

Don't believe you can call in 2-3 times and ask the same question, most likely you will get different answers. That's my experience with them. :s22:

But you can use it to your advantage - call in and claim you were told something (e.g. Fee waiver, etc.) by a manager or CSO on your previous call to the bank. Have them honour it and, under pressure (duress), they will.

On the other extreme, Citi has EVERYTHING recorded on their CRM tool, cannot bluff them. :o
 
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klarklar

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https://www.sc.com/global/av/sg-priority-sign-up-promotion-july-sept-2016.pdf
(d) “Eligible Investments” refers to investments product(s) available with or through the Bank, but
do NOT include:
(i) insurance policies;
(ii) foreign currency exchange transactions; and
(iii) investments using the Central Provident Fund Investment Scheme / Supplementary
Retirement Scheme.

This does not say securities in online trading is excluded. The way I interpret it, they should be included.

1800 242 5333 is the right number to call. Don't call the general number. You may get misinformation as they are not knowledgeable in online trading matters.

I think SCB online trading owes me a favour for putting this information. Sad that the whole organization is not working well in a team.

https://www.sc.com/sg/ways-to-bank/online-trading.html
 

oceanicmanta

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The 50% FD weight is for the promotion to get the gifts/or higher interest when you bring in fresh funds and to be upgraded to Priority banking.

It has no bearing on AUM to be a priority client.

The bare minimum to be a priority banking client is sgd $200k assets (which can include unit trust/stocks/bonds/cash).

To qualify for the special gifts or freebies or fresh fund promotions those have their own terms and conditions.

Right. I meant 50% weighted for overall relationship balance (not AUM).

if portfolio drop below 200k will kanna kick out of priority banking and pay admin fee right?

not immediate. usually got grace period but up to their discretion. I just email them to tell them when time comes, just downgrade me but dont charge me fee.
 

zeozoe

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That wasn't the case when I called in just a month ago because I called to ask specifically about this. :s22:
Sorry for any misinformation.

Just talked to a priority banking RM. I was informed that I need to transfer my stocks to the CDP for them to be counter under the $200,000 assets under management.
 

BankerX

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Just talked to a priority banking RM. I was informed that I need to transfer my stocks to the CDP for them to be counter under the $200,000 assets under management.

I think you mean transfer your stocks from CDP to SCB right? There is no way they will count stocks held in CDP as AUM under SCB.
 

Perisher

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Just talked to a priority banking RM. I was informed that I need to transfer my stocks to the CDP for them to be counter under the $200,000 assets under management.

They don't use CDP. They use custodian, it doesn't make sense to count stocks under CDP account which they have no access to.
 

zeozoe

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I think you mean transfer your stocks from CDP to SCB right? There is no way they will count stocks held in CDP as AUM under SCB.

No! That's exactly why I am super confused now.
I currently have stocks in their custodian, but the RM just said I have to transfer my stocks from their custodian to the CDP to qualify for priority banking!? I even asked again to confirm!

Super confused. :(
 

Perisher

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No! That's exactly why I am super confused now.
I currently have stocks in their custodian, but the RM just said I have to transfer my stocks from their custodian to the CDP to qualify for priority banking!? I even asked again to confirm!

Super confused. :(

Now only got 1 thing to say, don't trust SCB's RM/CSO, all dunno what they are doing.

Rather trust someone who has tested the system and report back the facts. :s22:
 

zeozoe

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Now only got 1 thing to say, don't trust SCB's RM/CSO, all dunno what they are doing.

Rather trust someone who has tested the system and report back the facts. :s22:

Yes. I find it super weird that RM will ask me to move shares out of SCB to CDP. I thought that they set up their platform mainly because they wanted to compete with their own system?

Can anyone share if they have priority banking in SCB? Thanks in advance!
 

zeozoe

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https://www.sc.com/global/av/sg-priority-sign-up-promotion-july-sept-2016.pdf


This does not say securities in online trading is excluded. The way I interpret it, they should be included.

1800 242 5333 is the right number to call. Don't call the general number. You may get misinformation as they are not knowledgeable in online trading matters.

I think SCB online trading owes me a favour for putting this information. Sad that the whole organization is not working well in a team.

https://www.sc.com/sg/ways-to-bank/online-trading.html

Yeah. I find SCB's overall cohesion to be really bad.
Thanks for the number. I'll call to check again if I have the time I guess!

0.18% with no minimums is still the best rate for trading on the SGX right? Does anyone know of a similar rate for online trading at any other bank/broker? I'm willing to pick up a new platform if I can get better service.
 

BankerX

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No! That's exactly why I am super confused now.
I currently have stocks in their custodian, but the RM just said I have to transfer my stocks from their custodian to the CDP to qualify for priority banking!? I even asked again to confirm!

Super confused. :(

The banker you spoke to either doesnt want to do your biz and is trying to smoke you or totally has no clue what he/she is talking about. Thats the most ridiculous thing i have ever heard.

Also there are transfer fees involved to transfer out to cdp and vice versa.

They might not want to do your biz and giving you misinformation as they dont really earn from you buying and selling shares on your own.
 

wahkao3

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The banker you spoke to either doesnt want to do your biz and is trying to smoke you or totally has no clue what he/she is talking about. Thats the most ridiculous thing i have ever heard.

Also there are transfer fees involved to transfer out to cdp and vice versa.

They might not want to do your biz and giving you misinformation as they dont really earn from you buying and selling shares on your own.
maybe that banker is from a different department with different KPI??

last time my fren worked at this bank. and when customers call in, you get totally different answers depending on which department was on duty

if its the unit trust department, they will ask you to buy unit trust
if its the fixed income department, they will say unit trust are no good and ask you to buy bonds
 
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klarklar

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No! That's exactly why I am super confused now.
I currently have stocks in their custodian, but the RM just said I have to transfer my stocks from their custodian to the CDP to qualify for priority banking!? I even asked again to confirm!

Super confused. :(

This is so obviously wrong that it has to be wrong.

My guess is that the RM feels that handling the administration work for your priority banking admission is not part of his KPI (Key performance indicator) and he is not going to get rewarded for this extra work. So, his/her strategy is to give you some bad answer to drive you away. You should take down his name and quote him when you make the next enquiry. Better write in. You get more accurate answers that way. This sort of staff behaviour happens more frequently after a series of retrenchment exercise and they do not see a future working for their employer. Banks have been retrenching recently. Not surprising you are seeing this kind of bad behaviour. I believe it is happening to the other banks which have been cutting jobs.
 

henrylbh

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Yes. I find it super weird that RM will ask me to move shares out of SCB to CDP. I thought that they set up their platform mainly because they wanted to compete with their own system?

Can anyone share if they have priority banking in SCB? Thanks in advance!

I have it for about 8 years but didn't bother with any privileges. Most of the time my bank balance less than 2k, except when got good promo interest.
 

wahkao3

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I have it for about 8 years but didn't bother with any privileges. Most of the time my bank balance less than 2k, except when got good promo interest.

no penalty for fall below 200k meh? :eek:
 

zeozoe

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I have it for about 8 years but didn't bother with any privileges. Most of the time my bank balance less than 2k, except when got good promo interest.

can you do me a big favor and msg your RM to see if stocks held in your nominee account count towards the 200k balance?

Thanks in advance! :s12:
 
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