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

henrylbh

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Does anyone know what it means by "custodian" shares when it is purchased through SCB?

Means the shares your purchased are registered in the name of the bank.

The concern is whether those assets held by the bank are specifically yours if the bank goes into liquidation or will you be ranked as unsecured creditors.
 

anfielder

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Means the shares your purchased are registered in the name of the bank.

The concern is whether those assets held by the bank are specifically yours if the bank goes into liquidation or will you be ranked as unsecured creditors.

They may be the custodians but you are still the beneficial owner. Creditors will not be able to touch the shares.
 

vince123123

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Thanks Henry for the information. Is there any reason why the bank would want to be the "custodian"? Isn't it neater if the shares are not registered in their name?

The only reason I can think of why they want it to be in their name is so that they can use it as collateral against your borrowings. But if you have no borrowings then there seems to be little reason for this.

Means the shares your purchased are registered in the name of the bank.

The concern is whether those assets held by the bank are specifically yours if the bank goes into liquidation or will you be ranked as unsecured creditors.
 

Majestic12

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why want to go into those places to have coffee .. and rub shoulders as in talking to each other and exchanging namecards or sitting different tables and playing own phone, reading newspaper,sipping coffee.. got difference leh..

To take satki photos and post on social media. :s13:
 

wahkao3

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Thanks Henry for the information. Is there any reason why the bank would want to be the "custodian"? Isn't it neater if the shares are not registered in their name?

The only reason I can think of why they want it to be in their name is so that they can use it as collateral against your borrowings. But if you have no borrowings then there seems to be little reason for this.

more control, less complicated because no need go through CPD
frankly, i prefer this.
 

limpoop

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why want to go into those places to have coffee .. and rub shoulders as in talking to each other and exchanging namecards or sitting different tables and playing own phone, reading newspaper,sipping coffee.. got difference leh..

ocbc got wine and Florida's Natural Orange Juice
 

henrylbh

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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.

:s13: I don't even have $2,000 with them. Even credit card balance is zero and I never trade in any securities after apply for a security account. Shocked to note that they gave all kind of security accounts when I expected only one for sg share trade.

SCB%20-%20accounts%20summary%202061103_Page_1_zpsggig0fke.jpg
 

limster

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:s13: I don't even have $2,000 with them. Even credit card balance is zero and I never trade in any securities after apply for a security account. Shocked to note that they gave all kind of security accounts when I expected only one for sg share trade.

noticed that your cc: is Visa Platinum and not the Priority Banking Visa Infinite? Any reason you chose the Platinum rewards card instead of the Infinite?
 

henrylbh

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noticed that your cc: is Visa Platinum and not the Priority Banking Visa Infinite? Any reason you chose the Platinum rewards card instead of the Infinite?

:s13: I never asked. Actually I have the cc long before I have accounts with them. But my cc is embossed with 'LIFETIME MEMBER' and I very seldom use it.
 

undiscern

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Nothing shocking. You have ticked those boxes when u first open the account thats why the foreign currency account.
:s13: I don't even have $2,000 with them. Even credit card balance is zero and I never trade in any securities after apply for a security account. Shocked to note that they gave all kind of security accounts when I expected only one for sg share trade.

SCB%20-%20accounts%20summary%202061103_Page_1_zpsggig0fke.jpg
 

GrandJedi

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Are they strict with the Priority Banking monthly fee ($50) when your balance falls below $200k AUM? Thanks.
 

sainty91

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Anyone tried moving CDP to SCB Custodian? What are the fees involved if i am keen to be a pirority banking customer?

If they are fees, hopefully SCB will incur them for anyone keen to board...:s13::s13:
 

henrylbh

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Anyone tried moving CDP to SCB Custodian? What are the fees involved if i am keen to be a pirority banking customer?

If they are fees, hopefully SCB will incur them for anyone keen to board...:s13::s13:

Why so keen to be priority customer that you need to move shares from CDP to a custodian account? Besides cost of transfer, there is a difference and risk involved as well as trading of shares.
 

anfielder

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Anyone tried moving CDP to SCB Custodian? What are the fees involved if i am keen to be a pirority banking customer?

If they are fees, hopefully SCB will incur them for anyone keen to board...:s13::s13:

SCB will not charge you to transfer from CDP to SCB.
 

GrandJedi

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:s13: I never asked. Actually I have the cc long before I have accounts with them. But my cc is embossed with 'LIFETIME MEMBER' and I very seldom use it.
Can someone confirm to me that SCB is very strict on the $200k AUM requirement and will charge $50 monthly fee when it falls below it? Or they take average over a 3 month period like DBS? Thanks
 
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