Bank on it with DBS. Join the discussion to win!

[DBS Bank]

hahaha.... i share your pain. HSBC ibanking and BOC ibanking and duel it out for the most painful ibanking experience crown....

Hmm.... idea here.... maybe we should set up a satire like website like how the Razzies is to the Oscars. There are so many industry awards awarding the best right now that it's beginning to feel so generic and PR hack. We set up a Razzies like site for industries worst allowing people to vote, make it in the spirit of fun, but genuine like the Razzies.... i think will generate more talking point than those "best awards"

Out of real curiosity, why would you choose to bank with HSBC, Citibank and BOC? These banks don't exactly have a wide branch and ATM network in SG no?

 

[bosssaizo]

Out of real curiosity, why would you choose to bank with HSBC, Citibank and BOC? These banks don't exactly have a wide branch and ATM network in SG no?

LOL. That's the point. So that you don't withdraw money. Only bank in money.

Boss only used that method to curb spending

 

[xiaowhois]

Out of real curiosity, why would you choose to bank with HSBC, Citibank and BOC? These banks don't exactly have a wide branch and ATM network in SG no?

think majority own their credit card not saving account

 

[kokitty]

yes, but i believe most people here knows that by doing this - we can roll our money to do other things such as

- earn interests with the money
- roll our money to tide for a more urgent cause
- etc.

Actually think the "politically correct" intention is to help the more forgetful to consolidate all their bills to one bank so that you don't accidentally get charged late fees all over the place. For me, since the due dates of all my cards are all +/- 7 days (3rd week to 4th week of the month). i usually allocate the 2nd Sunday of each month, spend 15mins, looking at all my credit card bills, a few clicks and all my cards are paid. Then i start my paying my DBS cc bills by whichever method that appeals to me at the moment

 

[xiaowhois]

LOL. That's the point. So that you don't withdraw money. Only bank in money.

Boss only used that method to curb spending

like that you need a ibanking/statement base saving account with no debit card or atm card only in no out unless use ibanking do bank transfer

 

[kero89]

i think batniss mean use DBS CC to pay but when the bill for DBS CC will pay on time no late payment/interest charged thus credit score no affected

i was indeed a bit shock when i tot pay DBS cards to pay i.e. amex bills will lower credit rating. think confusion cleared. my posb dbs card always pay on time thanks to giro.

 

[DBS Bank]

Oh it lowers credit score because of bigger outstanding loan amount right?

You can check the Credit Bureau's website for more detailed info, but generally the factors that affect credit score are Utilization Pattern, recent Credit, Enquiry Activity, etc (http://www.creditbureau.com.sg/credit-score)

Aware that some people have big things in their life coming soon (e.g. marriage, new house, new car, renovation, etc).. all these big ticket items may require loans, hence, the rolling-rolling of CC debt may affect bank's decision on loans where it truly matters.

 

[denial86]

Out of real curiosity, why would you choose to bank with HSBC, Citibank and BOC? These banks don't exactly have a wide branch and ATM network in SG no?

Haha indeed, so I don't have bank accounts with all 3. I only hold a HSBC card and even then the way to retrieve the estatement makes me want to bang a wall sometimes. Thank goodness DBS/POSB is different.

 

[royalmix]

Out of real curiosity, why would you choose to bank with HSBC, Citibank and BOC? These banks don't exactly have a wide branch and ATM network in SG no?

I have savings account with HSBC to enjoy special promos no other banking needs/use worst ibanking

I have MCA account with BOC to enjoy high interest rates 2.55%, other people get up to 3.55%, no other banking needs/use ibanking not too bad, for simple use

No relationship with citibank, just don't like

DBS ibanking still the best!

 

[xiaowhois]

Actually think the "politically correct" intention is to help the more forgetful to consolidate all their bills to one bank so that you don't accidentally get charged late fees all over the place. For me, since the due dates of all my cards are all +/- 7 days (3rd week to 4th week of the month). i usually allocate the 2nd Sunday of each month, spend 15mins, looking at all my credit card bills, a few clicks and all my cards are paid. Then i start my paying my DBS cc bills by whichever method that appeals to me at the moment

u can call in different bank to request billing date to be same for all banks but ofcause u must spend the trouble once call seperately each bank. when billing date is the same u can one shot pay all

 

[batniss]

i was indeed a bit shock when i tot pay DBS cards to pay i.e. amex bills will lower credit rating. think confusion cleared. my posb dbs card always pay on time thanks to giro.

yes, just bear in mind to clear your "snow-balled' debts and you are safe.

that is why i said, must have discipline to settle when you are doing "snow-balling" into 1 account. It will come back and haunt you if you are not careful.

 

[batniss]

Actually think the "politically correct" intention is to help the more forgetful to consolidate all their bills to one bank so that you don't accidentally get charged late fees all over the place. For me, since the due dates of all my cards are all +/- 7 days (3rd week to 4th week of the month). i usually allocate the 2nd Sunday of each month, spend 15mins, looking at all my credit card bills, a few clicks and all my cards are paid. Then i start my paying my DBS cc bills by whichever method that appeals to me at the moment

hence etc, we all can adopt such method as long we know what we are doing with our money and accounts.

How one wants to do it, is up to one's interpretation. I am just glad that DBS have not come down to clamp us on this aspect which is why i am still keeping my money with DBS Bank.

 

[royalmix]

Just discovered today that DBS ibanking can be used to buy and redeem unit trusts.

Can use cash, CPF or SRS to buy unit trust on ibanking. Now there is a promo: 1% sales charge on Unit Trust via iBanking only, valid till 30 June 2016.

I'll wait for DBS to have promo for 0% sales charge on Unit Trust via iBanking using CPF, cos now I can buy UT with 0% sales charge using other platform.

There is not much information on buy and redeem Unit Trust via ibanking, need to talk to RM to setup then can start? Are there any other fees/changes eg platform fees, besides the sale charge? When I buy, the cash will be deducted from my savings account, then sell money goes back to savings account? Only can buy and redeem, cannot do switching via ibanking?

 

[Elijahonli]

i wont want singpass come in place like that if one singpass down all die prefer current situation different bank different login. it is like you have 1 masterkey can open all door vs different key for different door once the masterkey gone = jialet

Ya lor, this is where the good point about OTP comes in. I super hate to remember passwords. Using a random password generated by the OTP to do transcations is really good. Singpass if forget password still need to go a nearby Community center just to reset password and normally open during working hours. So +1 for iBanking with OTP

 

[denial86]

u can call in different bank to request billing date to be same for all banks but ofcause u must spend the trouble once call seperately each bank. when billing date is the same u can one shot pay all

To be honest I prefer mine all a few days apart, lol.

Cause at most if for some reason you forget to pay 1, you don't end up forgetting to pay for all.

Same thing as Kokitty, I usually find a time to login and one shot pay all my bills and then assign post dated payment dates so I don't feel the bleed so obviously.

I know I know, still have to pay one mar... But Denial is thy name.

 

[WhiteHunter]

Out of real curiosity, why would you choose to bank with HSBC, Citibank and BOC? These banks don't exactly have a wide branch and ATM network in SG no?

citibank is for their credit cards.

 

[xiaowhois]

To be honest I prefer mine all a few days apart, lol.

Cause at most if for some reason you forget to pay 1, you don't end up forgetting to pay for all.

Same thing as Kokitty, I usually find a time to login and one shot pay all my bills and then assign post dated payment dates so I don't feel the bleed so obviously.

I know I know, still have to pay one mar... But Denial is thy name.

from billing/statement date => due date there is a gap of time for you to pay. Bill date refer to the date your your CC statement/bill date for the bill month. Due date is the date u need to pay before charges kick in. Different bank got different amount of days between Bill date & Due date

For example i requested and fixed bill date for all mine cc is 23th of the month so when 1st of the month come i settle all the bills even though the due date still quite many days away

 

[xiaowhois]

Part of mine DBS CC bill for feb month i used it to pay for HSBC credit card bill and no points/extra charges are earn/incurred in the process and i had already paid in full that feb month dbs cc bill

 

[WhiteAnt]

Just discovered today that DBS ibanking can be used to buy and redeem unit trusts.

Can use cash, CPF or SRS to buy unit trust on ibanking. Now there is a promo: 1% sales charge on Unit Trust via iBanking only, valid till 30 June 2016.

I'll wait for DBS to have promo for 0% sales charge on Unit Trust via iBanking using CPF, cos now I can buy UT with 0% sales charge using other platform.

There is not much information on buy and redeem Unit Trust via ibanking, need to talk to RM to setup then can start? Are there any other fees/changes eg platform fees, besides the sale charge? When I buy, the cash will be deducted from my savings account, then sell money goes back to savings account? Only can buy and redeem, cannot do switching via ibanking?

Got any admin charges or any hidden charges?

 

[batniss]

not all cards/banks allow you to change the bill/due date especially those cash back cards. Just fyi.