What do banks define and check fresh fund?

[zoossh]

Moi withdraw cashier's order from UOB to open account in OCBC. now i see UOB having promotion for fresh fund, so i intend to move money from DBS (not from OCBC).

that should be considered as fresh fund rite?

if the original amount is A, before i move out money (-B), do they define fresh fund as increment in addition to A, or A-B?

 

[Keverus]

even if u move from ocbc, it would still be considered fresh funds.

as long as it is cash or a cheque/cashier's order from another bank, it will be considered fresh funds.

if u did a cash/cheque or cashier's order from another bank deposit within X days, also considered fresh funds. X is defined by the individual banks.

 

[zoossh]

even if u move from ocbc, it would still be considered fresh funds.

as long as it is cash or a cheque/cashier's order from another bank, it will be considered fresh funds.

if u did a cash/cheque or cashier's order from another bank deposit within X days, also considered fresh funds. X is defined by the individual banks.

????

like that one day can i transfer in and out, in and out, in and out. then i do 5 times a day, 150 times over one month. then i can get 150x of the interest using the same fund.

surely there must be some catch or some regulation rite?

 

[Raider04]

????

like that one day can i transfer in and out, in and out, in and out. then i do 5 times a day, 150 times over one month. then i can get 150x of the interest using the same fund.

surely there must be some catch or some regulation rite?

Incremental amount as of end of month. For example if at 31th Aug, you have $100 in bank, any amount deposit after 31th Aug is considered fresh fund without withdrawal of course.

 

[dork32]

my personal experience.

withdraw 60k cash from stan chart. deposit 60k in dbs next door. write a cheque for fd in stan chart using dbs. all this is done in half hour. it is considered as fresh fund for fd.

9 Aug. DBS savings = 5.5k. 10 Aug transfer 5k to cimb. 29 Aug transfer 10 k from cimb to dbs. it is considered as fresh funds and i qualify for national day promotion

 

[dork32]

????

like that one day can i transfer in and out, in and out, in and out. then i do 5 times a day, 150 times over one month. then i can get 150x of the interest using the same fund.

surely there must be some catch or some regulation rite?

you get interest for holding money in banks.

you do not get interest for transferring funds in and out of banks

you do get better interest if funds are freshly transferred into the bank

 

[limster]

????

like that one day can i transfer in and out, in and out, in and out. then i do 5 times a day, 150 times over one month. then i can get 150x of the interest using the same fund.

surely there must be some catch or some regulation rite?

This sounds like the beginning of an idea for a high yield investment program!

"High Speed Fund Transfer Investment Program"
This investment program makes use of computers to make multiple fund transfers at the speed of light. By transferring funds so quickly, it seems that the money is in 1000 different banks at the same time, thus earning 1000x the normal interest.

Participants and therefore guaranteed not your usual 0.1% interest but, 100% interest p.a. Please invest now!

 

[crystalnox]

you get interest for holding money in banks.

you do not get interest for transferring funds in and out of banks

you do get better interest if funds are freshly transferred into the bank

Exactly.

 

[MrCoolStoryBro]

dun understand why they wan fresh fund. cant they just give it to the pre existing customer too?

 

[cscs3]

Moi withdraw cashier's order from UOB to open account in OCBC. now i see UOB having promotion for fresh fund, so i intend to move money from DBS (not from OCBC).

that should be considered as fresh fund rite?

if the original amount is A, before i move out money (-B), do they define fresh fund as increment in addition to A, or A-B?

Yes, actually these rule are wired. recently encounter same case in UOB they suggest I move the fund out to other back then back to enjoy higher interest rate. I have 2 though. 1. They do not value exiting customer and give low interest rate. 2. They planned to loss a customer, as other bank also offer similar interest rate. If I move out, why should I move back?

Something MAS really need to look into it.

 

[limster]

dun understand why they wan fresh fund. cant they just give it to the pre existing customer too?

Thats the same thing with credit card. How come existing credit card holder cannot get the free luggage, only new cardholders can get!

 

[Keverus]

banks want fresh funds cos they want you to transfer money u have in other banks to their bank..simple logic.

problem is, we transfer funds from bank A to bank B, we also move funds out from bank B to other bank..

 

[happi3friend]

banks want fresh funds cos they want you to transfer money u have in other banks to their bank..simple logic.

problem is, we transfer funds from bank A to bank B, we also move funds out from bank B to other bank..

if like this,

from bank A to bank B using FAST to transfer

then from bank B to bank A using FAST

also considered as fresh funds to bank A?

 

[wutawa]

if like this,

from bank A to bank B using FAST to transfer

then from bank B to bank A using FAST

also considered as fresh funds to bank A?

Yes, it works. That's why saving accts like scb esaver and maybank isavvy promotions require incremental balance instead of "fresh" funds.

????

like that one day can i transfer in and out, in and out, in and out. then i do 5 times a day, 150 times over one month. then i can get 150x of the interest using the same fund.

surely there must be some catch or some regulation rite?

This will work if u can manipulate the banks system clock to maybe 1 min interval.
Money in Bank A
After Bank A records daily balance, transfer to Bank B
After 1 min, Bank B records daily balance, transfer to Bank C
After 1 min, Bank C records daily balance, transfer to Bank D
After 1 min, Bank D records daily balance, transfer back to Bank A. Once Bank A records the daily balance for the following day, repeat same cycle.

Those guys with citi maxigain r using a similar trick to withdraw the int every mth.

Opps sry, didnt realise this is a 2014 thread.

 

[happi3friend]

Yes, it works. That's why saving accts like scb esaver and maybank isavvy promotions require incremental balance instead of "fresh" funds.

I see! Okay thanks, I thought must deposit using cheque or cashier order.

With Fast, It's quite pointless tbh.

 

[eD1s0n]

I see! Okay thanks, I thought must deposit using cheque or cashier order.

With Fast, It's quite pointless tbh.

not really. i remember seeing in this forum cases where if you withdraw/transfer out funds recently and then deposit/transfer them back in, it does not count as fresh. can't remember which thread though.

 

[SBC]

Certain things better not to be so open.

 

[Imhthc]

dun understand why they wan fresh fund. cant they just give it to the pre existing customer too?

In order to lend out more, a bank must secure new deposits by attracting more customers. Without deposits, there would be no loans, or in other words, deposits create loans.

 

[wutawa]

not really. i remember seeing in this forum cases where if you withdraw/transfer out funds recently and then deposit/transfer them back in, it does not count as fresh. can't remember which thread though.

Gosh, u may be right. Different banks may have different regulations for fresh fund. This is confusing.