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Standard Chartered - Only Online Trading in town with no minimum commission

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Old 02-07-2015, 04:28 PM   #4036
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So i can still transfer money into SCB trading account using DASH? Just need to make sure of this before applying for the SCB trading account.
Yes..........
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Old 02-07-2015, 06:25 PM   #4037
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What is monthly service charge man, monthly deductation of $5 can be v painful man

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Old 02-07-2015, 06:55 PM   #4038
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Doesn't make sense, how can a deposit account go below $0 and get charged $5?

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Old 02-07-2015, 07:44 PM   #4039
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No monthly service charge for Esaver as far as I can tell. I think the min balance is not announced yet.
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Old 02-07-2015, 11:54 PM   #4040
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Doesn't make sense, how can a deposit account go below $0 and get charged $5?
From personal experience, it can with scb. Happend to me a few times in fact. Let me share my exp so users can be aware:

I used scb bonus saver with the SSA mainly for online trading (moved majority of cash to OCBC360 cos of better interest rates).

So when I wanted to buy shares, I would transfer money from other bank account -> bonus saver -> SSA. This part worked fine.

If my order wasn't fulfilled, I would transfer money from SSA -> bonus saver -> other bank. Now the problem lies here. When I transferred from SSA -> bonus saver, it appears immediately on the online platform. However, somehow in their system it is not done yet. So at my next step when I transfer from bonus saver -> other bank, my bonus saver balance falls below the minimum sum.

Throughout all this, what I see on the online platform is that I have kept my bonus saver at the minimum sum after the end of the transactions.

So, at the end of the month, scb calculates the daily average and finds that my bonus saver falls below the minimum dailyaverage. They charge me the fall below fee of $5 and interest on the debit amount. If I didn't check, they would have gotten away with it.

Last edited by sandwich; 02-07-2015 at 11:57 PM..
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Old 03-07-2015, 07:20 AM   #4041
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From personal experience, it can with scb. Happend to me a few times in fact. Let me share my exp so users can be aware:

I used scb bonus saver with the SSA mainly for online trading (moved majority of cash to OCBC360 cos of better interest rates).

So when I wanted to buy shares, I would transfer money from other bank account -> bonus saver -> SSA. This part worked fine.

If my order wasn't fulfilled, I would transfer money from SSA -> bonus saver -> other bank. Now the problem lies here. When I transferred from SSA -> bonus saver, it appears immediately on the online platform. However, somehow in their system it is not done yet. So at my next step when I transfer from bonus saver -> other bank, my bonus saver balance falls below the minimum sum.

Throughout all this, what I see on the online platform is that I have kept my bonus saver at the minimum sum after the end of the transactions.

So, at the end of the month, scb calculates the daily average and finds that my bonus saver falls below the minimum dailyaverage. They charge me the fall below fee of $5 and interest on the debit amount. If I didn't check, they would have gotten away with it.
LOL bugged system and charging people with it?

Hmm you're using a BonusSaver acct? How about signing up for Dash and transferring there?
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Old 03-07-2015, 06:46 PM   #4042
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No monthly service charge for Esaver as far as I can tell. I think the min balance is not announced yet.
Ok I asked over the branch office just now

We will receive the letter to inform us of the minimum balance required for Esaver

And the minimun balance to maintain for Esaver is $1000 from August 1st

Regarding the $5 charge for withdrawal over counter, it has been waived for past few years but they will start charging the $5 starting from August 1st also
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Old 03-07-2015, 07:13 PM   #4043
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So SCB still doesn't allow opting out of paper statements?
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Old 03-07-2015, 07:34 PM   #4044
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Ok I asked over the branch office just now

We will receive the letter to inform us of the minimum balance required for Esaver

And the minimun balance to maintain for Esaver is $1000 from August 1st

Regarding the $5 charge for withdrawal over counter, it has been waived for past few years but they will start charging the $5 starting from August 1st also
Thanks for info. I have withdrawn from counter before and I asked if I would be charged $5, they said no. Seems like they will soon.
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Old 03-07-2015, 08:25 PM   #4045
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So i can still transfer money into SCB trading account using DASH? Just need to make sure of this before applying for the SCB trading account.
Confirm working, I just tested by adding my Dash account details with DBS internet banking. I also transferred $2 via FAST as a test.
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Old 03-07-2015, 10:13 PM   #4046
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Could you also test if it works for FAST transfer into SGD Security Settlement Account? >_<
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Old 03-07-2015, 10:43 PM   #4047
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I think there is something wrong? If the min. account balance is 0. Then they can only charge the 5 bucks if it is negative...which is impossible!
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Old 03-07-2015, 10:44 PM   #4048
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Could you also test if it works for FAST transfer into SGD Security Settlement Account? >_<
Can add the account, but FAST transfer rejected. LOL!
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Old 03-07-2015, 10:50 PM   #4049
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I think there is something wrong? If the min. account balance is 0. Then they can only charge the 5 bucks if it is negative...which is impossible!
Minimun balance is $1000, starting from August 1st

We will receive letter from scb soon and the latest pricing guide will be updated soon

I asked them why the sudden change, they say other banks are charging and so they are just following industry

Maybe anyone can just walk to any counter over the weekend and ask the same question to see whether are our replied from them the same or not
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Old 03-07-2015, 11:22 PM   #4050
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Got a question here...My sole purpose of maintaining a Esaver account is for stocks trading. Now that there is this min. 1K balance, does this mean that i need suck thumb park 1k there?

Or am i able to directly transfer into the securities settlement account rather than to Esaver first then to settlement account?
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