BOC SmartSaver

[chuanz]

Cannot. I wrote to them they said they don't support payment to iras. Stupid la you don't support then why put there.

You'd have to go via IRAS GIRO payment then can

 

[expert128sg]

I didn't have "non-qualifying" transactions rebates in mind when i was talking about cashback. In that case, perhaps if the T&Cs allow for a "clawback" as you describe, that might very well be possible. I was actually referring more generally to some other breach of the T&C. In any case, it is all speculative as because we don't know what his exact situation is. He may not even have breached any T&C but the bank just decided it does not want to do business with him.

As an observation, it is not about what's right or wrong, it is about whether there is a legal right under the Terms and Conditions as enforceable by law in the courts. There are also many Terms and Conditions, even though written down, have not been upheld by the courts, a notable example being penalty clauses. Therefore, even though it is written, whether it is enforceable is another question altogether.

i do agree..but if it is written there, i think whether to enforce or not is up to the banks to decide.

 

[ekardo]

when is the interest coming in? 1st of the month? I saw some amount credited to my savings account but very little only...dunno is it becos I only opened in mid July..(although I fulfilled all the criteria)

 

[Trazora]

when is the interest coming in? 1st of the month? I saw some amount credited to my savings account but very little only...dunno is it becos I only opened in mid July..(although I fulfilled all the criteria)

You received the base interest. The rest will come in 1-2weeks later

 

[vince123123]

That is true, and even if the bank decides to enforce, whether it will actually be enforced at law will be for the court to decide.

i do agree..but if it is written there, i think whether to enforce or not is up to the banks to decide.

 

[frustrateddude]

You received the base interest. The rest will come in 1-2weeks later

when is the interest coming in? 1st of the month? I saw some amount credited to my savings account but very little only...dunno is it becos I only opened in mid July..(although I fulfilled all the criteria)

Based on the base interest, u can roughly estimated the adb of July.
Then u can expect what to get for your bonus interests later.

 

[ymbynd]

these are the people who do not want to take risk but wants to reap maximum benefits...


zzz

These are the smart people who learn from success and failure of others

 

[Trazora]

These are the smart people who learn from success and failure of others

Dumb people (me) give them the answers and get nothing back in return.

 

[saintgtril]

Dumb people (me) give them the answers and get nothing back in return.

Hi Trazora, we do not think this way. We are grateful to you all old birds for sharing what you know.

 

[power_range]

Cannot. I wrote to them they said they don't support payment to iras. Stupid la you don't support then why put there.

yeah lor, its one of the billing organisations in their list lei

Wah lau... simi saiiiiiii....

 

[expert128sg]

That is true, and even if the bank decides to enforce, whether it will actually be enforced at law will be for the court to decide.

nope...if TnC writes in there..Bank can enforce..

whether to appeal against that clause in the contract is up to the defendant to appeal to court.


The bank doesnt have to go to court to withhold ur interest. NOPE

 

[expert128sg]

These are the smart people who learn from success and failure of others

smart? just risk averse.

 

[StanII]

Based on the base interest, u can roughly estimated the adb of July.
Then u can expect what to get for your bonus interests later.

how do you calculate the base interest portion?

take the amount divided by the interest rate? been trying to figure mine out but couldn't seem to get it, midway through the month, i did deposit more into my account.

 

[oceanicmanta]

how do you calculate the base interest portion?

take the amount divided by the interest rate? been trying to figure mine out but couldn't seem to get it, midway through the month, i did deposit more into my account.

Base Interest is tiered, so it depends on what your ADB is for the month, or can also calculate based on your everyday closing balance :

Below S$5,000 0.25%
S$5,000 and above 0.275%
S$20,000 and above 0.35%
S$50,000 and above 0.40%

 

[frustrateddude]

u need to play around with the following interest rates-
0.25%/0.275%/0.35% and 0.4%

For 31 days month - x365/31
for 30 days month- x365/30

eg if my base interest i received on 31 july is $20.38,

my adb is

20.38/0.004x365/31=

59989.51.

 

[ekardo]

Base Interest is tiered, so it depends on what your ADB is for the month, or can also calculate based on your everyday closing balance :

Below S$5,000 0.25%
S$5,000 and above 0.275%
S$20,000 and above 0.35%
S$50,000 and above 0.40%

the interest rate is not tiered right? meaning, apply 0.25% for first 5k, then 0.275% foro 5 to 20k, etc ?

it should be one shot 0.4% for all if the balance is more than 50k ?

 

[oceanicmanta]

it should be one shot 0.4% for all if the balance is more than 50k ?

that's correct

take the month's ADB X relevant Base Rate

 

[frustrateddude]

keep your max to 60k best

 

[vince123123]

Think there could be a miscommunciation. I was referring to clauses which the bank is attempting to enforce, such as penalty clauses or the like.

In the example of "withholding" the interest, yes it is up to the customer to enforce.

And the "Defendant" does not "appeal" to the court. He becomes the plaintiff and files a writ of summons in court.

nope...if TnC writes in there..Bank can enforce..

whether to appeal against that clause in the contract is up to the defendant to appeal to court.

The bank doesnt have to go to court to withhold ur interest. NOPE

 

[Trazora]

the interest rate is not tiered right? meaning, apply 0.25% for first 5k, then 0.275% foro 5 to 20k, etc ?

it should be one shot 0.4% for all if the balance is more than 50k ?

Not tiered. The base interest is calculated based on each day account balance. The relevant % multiply by the whole account balance at the end of the day. Then sum up across for the whole month.