Cash Consolidation

[revhappy]

Really? Have u receive any letter from DBS for keeping account at $0? I received one such letter last month but is for normal saving account, not multiplier.

No I never received any letter. I have done this with SCB and DBS and now even HSBC EGA account is 0 balance since 2 months.

What does the letter say? Did you make any transactions or leave your account dormant? Some banks want to close your account if it is dormant with zero balance for 6 months. So if you need to keep the account, better to do 1 transaction once in a while.

 

[sgreview]

Nope. The banks just run a month end batch job that tries to deduct the fall below fee, if you leave even say 10c, they will deduct the 10c. But next day you topup again, they wont deduct anymore.

No I never received any letter. I have done this with SCB and DBS and now even HSBC EGA account is 0 balance since 2 months.

What does the letter say? Did you make any transactions or leave your account dormant? Some banks want to close your account if it is dormant with zero balance for 6 months. So if you need to keep the account, better to do 1 transaction once in a while.

That's what I think too. Haha.. but last month they did this month end job on 30Jul instead of 31Jul. How I know? coz managing 2 different accounts with same bank, one has some funds on 30th and got deducted the full service fee. The other one ADB is even lower, but no deduction as happened to be 0 on that day. But fund transfered in on 31st which makes the ADB more than required. And guess what happened? They credited $0.01 of pathetic interest, then deduct that 0.01 as service fee

And few days later, send a letter with this msg, "your account was $0 and the service fee can't be deducted", please top up by Sep, if not, we will close the account."

There were fund transfers in and out every month, some days may be at 0, but I will ensure the ADB will meet their min requirement to avoid the fall below fee. Last month was exception as they did this "tally" on 30th instead of31st!

 

[revhappy]

That's what I think too. Haha.. but last month they did this month end job on 30Jul instead of 31Jul. How I know? coz managing 2 different accounts with same bank, one has some funds on 30th and got deducted the full service fee. The other one ADB is even lower, but no deduction as happened to be 0 on that day. But fund transfered in on 31st which makes the ADB more than required. And guess what happened? They credited $0.01 of pathetic interest, then deduct that 0.01 as service fee

And few days later, send a letter with this msg, "your account was $0 and the service fee can't be deducted", please top up by Sep, if not, we will close the account."

There were fund transfers in and out every month, some days may be at 0, but I will ensure the ADB will meet their min requirement to avoid the fall below fee. Last month was exception as they did this "tally" on 30th instead of31st!

I would close my DBS account and migrate my giro and salary crediting to some other bank if they send me this letter.

BTW, DBS right now has this covid relief you can submit online and they will waive off fall below fee until December 2020. That is enough time to migrate out of DBS.

https://www.dbs.com.sg/Contact/dbs/...forts-btnapplynow-account-related-fees-relief

 

[churnmaster]

100k 6 banks 8 accounts

Go to FSM’s website and check for the lower risk rating (3 and below) income funds. Some of these funds are up more than 5% YTD. The underlying currency is either SGD or hedged back to SGD so no currency risk and flexibility to sell on any day, incase you need the funds.

 

[Han Shot First]

Go to FSM’s website and check for the lower risk rating (3 and below) income funds. Some of these funds are up more than 5% YTD. The underlying currency is either SGD or hedged back to SGD so no currency risk and flexibility to sell on any day, incase you need the funds.

Any recommended (or suggested) funds?

If the income fund prices have already gone up by more than 5% YTD, does that mean the funds are already "expensive"? i.e. should buy the fund before the price went up and not after?