CIMB FastSaver

[sglandscape]

From the bank point of view, they can hold back the funds and earn an extra day of interests due to public holiday. Why not?

If this is the logic, the cut off should be by evening every working day. After that they cannot use the funds to do anything since everyone would have knocked off.

 

[fr33d0m]

non critical batches don't run on non-business days.

it is cost with little benefit

 

[sglandscape]

non critical batches don't run on non-business days.

it is cost with little benefit

Most banking system actually uses MQ to log transactions, the batch job is for end of day consolidation largely.

 

[fr33d0m]

Most banking system actually uses MQ to log transactions, the batch job is for end of day consolidation largely.

interest credit is internal transactions, don't have to rely on MQ or whatever message system.

It can just be a scheduled batch. For that matter, many more batches don't rely on messaging system, but on schedules.

 

[sohguanh]

Most banking system actually uses MQ to log transactions, the batch job is for end of day consolidation largely.

interest credit is internal transactions, don't have to rely on MQ or whatever message system.

It can just be a scheduled batch. For that matter, many more batches don't rely on messaging system, but on schedules.

Thanks for sharing insights on bank internal system workings so it is more of system design and not because the IT system cannot do it am I right here?

Make me wonder if those designs are mainframe era designs. I used to work in Spore Turf Club they were using mainframe and also have this end of day processing sort of close and then open for a new day. And if that long EOD process major issue will affect the new day and everyone in that team get pager calls. I belong to the team doing the new system to replace mainframe so not involved.

 

[fr33d0m]

Thanks for sharing insights on bank internal system workings so it is more of system design and not because the IT system cannot do it am I right here?

Make me wonder if those designs are mainframe era designs. I used to work in Spore Turf Club they were using mainframe and also have this end of day processing sort of close and then open for a new day. And if that long EOD process major issue will affect the new day and everyone in that team get pager calls. I belong to the team doing the new system to replace mainframe so not involved.

nothing related to old or new system. it is a scheduled batch running on business days only. For interest credit, it probably runs once per month in the month end or next business day if month end is non-business day if it is monthly. For digital bank kind, it can run daily, such as the way GXS or Chocolate do. No need any external system dependency.

 

[sglandscape]

Thanks for sharing insights on bank internal system workings so it is more of system design and not because the IT system cannot do it am I right here?

Make me wonder if those designs are mainframe era designs. I used to work in Spore Turf Club they were using mainframe and also have this end of day processing sort of close and then open for a new day. And if that long EOD process major issue will affect the new day and everyone in that team get pager calls. I belong to the team doing the new system to replace mainframe so not involved.

Yup design decision for the use case back in those days, and there is no point changing it now and incurring the cost. And yes they are mainframe era designs, big monolith architecture.

 

[sglandscape]

nothing related to old or new system. it is a scheduled batch running on business days only. For interest credit, it probably runs once per month in the month end or next business day if month end is non-business day if it is monthly. For digital bank kind, it can run daily, such as the way GXS or Chocolate do. No need any external system dependency.

Interest is accrued daily, and it is recorded. It's not a single batch job as you mentioned, that's only for the final crediting. You're mixing up what the customer sees, and what computation actually gets done and what us stored in the ledger.

 

[fr33d0m]

Interest is accrued daily, and it is recorded. It's not a single batch job as you mentioned, that's only for the final crediting. You're mixing up what the customer sees, and what computation actually gets done and what us stored in the ledger.

yes it is accrued daily. but is it actually an executed transaction? It depends. after all, it is just some records. There may be an actual record of daily interest accrual depending on the system design. For the bank's liabilities, it is an additional liabilities every day. But from transaction point of view, it will only occur at month end even if the customer withdraw all balance(not account closure. How account closure impacts this depends on how the product is designed), but not the accrued interest until it is credited at month end.

The ledgers are the bank's internal records, which is not the same as what a bank's customer sees.

 

[sohguanh]

Yup design decision for the use case back in those days, and there is no point changing it now and incurring the cost. And yes they are mainframe era designs, big monolith architecture.

Noted. But just to inform the mainframe stability and speed is simply too reliable and fast to be replaced easily. We have a hard time matching that using Unix C++ and in my later interview with a insurance company they still keep mainframe as core and build new system that call it. No one dare bang table remove mainframe based on what I have been interviewed.

For record we did replace it eventually but it takes at least 5 years and with users removing some requirements and expectations etc but now they close shop liao no more horse racing.

 

[sglandscape]

Noted. But just to inform the mainframe stability and speed is simply too reliable and fast to be replaced easily. We have a hard time matching that using Unix C++ and in my later interview with a insurance company they still keep mainframe as core and build new system that call it. No one dare bang table remove mainframe based on what I have been interviewed.

For record we did replace it eventually but it takes at least 5 years and with users removing some requirements and expectations etc but now they close shop liao no more horse racing.

It's quite difficult in my experience, because things were better documented in those days and you had a few subject matter experts who knew things inside out. The industry wanted to save cost and parted things out, and reduce reliance on any single software, hardware or even company and that is where we are today.

 

[compro_1975]

any news of new promo for 1 nov?

 

[ThreeSteps]

date of this post: 01 Nov 2024
CIMB Bonus Interest Promotion
Refer to bank website: https://www.cimb.com.sg/en/personal/promotions/latest-promotions/accounts/casa-ntb-35.html
available from 1 to 30 November 2024 ("Promotion Period")
Bonus Interest Earning Period : Nov2024 to Jan2025

t&cs: https://www.cimb.com.sg/content/dam/cimbsg/personal/document/tnc/accounts/2024/casa-tnc-nov2024.pdf
read point#1, point#4, point#5 and point#8

 

[Ch3tah_39]

Disappointing, not taking part in any cimb promo. Did a Giro-IBG with SI and no additional of 0.5% interest received.

So is not hassle free like other bank :x

 

[ahchan]

Anyone receive the bonus interest ? Just checked and still not in for me...

 

[iceblendedchoc]

Anyone receive the bonus interest ? Just checked and still not in for me...

Later than usual this time

 

[Mickey01]

Anyone receive the bonus interest ? Just checked and still not in for me...

not so early ... check around 10.30am or after

 

[bobby6679]

Dear all,
Any guidance how the interest calculated for this fastersaver account promotion?

I am an existing account holder and my September balance is $0. I transfer in 15k around Oct 14. Then Giro in $1k around Oct 28. Then I got an interest $8.9 on Oct 31.
I couldn't figure out how this 8.9 is calculated.

Seek yr experts help. Thanks!

 

[60Remajust]

i received something called HPH/PFT credit $110 on 31 oct for fastsaver-i acc.

any idea whats the rough ADB range for this?

 

[Ch3tah_39]

Dear all,
Any guidance how the interest calculated for this fastersaver account promotion?

I am an existing account holder and my September balance is $0. I transfer in 15k around Oct 14. Then Giro in $1k around Oct 28. Then I got an interest $8.9 on Oct 31.
I couldn't figure out how this 8.9 is calculated.

Seek yr experts help. Thanks!

The $8.9 is your base interest. The additional 0.5% suppose to be credited by Nov end of working day.

Amt x 1.19%/365 x days in acc