DBS changed its Mutiplier plan

[reddevil0728]

That's what the branch manager came out from office to confirm it can be done as I kept questioning the counter staff. If forfeit i will look for the branch manager.

but got black and white? if not hard to dispute

 

[Little turtles]

Scared dun do. Do dun scared

 

[reddevil0728]

You just wait till earmarked date lah

i mean just saying whether wait or not. if got issue. if no black and white more difficult to dispute

 

[~sabaisabai~]

Scared dun do. Do dun scared

Agreed.
Scared just wait till completion date
Branch manager already came out personally to assure me.

 

[reddevil0728]

Agreed.
Scared just wait till completion date
Branch manager already came out personally to assure me.

this is of course true. just highlighting that in this world especially with such banks. no black and white.. difficult to dispute

 

[reddevil0728]

Still the same to you. You wait

i hope it is true la. but just saying wait or not later not true. no black and white difficult to dispute.

 

[reddevil0728]

You scare. Please wait
I already done my.
Scare dun do. Do dun scare

Is not scare or not la.

I’m just saying how this world especially for banks operate.

no black and white, nothing written. Can deny responsibility cause can deny it ever mentioned.

 

[a4973]

That's what the branch manager came out from office to confirm it can be done as I kept questioning the counter staff. If forfeit i will look for the branch manager.

But if worry. Then just wait till earmarked completion date. Since I'm at the bank, I went ahead with the placement since they told me it can be done

Don't mind me asking if your completed CASA application form for today has or not the quoted TnC? Thank you

 

[LexusIS]

Confirm interest would not be forfeited? The previous round I did the tnc say the following leh:

The Earmarked Amount is strictly prohibited from being used or withdrawn prior to the conciusion of the Earmark Period. Should Customers choose to utilize or withdraw the Earmarked Amount for any reason before the expiry of the Earmark Period, such actions will be deemed as a withdrawal from the Promotion and all bonus interest accrued will be forfeited.

Technically earmark is not a withdrawal. So i don't see an issue based on the TnCs

Earmark simply "lock" the amount in your bank account and prevent withdrawal for the period that is earmarked. The bank will still see your amount in your account in the system. But you will only be able to see what is free for usage, which is less the earmarked amount.

 

[a4973]

Technically earmark is not a withdrawal. So i don't see an issue based on the TnCs

Earmark simply "lock" the amount in your bank account and prevent withdrawal for the period that is earmarked. The bank will still see your amount in your account in the system. But you will only be able to see what is free for usage, which is less the earmarked amount.

Actually the TnC says "being used or withdrawn" so how?

 

[LexusIS]

Actually the TnC says "being used or withdrawn" so how?

Lets look at it from 2 angle:
First: on "The Earmarked Amount is strictly prohibited from being used or withdrawn prior to the conciusion of the Earmark Period." - Somehow the bank has set the earmark period as shorter than in TnCs probably could beto manage complain since most customers are waiting for their funds but release timing might not be 12am.

Second on: It is not being used or withdrawn. - Earmark is not using or withdrawing. The amount is still in the bank account

If anyone interest really get forfeited because of this clause, there is strong chance to fight them.

 

[sglandscape]

Technically earmark is not a withdrawal. So i don't see an issue based on the TnCs

Earmark simply "lock" the amount in your bank account and prevent withdrawal for the period that is earmarked. The bank will still see your amount in your account in the system. But you will only be able to see what is free for usage, which is less the earmarked amount.

There is also this in the next paragraph. Think should be ok for most cases because usually they take 1-2 days to earmark, only scared if they process early might end up forfeit the interest because would breach not one, by two paragraphs of the tnc.

This Promotion is not to be used in conjunction with any other ongoing Deposits promotions or offers, unless otherwise specified.

Last time the branch staff will check and say cannot do, now they do not check and let you do and then if forfeit you find out no interest a few months later?

 

[reddevil0728]

One word. Just wait.
Scare dun do. Do dun scare

Ya I wait and hope you don’t have to go through any dispute la.

is not about scare or not.

is just about reality when sh!t happens

cause like if need to dispute but no black n white how?

 

[sglandscape]

Lets look at it from 2 angle:
First: on "The Earmarked Amount is strictly prohibited from being used or withdrawn prior to the conciusion of the Earmark Period." - Somehow the bank has set the earmark period as shorter than in TnCs probably could beto manage complain since most customers are waiting for their funds but release timing might not be 12am.

Second on: It is not being used or withdrawn. - Earmark is not using or withdrawing. The amount is still in the bank account

If anyone interest really get forfeited because of this clause, there is strong chance to fight them.

But that is not the only clause right that will lead to interest being forfeited?

 

[LexusIS]

The bank staffs told me. The moment system release the earmarked fund means its completion of the campaign

As this is a branch promo. Thus only branch will know in details

Yes, earmark period can be set in the system. So the moment u see the amount, means earmark period has ended and u are free to use it.

For what reason they set one or two days earlier could be their internal admin.

 

[sglandscape]

Yes, earmark period can be set in the system. So the moment u see the amount, means earmark period has ended and u are free to use it.

For what reason they set one or two days earlier could be their internal admin.

I read again, they say they pay interest up until the earmark release date, I rather they pay less interest and release a bit earlier instead of forfeit the new one.

 

[LexusIS]

I read again, they say they pay interest up until the earmark release date, I rather they pay less interest and release a bit earlier instead of forfeit the new one.

Don't worry....... the bank is the one who release the earmark, so even if you withdraw to another bank. There shouldn't be any issue. If any issue, can go complain big time. They think customers so free to go remember date. The earmark period and release set by the bank. Customers are layman.

 

[Squaredot]

Absolutely. If they release to us earlier, bank cannot fault us.
I've done my new casa today. Earmark till 28 Jul

Just to clarify, does it mean CASA interest is paid twice for 6 May and 7 May? There are 2 days overlapping in old and new CASA...I find this part strange

 

[royalmix]

I discussed with Chatgpt and got it drafted a reply (i added the clauses):


"I think the intention of the clause is quite clear — the earmarked funds are not supposed to be utilized before the earmark period ends. Moving the same funds into another promo 2 days early looks like utilizing the funds, even if they never left the bank account physically. (read clause 8 & 9 which prohibits)


The whole point of the restriction is probably to prevent overlapping promo benefits on the same money. Otherwise, people could keep rolling funds early to stack bonus interest periods.


Even if a manager verbally allowed it, staff can sometimes misinterpret promo mechanics. Ultimately, the written T&Cs and the bank’s intended treatment usually prevail.


If too many people push these loopholes aggressively, banks may just tighten or remove such promos for everyone. Starting with you only, I hope!

-------------------------------------------------

Why exploit or hack the bank just to earn 2 days extra interest (about $8+) and risk losing 3 mths of potential interest? If you get your interest, good luck to you! You have not shown the new tnc to prove the bank changed the policy recently as the branch manager told you?

I request to future date the application also cannot, must make me go the next day again! Now the staff write the date of the next application on the form and remind you the condition! Someone did it before "earmark period" and got interest forfeited - staff told me.

Note the definition of earmark period! It is different from actual earmark release date!

(I will capture all these discussions, then send to the bank, it helps them on your case! )

 

[a4973]

Absolutely. If they release to us earlier, bank cannot fault us.
I've done my new casa today. Earmark till 28 Jul

@sabaisabai would you be able to take a look at your application form pg 2 and see if the mentioned "use and withdrawal" clauses 8 and 9 are still in the TnC? Thank you