DBS daily balance cut off time

[revhappy]

Does anybody know what time in the day is used as cut off for calculation of interest for daily balance? I want to transfer from my DBS cashline to savings for just couple of days, to bridge the gap between my rent payment date and my salary date. This month salary delayed by 2 days and my rent is due tomorrow.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[OngHuatHuat]

I am interested to know also.

Anyway, it is good to have cash on hand, not to put too much in volatile stock market.

 

[revhappy]

Cashline and Loans
Agent Ely Liyana has joined the chat at 06:31 PM

Hello! Welcome to DBS/POSB Live Chat. How are you today?

Ely Liyana - 6:31PM
Hi I am fine thanks, how are you?
6:32PM

I’m great, thanks for asking!


How may I assist you this evening?

Ely Liyana - 6:32PM
I wanted to know what is the cutoff time for calculation of daily interest on cashline?
6:33PM


Let me check for you. Please wait for a moment and I’ll be back shortly.

Ely Liyana - 6:33PM
Thanks
6:33PM

11pm - if payment was not made by 11pm, the next day’s interest will be charged to you


Is there anything else I may assist with?

Ely Liyana - 6:35PM
so lets say I transfer 1k from cashline to savings on 24th Jul at 8AM and then pay it back on 25th Jul at 9PM
how many days interest is charged?
6:35PM


2 days

Ely Liyana - 6:36PM
but I paid it back before 11pm of 25th
so it should be just 1 day
what is the criteria?
6:37PM


The day you take it out is 1 day, the next day is also 1 day = 2 days

Ely Liyana - 6:37PM
ok, so if I take out and pay back on the same day, within 1 hr, still charged 1 day interest?
6:38PM


Yes

Ely Liyana - 6:38PM
I see thanks
6:39PM

You’re welcome


May I assist you with anything else?

Ely Liyana - 6:39PM

 

[OngHuatHuat]

Thanks.

Cashline and Loans
Agent Ely Liyana has joined the chat at 06:31 PM

Hello! Welcome to DBS/POSB Live Chat. How are you today?

Ely Liyana - 6:31PM
Hi I am fine thanks, how are you?
6:32PM

I’m great, thanks for asking!


How may I assist you this evening?

Ely Liyana - 6:32PM
I wanted to know what is the cutoff time for calculation of daily interest on cashline?
6:33PM


Let me check for you. Please wait for a moment and I’ll be back shortly.

Ely Liyana - 6:33PM
Thanks
6:33PM

11pm - if payment was not made by 11pm, the next day’s interest will be charged to you


Is there anything else I may assist with?

Ely Liyana - 6:35PM
so lets say I transfer 1k from cashline to savings on 24th Jul at 8AM and then pay it back on 25th Jul at 9PM
how many days interest is charged?
6:35PM


2 days

Ely Liyana - 6:36PM
but I paid it back before 11pm of 25th
so it should be just 1 day
what is the criteria?
6:37PM


The day you take it out is 1 day, the next day is also 1 day = 2 days

Ely Liyana - 6:37PM
ok, so if I take out and pay back on the same day, within 1 hr, still charged 1 day interest?
6:38PM


Yes

Ely Liyana - 6:38PM
I see thanks
6:39PM

You’re welcome


May I assist you with anything else?

Ely Liyana - 6:39PM

 

[Trazora]

I vaguely remember I withdraw from Cashline and pay back the same day and was not charged any interest.

 

[revhappy]

I vaguely remember I withdraw from Cashline and pay back the same day and was not charged any interest.

I thought so too, DBS staff are incompetent.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[revhappy]

I just went to interactive brokers are placed a withdrawal for the rent amount of 1800. It will be considered as a loan, much cheaper at 2.7% compared to 19.8% by DBS cashline. Also I read DBS cashline minimum interest is $10.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[Purplestars]

Does anybody know what time in the day is used as cut off for calculation of interest for daily balance? I want to transfer from my DBS cashline to savings for just couple of days, to bridge the gap between my rent payment date and my salary date. This month salary delayed by 2 days and my rent is due tomorrow.

Sent from Xiaomi REDMI NOTE 4 using GAGT

Didn't follow Shiny Thing's emergency fund rule I guess?

Also a good reason why to skip buying bonds and go straight to high interest bank accounts instead

 

[OngHuatHuat]

You should learn how to make good use interactive brokers margin loan facility, very powerful and useful tool especially if you intend to hold stocks for very long time without any disruption to your cash flow.

I just went to interactive brokers are placed a withdrawal for the rent amount of 1800. It will be considered as a loan, much cheaper at 2.7% compared to 19.8% by DBS cashline. Also I read DBS cashline minimum interest is $10.

Sent from Xiaomi REDMI NOTE 4 using GAGT