Hello from Team OCBC

[Average]

Why did a normal ocbc savings acct allow overdraft?

i always thot it is not allowed and wont happen to me but i was shocked today. And the root cause was a fault, i suspect, in the earmarking mechanism.

Usually debit (visa) spendings will be earmarked from main balance to make the amt unavailable for withdrawal or transfer. but my last spending somehow lost the earmark after some days, i proceeded to remove my acct balance to another acct since i trust the system will earmark whatever funds required already.

When i found a negative acct balance today, i immediately topped it up. Now this incident is leaving me to worry about being slapped with a hefty overdraft fee by ocbc. There is no such fees yet but i fear it will come.

Conclusion: something wrong with the acct fund earmarkng system.

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[lufu]

does the 1.88% OCBC single premium using SRS takes in 10K (instead of 20K) minimum investment? wanted to use the excess 10K in SRS for 2016

 

[HWZ1973]

Dear OCBC for the 360 account, does the salary that comes in counts as fresh funds and we also get the incremental interest for it?

 

[OCBC Bank]

Dear OCBC for the 360 account, does the salary that comes in counts as fresh funds and we also get the incremental interest for it?

Hi HWZ1973,

Incremental bonus is based the daily average balance of the account. Your salary will count towards the balance.

Incremental account balance is the difference between current and previous month's account average daily balance.

To calculate the average daily balance for the month:
Total of daily balances in the month
*divide by*
Total number of days in the month

Example:

Daily Balance for the month of January

1 $ 3,000
2 $ 3,000
3 $ 3,000
4 $ 600
5 $ 3,200

Total $ 12,800

Average Balance : $12,800 / 5 = $2,560


Daily Balance for the month of February

1 $ 3,200
2 $ 3,000
3 $ 3,400
4 $ 4,000
5 $ 3,600

Total $ 17,200

Average Balance : $17,200 / 5 = $3,440


This bonus interest will be paid on incremental account balance of up to S$1,000,000.

In the example given above, bonus interest will be given on Average Balance of February - Average Balance of January = $3,440 - $2,560 = $880

Hope this clarifies.

^DG

 

[OCBC Bank]

does the 1.88% OCBC single premium using SRS takes in 10K (instead of 20K) minimum investment? wanted to use the excess 10K in SRS for 2016

Hi lufu,

The Single Premium Special 1.88% is a 5-year single premium non-participating endowment plan with a minimum premium of S$20,000.

Should you require more information, do leave us your contact on https://internet.ocbc.com/internet-banking/PublicOnlineForm/Form?FormId=OCBCInsuranceForm or call our insurance team at 6722 2293 - Operating hours are from 9am to 6pm, Monday to Friday (Excluding public holidays)

https://www.ocbc.com/personal-banking/insurance/campaign/singlepremiumspecial.html

^DG

 

[OCBC Bank]

Why did a normal ocbc savings acct allow overdraft?

i always thot it is not allowed and wont happen to me but i was shocked today. And the root cause was a fault, i suspect, in the earmarking mechanism.

Usually debit (visa) spendings will be earmarked from main balance to make the amt unavailable for withdrawal or transfer. but my last spending somehow lost the earmark after some days, i proceeded to remove my acct balance to another acct since i trust the system will earmark whatever funds required already.

When i found a negative acct balance today, i immediately topped it up. Now this incident is leaving me to worry about being slapped with a hefty overdraft fee by ocbc. There is no such fees yet but i fear it will come.

Conclusion: something wrong with the acct fund earmarkng system.

Sent from clementi toilet cubicle five using GAGT

Hi Average,

An account go can go into overdraft.

You might want to monitor your account for any untoward charges

If there is any in the beginning of the month, feel free to contact us here.

^DG

 

[omfss6]

Personal Account and Corporate Account

Hello OCBC

Glad to see you here, do you only answer enquiries pertaining to only personal banking or?

Thanks.

 

[OCBC Bank]

Hello OCBC

Glad to see you here, do you only answer enquiries pertaining to only personal banking or?

Thanks.

Hi omfss6,

Do you have questions pertaining to your corporate account?

If so, do drop us a PM with your query, and we will forward it to the relevant department.

^DG

 

[Trazora]

Hi Average,

An account go can go into overdraft.

You might want to monitor your account for any untoward charges

If there is any in the beginning of the month, feel free to contact us here.

^DG

The question was about debit card spending not untoward charges. Other banks don't allow transfers of the earmarked amount for debit card spending that has not been settled. It doesn't make sense for customers to manually track the debit card spendings and take this into consideration when making transfers.

 

[OCBC Bank]

The question was about debit card spending not untoward charges. Other banks don't allow transfers of the earmarked amount for debit card spending that has not been settled. It doesn't make sense for customers to manually track the debit card spendings and take this into consideration when making transfers.

Hi Trazora,

Thank you for sharing.

We would like to clarify that accounts may go into negative due to debit card transactions.

^DG

 

[zoossh]

I made 6 bill payment transactions in the month of Dec15 to qualify for the 360 3 transaction bonus.
However 2 of the transactions got rejected.
I would think that 6-2 = 4 successful transactions would still entitle me to the bonus.
However OCBC hotline informed me that as long as any of my transaction got rejected, my entire bonus is voided. How is that fair to the customer?
Why would a rejected transaction void our other transactions as well?

Take note of this guys.

In future, I will only make exactly 3 bill payments for ocbc and nothing else in case any get rejected and I lose my bonus. You guys should do the same, limit your monthly transactions in OCBC to 3.

that doesnt make sense to me. in fact, is that part of the tnc? if not in the tnc, they cannot do that and should honor their own tnc.

if they want to do that (still not a wise move), they can only do it after tnc amended and do that only for events occuring after the new tnc.

 

[Mecisteus]

The question was about debit card spending not untoward charges. Other banks don't allow transfers of the earmarked amount for debit card spending that has not been settled. It doesn't make sense for customers to manually track the debit card spendings and take this into consideration when making transfers.

This is something beyond our control. Different banks will have different policies.

A better way is to avoid doing funds transfer from your debit card account. This is a proactive as opposed to a reactive approach.

Of course if you are slapped with a fee, you can always request for a waiver.

 

[Yachtmaster]

The common trend of their way of handling "waiver request" is they will take ages to "review" and by the time they tell you "cannot" in a very polite manner, you dont really have much days left to "appeal" because the due date is near but then they will tell you they need more days to "review" your appeeal again and if you are able to receive the "final verdict" on time before due date is up, which the verdict is usually still "cannot", u basically STILL have to pay any fee slapped on you, and then u will realised how messed up the bank is. and then you may come this forum and complain and the "CSO" here will ask their call center to call you and still tell you in a very polite manner, cannot be waived. beware, fellow sinkies, of which banks to use.

 

[YoYoMa88]

Tricks of the business

 

[BlackCube]

Would like to check that if OTP will be sent while oversea doing online transaction?

 

[ceciltan]

The common trend of their way of handling "waiver request" is they will take ages to "review" and by the time they tell you "cannot" in a very polite manner, you dont really have much days left to "appeal" because the due date is near but then they will tell you they need more days to "review" your appeeal again and if you are able to receive the "final verdict" on time before due date is up, which the verdict is usually still "cannot", u basically STILL have to pay any fee slapped on you, and then u will realised how messed up the bank is. and then you may come this forum and complain and the "CSO" here will ask their call center to call you and still tell you in a very polite manner, cannot be waived. beware, fellow sinkies, of which banks to use.

Totally agreed. My issue with OCBC is it extremely hard to reach them on their call centre. Eventually I got in touch with their Facebook team, made 2 arrangement for them to call me at an agreed time, fail to call at all, then decide to call me on a day which i am working with no access to my handphone and drop me a very "polite" msg inferred me being the issue because they call and I did not pick up.

I had cancel my credit cards with them, one with an ongoing instalment plan on it. I double confirm with the CSO that no cancellation fee would be charged and if they try to last min slot in any extra fee, they going to get it from me big time. I had recorded down the date and time of that conversation but pity I din get the CSO name.

I will be cancelling my saving account with them too and vow never again to have anything to do with OCBC ever again.

 

[ceciltan]

Could I have the contact number for ocbc beside the hotline 18003633333?
No-one pick up the call and I have urgent matter to contact the back regarding suspicion transaction using my online banking today.
Since morning till now, even the phone banking system requests me to leave the phone number and promised to call me back within 6 hours.
Still no-one call and respond me.

Lol so I am not alone on this. Seriously, after reading through posts on this thread. I absolutely convinced I made the right decision to end all banking relationship with OCBC. Can't believe it had degenerated to such level.

 

[Mecisteus]

Their call centre is really that bad? Long time I have not called them. The last time I tried to call them was to request waiver for my Robinson card. It was not successful so I have to terminate. No big loss for me. But I'm still using their 360 account. I got no choice but to suck it up because it is a good account.

 

[ceciltan]

Their call centre is really that bad? Long time I have not called them. The last time I tried to call them was to request waiver for my Robinson card. It was not successful so I have to terminate. No big loss for me. But I'm still using their 360 account. I got no choice but to suck it up because it is a good account.

It horrordous actually. Either they severely lack of staffs or customer service is no longer their top priority anymore. Imagine you got an issue, you call their hotline but you know no one will answer it, you try other way to get in touch like this forum or Facebook. They ask you for your contact and promise to call which they never did call or call at a wrong time.

I always wondered if someone were to lose their credit card and unable to get in touch with their call centre to report loss. Who will be responsible for any fraudulent transaction? No one in OCBC dare to give me an answer.

If you only have saving account with them, I guess you still probably fine. Just dun have any service with them that would cause you to need to contact their call centre and you will be fine.

 

[Steyr69]

Terrible....no one pick up call !!!! I will never get ocbc card anymore!!

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