Hello from Team OCBC

[Calthron]

OCBC, I made SRS contribution on 29 Dec, transferred from OCBC 360 to OCBC SRS. It was successful. But the deduction only show up today. And my SRS 2019 shows the available amount left for contribution is 0. Does that mean the transfer was effective for 2019 relief, not 2018? Does that mean I can't make SRS contribution this year?
This looks a bit screwed up because in previous years, I also make transfer around 28 or 29 Dec but no such issue.

 

[linusz]

OCBC, I made SRS contribution on 29 Dec, transferred from OCBC 360 to OCBC SRS. It was successful. But the deduction only show up today. And my SRS 2019 shows the available amount left for contribution is 0. Does that mean the transfer was effective for 2019 relief, not 2018? Does that mean I can't make SRS contribution this year?
This looks a bit screwed up because in previous years, I also make transfer around 28 or 29 Dec but no such issue.

OCBC - i have the same problem as well. It was topped up before 2019; but now 2019 shows $0 available for top-up.

please clarify.

 

[OCBC Bank]

It's at srs contribution link. I am sure the business and it teams can find it to give clearer explanation.

2.Â*If your request is submitted before 12:00 AM on the last business day of the year (on or before 31st December), your SRS Contribution will be made that same year.

Posted from PCWX using ALP-L29

Hi linusz,

May we clarify that this is the message shown on Internet Banking?

If your request is submitted before 12:00 AM on the last business day of the year (on or before 31st December), your SRS Contribution will be made that same year.

If so, this statement is correct.

^DG

 

[OCBC Bank]

OCBC - i have the same problem as well. It was topped up before 2019; but now 2019 shows $0 available for top-up.

please clarify.

OCBC, I made SRS contribution on 29 Dec, transferred from OCBC 360 to OCBC SRS. It was successful. But the deduction only show up today. And my SRS 2019 shows the available amount left for contribution is 0. Does that mean the transfer was effective for 2019 relief, not 2018? Does that mean I can't make SRS contribution this year?
This looks a bit screwed up because in previous years, I also make transfer around 28 or 29 Dec but no such issue.

Hi both,

Please be assured that contributions made via OCBC's Internet Banking by 23:59 on 31 December 2018 will be counted towards 2018 tax relief.

Every year, mass updating of customer SRS contribution cap will be completed by mid January of the calendar year. Before completing the mass updating of the contribution cap, customer won't be able to do SRS contribution via Internet Banking.

If customer wish to do SRS contribution before completion of the mass update, they can:

- Visit branch to do the contribution
- Call the hotline 1800 363 3333 to put in the request

^DG

 

[linusz]

Noted on your confirmation that below will be considered as part of 2018 SRS contribution.

Not to be pedantic, but "...by 23:59 on 31 December 2018..." is much clearer than below message in internet banking.

If you read the underlined as-is, it could mean
(a) before 12 AM on 31st Dec isn't eligible; and
(b) how would a non-business day for 31st Dec matter for online top-up as per IRAS tax rebate eligibility for SRS?

In fact, I called OCBC before this and the CSR gave the response i.e. 31st Dec top-up would not be considered for 2018, as per the ambiguous messaging. She mentioned she will do a call back after confirmation.

"...If your request is submitted before 12:00 AM on the last business day of the year (on or before 31st December), your SRS Contribution will be made that same year..."

Hi both,

Please be assured that contributions made via OCBC's Internet Banking by 23:59 on 31 December 2018 will be counted towards 2018 tax relief.

Every year, mass updating of customer SRS contribution cap will be completed by mid January of the calendar year. Before completing the mass updating of the contribution cap, customer won't be able to do SRS contribution via Internet Banking.

If customer wish to do SRS contribution before completion of the mass update, they can:

- Visit branch to do the contribution
- Call the hotline 1800 363 3333 to put in the request

^DG

 

[OCBC Bank]

Hi OCBC,
I did a FAST transfer from UOB to OCBC savings acct on 12 Dec.
Since it's a FAST transfer, I saw it credited in my acct instantly. I then proceeded to transfer to my own OCBC360 acct.
I got a big shock when I was slapped with an OD interest charge and another service charge of $2 on 31 Dec.
I went to your branch at Nex today for an explanation. An officer told me that the amount from UOB was actually credited on 13 Dec and my internal transfer was done on 12 Dec, resulting in negative balance on 12 Dec!!!

I logon to UOB and confirmed again my transfer on 12 Dec was indeed coded "Funds Trf - FAST" and so it should be credited almost instantly to OCBC and I verified that it was the case, otherwise I won't be able to do internal fund transfer in OCBC on that day.

My questions:
1. Why was I allowed to transfer an amount that was not yet available and only to be credited on the next day? The bank should at least block this with an error "Insufficient amount in your account" on 12 Dec rather than allowing this to go through unless the bank was setting up a "trap" here to catch ill-informed users.
2. If the "fault" lies with UOB who did a FAST transfer on 12 Dec but only credited the money on 13 Dec, then this should not be considered a FAST in the first place, right? The officer mentioned something about the ledger balance, but I thought this will come into play when you're talking about cheque deposits or earmarked amounts, but not FAST transfers for which both ledger and available balance should be the same?

Thanks

Hi ku1234,

Could you drop us a private message with your contact details? We would like to check on this, and will arrange for a call to you.

^DG

 

[OCBC Bank]

Follow. I have been noticing this as well. Even with cash deposit at the ATM first, then fast out.

In my statement it always shows the withdrawal first before my fast transfer. This is regardless if I had deposited the cash first before initating the fast transfer.


I do hope to see an honest reply on this matter.

Hi there,

Could you drop us a PM with your contact details? We will arrange for our service executive to look into your account and advise.

^DG

 

[OCBC Bank]

Noted on your confirmation that below will be considered as part of 2018 SRS contribution.

Not to be pedantic, but "...by 23:59 on 31 December 2018..." is much clearer than below message in internet banking.

If you read the underlined as-is, it could mean
(a) before 12 AM on 31st Dec isn't eligible; and
(b) how would a non-business day for 31st Dec matter for online top-up as per IRAS tax rebate eligibility for SRS?

In fact, I called OCBC before this and the CSR gave the response i.e. 31st Dec top-up would not be considered for 2018, as per the ambiguous messaging. She mentioned she will do a call back after confirmation.

"...If your request is submitted before 12:00 AM on the last business day of the year (on or before 31st December), your SRS Contribution will be made that same year..."

Hi linusz,

Thank for the feedback.
We will share your comment with the relevant department for their review and consideration.

^DG

 

[$ingaporean]

Hi OCBC, I just to feedback about your 'financial planners'.

At least a decade ago, your financial planners try to sell me lousy products aggressively. Thankfully I didn't bite. From then on, I have really bad impression about fp generally.

Recently, I try to find out more about certain single premium products and your financial planner insist to sell me similar regular premium product. When I insisted to see the b.i. of the single premium product only, they insist I see the regular premium ones and keep discrediting the single premium ones.

In the end, I just walk away. Later I understand that regular premium product provide more commission compared to single premium product.

Between the two time frame, OCBC fp are still as unprofessional in their conduct.

 

[Calthron]

Thanks OCBC, hopefully it will be updated by mid Jan as per mentioned. But this is something that OCBC shd look at in improving to prevent confusion .in future.

Hi both,

Please be assured that contributions made via OCBC's Internet Banking by 23:59 on 31 December 2018 will be counted towards 2018 tax relief.

Every year, mass updating of customer SRS contribution cap will be completed by mid January of the calendar year. Before completing the mass updating of the contribution cap, customer won't be able to do SRS contribution via Internet Banking.

If customer wish to do SRS contribution before completion of the mass update, they can:

- Visit branch to do the contribution
- Call the hotline 1800 363 3333 to put in the request

^DG

 

[OCBC Bank]

Thanks OCBC, hopefully it will be updated by mid Jan as per mentioned. But this is something that OCBC shd look at in improving to prevent confusion .in future.

Hi Calthron,

We have shared your feedback with the relevant department.

^DG

 

[OCBC Bank]

Hi OCBC, I just to feedback about your 'financial planners'.

At least a decade ago, your financial planners try to sell me lousy products aggressively. Thankfully I didn't bite. From then on, I have really bad impression about fp generally.

Recently, I try to find out more about certain single premium products and your financial planner insist to sell me similar regular premium product. When I insisted to see the b.i. of the single premium product only, they insist I see the regular premium ones and keep discrediting the single premium ones.

In the end, I just walk away. Later I understand that regular premium product provide more commission compared to single premium product.

Between the two time frame, OCBC fp are still as unprofessional in their conduct.

Hi,

We are sorry to learn of your experience with our financial consultant, and would like to look into the matter.

Could you drop us a PM with more details - name of financial consultant, branch you visited?

Thank you.

^DG

 

[akwl88]

Hello OCBC,

How do you deal with unauthorized transaction of debit card?

My friend had an unauthorized transaction, called in to enquire and the customer service say to wait 3 months for investigation.

Now after 3 months, call again and yet nothing is done.

Does OCBC anyhow post unauthorized transactions and deduct people's money?

 

[OCBC Bank]

Hello OCBC,

How do you deal with unauthorized transaction of debit card?

My friend had an unauthorized transaction, called in to enquire and the customer service say to wait 3 months for investigation.

Now after 3 months, call again and yet nothing is done.

Does OCBC anyhow post unauthorized transactions and deduct people's money?

Hi there,

Dispute investigation may take up to 12 weeks.
We are sorry if it has past 12 weeks, and your friend have not got an outcome from the relevant department.

Could you inform your friend to get in touch with us personally? We would like to look into the issue.

^DG

 

[akwl88]

Hi there,

Dispute investigation may take up to 12 weeks.
We are sorry if it has past 12 weeks, and your friend have not got an outcome from the relevant department.

Could you inform your friend to get in touch with us personally? We would like to look into the issue.

^DG

Already call the hotline again today, was told to wait another 12 weeks???

The customer service guy also said even if go down to OCBC branch, they also cannot do anything.

1 unauthorized transaction need 24 weeks (6 months) to investigate???

Kindly leave your direct line so my friend can contact you directly.

Thank you.

 

[OCBC Bank]

Already call the hotline again today, was told to wait another 12 weeks???

The customer service guy also said even if go down to OCBC branch, they also cannot do anything.

1 unauthorized transaction need 24 weeks (6 months) to investigate???

Kindly leave your direct line so my friend can contact you directly.

Thank you.

Hi akwl88,

Apart from our hotline (1800 363 3333), we do not have a direct line that your friend will be able to call.

Could you get your friend's permission for us to call, and drop us a PM with his/her bank registered contact number?

Alternatively, your friend could also drop us a message on Twitter (@OCBCBank) or Facebook (https://www.facebook.com/OCBC.Singapore/) if he/she has an account.

^DG

 

[lo3xlo2x]

Follow. I have been noticing this as well. Even with cash deposit at the ATM first, then fast out.

In my statement it always shows the withdrawal first before my fast transfer. This is regardless if I had deposited the cash first before initating the fast transfer.


I do hope to see an honest reply on this matter.

Still no call from OCBC. Even though i was promised to get one by yesterday.

 

[doremi_]

Hi,

I purchased some products online and yet the goods are not delivered but amount already deducted from my debit card. I've emailed the merchant but no reply at all.

Will OCBC be able to do anything about this case? How to deal with situation like this?

 

[OCBC Bank]

Still no call from OCBC. Even though i was promised to get one by yesterday.

We're terribly sorry for the delay.

Did you receive any calls over the weekend?

^Sh

 

[OCBC Bank]

Hi,

I purchased some products online and yet the goods are not delivered but amount already deducted from my debit card. I've emailed the merchant but no reply at all.

Will OCBC be able to do anything about this case? How to deal with situation like this?

Hello doremi_

If you have proof that you've tried communicating with the merchant, we can try to lodge a dispute for you

Feel free to call in to our hotline, explain the situation to our colleagues & they'll assist you accordingly

^Sh