ocbc 360 account

[vgirlhwz]

ocbc360 is not for you,

just like priority banking is not for me.

Errm, already got it in Feb. But not happy they reduce rates, and of course the salary credit.

 

[vgirlhwz]

why 2000 salary then qualify, not 500.
why pay 3 bills, 2 bills cannot meh
when must spend 500, i spend 350, i also want
why must buy your insurance 2000 a month, i buy SAF insurance, why i cannot get
why must top up then can get extra interest, i no money to top up, how

Another strawman argument, logical fallacy.

 

[vgirlhwz]

yea agree totally, but what to do. Initially i thought i m the only one who find youth olympics and SEA games stupid ..totally bochup



even if you revise the salary bonus interest to those who earn $500 -$2k e.g. retirees, students with 60k etc, this group of ppl will not be able to get credit card approval since income falls below $25k annual limit, so they wont be able to get the additional 0.5%/0.5% from 3 cc bill payment & $500 cc spend. In this case they might as well go for standchart esavers which offers 1.45% right? To me they are not losing out

Somemore from ocbc perspective, why will they want to spend resources attracting this gp of ppl who cant bring in recurring new deposits, pay 3 CC bills, or chalk up large CC spend, esp. when they can be adequately served by a competitor bank?

wealth banking is the crown jewel driving growth for all e banks now, ocbc is just trying to target the millennials and grow with them in the long term, nothing wrong with the approach

those gps u mention with 60k and low income can easily switch to scb esavers

What makes you think that retirees and even students, won't be able to fulfill the 3 bill pay? Everyone pays bills - as long as you have phone and cable and wifi, you will already pay at least 2 bills (for eg, for starhub, broadband and cable tv are bundled into one; phone is separate). And then of course there's your utility bills - you mean just because one is a retiree, one don't need to pay utilities? Who gives it to you free? The ones with the stratosphere salaries? Hell would freeze over before that happens, right?

As for credit cards, many retirees have got them from their previous working life, and these banks work hard to keep them. And even if not, just a fixed deposit can get them a credit card. Students too.

And you wrote: "...wealth banking is the crown jewel driving growth for all e banks now, ocbc is just trying to target the millennials and grow with them in the long term, nothing wrong with the approach..." - definitely nothing wrong with that. But as I have mentioned in the earlier posts above (the blue fonts- I don't think you want me to cut and paste again), young adults just starting out from work may not hit $2,000 yet. Also, with more of even the young entry-level workers (your millennials), it may be contract work, or even hourly-based and at times they may not hit $2,000.

So surely, if cpf can siphon off 20% from as little as $500/month, that surely should be the criteria, right? To OCBC - what say you, OCBC, to this suggestion? You've been mighty quiet so far....


"...wealth banking is the crown jewel driving growth for all e banks now, ocbc is just trying to target the millennials and grow with them in the long term, nothing wrong with the approach..."

And arctician, ocbc 360 is hardly wealth banking. Not when, for a few percentage, people are inconveniencing themselves by shifting their $$ to one bank from another each just to game the system for 1% more. Real wealth banking clients don't have time to do that.

 

[mikezuper]

Another strawman argument, logical fallacy.

I dont think so.

Why stop at $2000? Why not lower?

How much do you think it should be and why?

 

[vgirlhwz]

For those who have just joined in, welcome.

The allegation is "By imposing a minimum $2k/month salary, OCBC appears to have discriminated against a group of people who fail to meet this mark, thereby depriving these people the benefit of a Bonus Interest under the OCBC 360 Account".

So, should OCBC lower the threshold? Will $1900/month do? Will it appease those earning $1800/month? Will there be another displeasure from those earning $800/month? Does OCBC owe a duty to delight each and everyone?

Nope, I didn't say that - your 2nd paragraph. If you see my posts above, I said that the criteria should be from $500/mth salary since after all, the moment you earn $500/mth, cpf will take 20% from you. That's their benchmark. So why should the salary credit criteria be $2,000 and not $500?

 

[vgirlhwz]

I dont think so.

Why stop at $2000? Why not lower?

How much do you think it should be and why?

I already said above - it should be $500/mth since cpf is very eager to take 20% from people, the moment they earn at least $500/mth.

 

[mikezuper]

I already said above - it should be $500/mth since cpf is very eager to take 20% from people, the moment they earn at least $500/mth.

Why does it got to do with cpf?

They are not the same entity.

 

[edwinttt1978]

Nope, I didn't say that - your 2nd paragraph. If you see my posts above, I said that the criteria should be from $500/mth salary since after all, the moment you earn $500/mth, cpf will take 20% from you. That's their benchmark. So why should the salary credit criteria be $2,000 and not $500?

$500/month to attract CPF contribution is a misconception.

Under CPF Regulations, your employer is required to pay both the employer’s and employee’s share of CPF contributions every month if you earn more than $50/month. He/she is entitled to recover the employee’s share from your wages.
https://mycpf.cpf.gov.sg/members/schemes/schemes/other-matters/cpf-contribution-for-employees

So, the salary credit criterion should now be $50/month, since this is the benchmark required by law for CPF contribution. How about those earning $49/month? Can they cry foul too?

 

[arctician]

And arctician, ocbc 360 is hardly wealth banking. Not when, for a few percentage, people are inconveniencing themselves by shifting their $$ to one bank from another each just to game the system for 1% more. Real wealth banking clients don't have time to do that.

end of day ocbc just wan to target 80% of e pyramid which consist of 3 tiers i.e. highly affluent, mass affluent and average joe. if the current structure is profitable and serve e mass affluent well, why is there to complicate the structure? you must remember ocbc is a private entity with P&L and shareholder accountability

u can argue that e elderly and youths are marginalized..and we should not let them fall through the cracks etc..but well the world is never fair lah..n seriously 2k salary is not high in todays standards

you might as well argue why we cant lower the salary prerequisite for credit cards..coz they are losing out on free luggage, cashback, RWS vouchers, tablets, air asia vouchers

 

[vgirlhwz]

$500/month to attract CPF contribution is a misconception.

Under CPF Regulations, your employer is required to pay both the employer’s and employee’s share of CPF contributions every month if you earn more than $50/month. He/she is entitled to recover the employee’s share from your wages.
https://mycpf.cpf.gov.sg/members/schemes/schemes/other-matters/cpf-contribution-for-employees

So, the salary credit criterion should now be $50/month, since this is the benchmark required by law for CPF contribution. How about those earning $49/month? Can they cry foul too?

I'm talking about the employee contribution. It starts at $500/mth. 20%.

 

[wts2013]

Errm, already got it in Feb. But not happy they reduce rates, and of course the salary credit.

U are willing to be suck by ocbc in Feb knowing u dun qualify for salary credit, now u make noise cos they reduce the rates, begging them to give u higher interest rates.

Hahaha, it is OCBC's business strategy to include only customers with at least 2k salary into their OCBC360 customer base.

We the rich and smart will move our money to UOB to get at least 2.43% to make our money work harder but u are here trying to fight a losing battle, for what, your money is not working for u but OCBC, hahaha

 

[OCBC Bank]

Hi Shereen,

Thanks for the clarification but you got me lost here.

Why the 0.55% / 0.05% ?
Why not 0.55% X 30 days X $3,000 ?

I can't see how the assumption that the bonus interest is calculated based on the whole account balance is wrong, you mean not all $3000 enjoy the bonus interest? If so, could you point me the liner for this?

http://www.ocbc.com.sg/personal-banking/Accounts/higher-interest-deposit-bonus-plus.html

I believe most of us would be doing the calculation as what I did (0.05% x 30days x $3000) + (0.55% x 30days x$3000) based on the above info.

Edit: nvm, Squaredot from the other thread had a clear explanation already.

Hi there Sodium99

We're sorry we took so long to reply.

The bonus interest is calculated as a multiplier of the base interest. That is why 0.55% / 0.05% = 11, therefore 11 times of the base interest.

Any base interest not credited into the account this month will be brought forward to the next month and added to next month’s base interest.

^Shereen

 

[mikezuper]

I'm talking about the employee contribution. It starts at $500/mth. 20%.

You just dont want to give up, do you?

Why do you insist on $500 in which there is no basis at all for OCBC to set at that level?

Some people really just want to win every argument, even on internet despite everyone already pointing 1001 logical reasons that it should not be the case.

You can continue, I am out ...

 

[hyperbole]

You just dont want to give up, do you?

Why do you insist on $500 in which there is no basis at all for OCBC to set at that level?

Some people really just want to win every argument, even on internet despite everyone already pointing 1001 logical reasons that it should not be the case.

You can continue, I am out ...

Lol even if she wins the argument, OCBC still won't revise their conditions.

No need to reply la.

 

[dork32]

Nope, I didn't say that - your 2nd paragraph. If you see my posts above, I said that the criteria should be from $500/mth salary since after all, the moment you earn $500/mth, cpf will take 20% from you. That's their benchmark. So why should the salary credit criteria be $2,000 and not $500?

why dont you ask why cpf only take from you when your salary hit 500? why not 800 or 300. which scholar from mas came up with this 500?

there is no end to this sort of argument. everyone will have their reasons for setting those numbers. they do not have to show everyone the calculation.

your argument is total crap.

 

[hyperbole]

Actually, the magic number is 750. From 50 to below 750 range, you pay less than 20% to CPF.

Not that this is relevant at all. Don't understand why we're even talking about CPF. OCBC is not CPF

 

[wts2013]

no need to continue with him/her, the min 2k salary requirement is related to cc application requirement, he/she just dun understand or believe, he/she is just gp, phd liao, hahaha

 

[arctician]

i think she is a girl based on her nick

 

[OCBC Bank]

Hi OCBC, can you give me some insights into why is the salary credit only for $2,000 and above? I've also noticed that other banks with similar products also have a salary credit limit of $2,000. I'm wondering if that is some kind of a stipulation by MAS. So, what is the implications, I wonder, about people who earn less than $2,000 a month. Do you mean we don't deserve to participate in anything or get any good deals? Is it a matter of 'you die, is your own business.'?

Please OCBC, do enlighten us about whether that magical number ($2,000) came from MAS.

Hi vgirlhwz

Thank you for your query. This is purely a business decision to offer the bonus interest to income earners of S$2,000p.m. & above. Different financial institutions will offer different kinds of products & services, and this is one of the products we offer to differentiate ourselves

^Shereen

 

[edwinttt1978]

In order to close the chapter, may we invite OCBC to say a few words, such as
"Thank you for your feedback. We take all feedback seriously. We will review the suggested $500/month credit salary."