ocbc 360 account

W

w1rbelw1nd

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Hope that some of the forummers think from ocbc perspective... They are giving A LOT of interest (probably more than the weighted average returns of their loans/compulsory cash holdings) to nurture a group of customers that will gradually use largely ocbc for banking services.

Ocbc is burning cash to capture a potentially profitable group of customers.

Yea, some of you might think that you should be able to get e additional interest as well, but ocbc may not want/be able to cater to you because

1. They deem that you are not a profitable customer as you do not meet the profile

2. Administratively hard to individually give you the extra interest (eg those pple with no "SAL" in their salary payment)

So ocbc may miss out on capturing certain profitable customers and by choice not serve certain customers... So what? I am sure they did their trade off analysis and come to a reasonable decision.

End of the day we are not entitled to the higher interest unless we hit e criteria... Period.
 
mikezuper

mikezuper

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w1rbelw1nd said:
Hope that some of the forummers think from ocbc perspective... They are giving A LOT of interest (probably more than the weighted average returns of their loans/compulsory cash holdings) to nurture a group of customers that will gradually use largely ocbc for banking services.

Ocbc is burning cash to capture a potentially profitable group of customers.

Yea, some of you might think that you should be able to get e additional interest as well, but ocbc may not want/be able to cater to you because

1. They deem that you are not a profitable customer as you do not meet the profile

2. Administratively hard to individually give you the extra interest (eg those pple with no "SAL" in their salary payment)

So ocbc may miss out on capturing certain profitable customers and by choice not serve certain customers... So what? I am sure they did their trade off analysis and come to a reasonable decision.

End of the day we are not entitled to the higher interest unless we hit e criteria... Period.
Click to expand...
Some people think their view is the best-est and OCBC should heed it, if not --> Full ranting and whining in full force mode!
 
D

dork32

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w1rbelw1nd said:
Hope that some of the forummers think from ocbc perspective... They are giving A LOT of interest (probably more than the weighted average returns of their loans/compulsory cash holdings) to nurture a group of customers that will gradually use largely ocbc for banking services.

Ocbc is burning cash to capture a potentially profitable group of customers.

Yea, some of you might think that you should be able to get e additional interest as well, but ocbc may not want/be able to cater to you because

1. They deem that you are not a profitable customer as you do not meet the profile

2. Administratively hard to individually give you the extra interest (eg those pple with no "SAL" in their salary payment)

So ocbc may miss out on capturing certain profitable customers and by choice not serve certain customers... So what? I am sure they did their trade off analysis and come to a reasonable decision.

End of the day we are not entitled to the higher interest unless we hit e criteria... Period.
Click to expand...

what you say is absolutely correct.

some people feel that they are the center of the universe. everything must revolve round them. every thing must suit their needs.
 
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Gerrard

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Comparing between OCBC 360 & UOB 1:

I generally do not fulfill the $500 monthly credit card spending, then it would be better to stay with the 360 account?

I checked out the T&C for the 1 account and it seems that meeting the credit card spending is the main way to get the interest.

Thanks for the advise.
 
W

wts2013

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Gerrard said:
Comparing between OCBC 360 & UOB 1:

I generally do not fulfill the $500 monthly credit card spending, then it would be better to stay with the 360 account?

I checked out the T&C for the 1 account and it seems that meeting the credit card spending is the main way to get the interest.

Thanks for the advise.
Click to expand...

Without salary, I get 1.05%, without cc spend, u only get 0.55%, worth meh? Both a/c not suitable for u then, better to put in scb esaver 1.4%. But if u have salary, stay with ocbc360, hahaha

At 1.05% not worth for me, I moved to UOB1, hahaha, then play for 2.05%, hahaha
 
Last edited:
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Gerrard

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wts2013 said:
Without salary, I get 1.05%, without cc spend, u only get 0.55%, worth meh? Both a/c not suitable for u then, better to put in scb esaver 1.4%. But if u have salary, stay with ocbc360, hahaha

At 1.05% not worth for me, I moved to UOB1, hahaha, then play for 2.05%, hahaha
Click to expand...
Hi,

Thanks for the reply.
Yes, I can get bonus for salary credit. Sorry did not make that clear in my original post.

So I suppose it is better to stay with 360 then.

Sent from OnePlus A0001 using GAGT
 
I

IamBeeP

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Gerrard said:
Hi,

Thanks for the reply.
Yes, I can get bonus for salary credit. Sorry did not make that clear in my original post.

So I suppose it is better to stay with 360 then.

Sent from OnePlus A0001 using GAGT
Click to expand...

I used to have the same thought as you initially, wondered how to hit the minimum cc spending. However, once I try to use cc whenever possible, my minimum cc spending easily hit $700 monthly. More n more merchants accepting pay wave and flash pay, plus accepting cc without minimum purchase. I even charged $1 at Shen siong using pay wave to convince one of my friend.

In addition, I'm a 4d n toto punter as well. Using flash pay to buy!!
Ha ha!!
Just sharing only. 😁
Please don't flame me.

A bit of changing in my paying method helps me gain the extra 1% that now had changed to 0.5% 😪

Nevertheless, give a try. Hope it helps.

PS: underage ignore Singaporepools statement.
 
W

Wingust

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Hi to all,

I jus signed up for the 360 acct with 365 credit card.

I'm planning on getting the 0.5% + 0.5% in this manner assuming I hit the min spending on the 365.

1) SAF aviva insurance
2) 365 cc bill
3) starhub bill - pay $10 online and the rest via 365.

Is this plan feasible?

Thanks.
 
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thesoftwarekid

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Take note that Sunday deposits are not recorded but dated on following monday

I just opened a OCBC 360 account on a Sunday last month. I had deposit the money via the cash deposit and FAST transfer on the same day. After receiving my bonus interest for May, I realized that the interest was short by a bit. After checking then I realized that the number of days was short by one as mentioned above.
As my bank statement was reflected correctly, I do not understand why OCBC chose to use the wrong date to compute our interest, if the date reflected in our statement was used instead, the amount would be correct, however after getting the manager to call me, they have NO intention to look into the matter and kept on explaining to me the system transaction date was used and its correct. It is wrong and they do not want to look into it. The amount on Sunday will be based on Saturday end of day instead.
The manager couldn't understand what was my complain also and kept on repeating my calculations. Wasted my time for dinner. I had highlighted it is the deposit on Sundays are not reflected and I would expect some time to be taken to look into it. Totally no effort at all.

With this, if the last day of the month falls on a Sunday, your deposit on that day will contribute only to the following month and not on the month itself.


Please take note, do not do any deposit or transfer into your OCBC bank account on Sundays. Those looking into shuffling money between UOB and OCBC can try transfering money on Sunday to UOB from OCBC and transfering back the money on Monday, based on their logic, your end of day balance will not be affected, that is UOB take Sunday deposits into consideration.

Anyway I did not lose out a lot of interest, but when I opened the account, the staff could have highlighted and it was not communicated anywhere at all. Thats why I am so upset. Even if the manager say they will add in the terms and conditions, I think its fair even. Not even that. I will still continue to use OCBC 360, but my initial high expectation for customer service for OCBC has to be reevaluated.

This is taken from the terms and Terms & Conditions - Deposit Accounts

"Business Day" means any day on which banks in Singapore and (if applicable) the country of the currency of the deposits are opened for business other than Saturdays, Sundays, and gazetted public holidays.

I was told that deposits and transfer on Saturdays are valid, hence the above are close to but not applicable to this case.
 
arctician

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thesoftwarekid said:
I just opened a OCBC 360 account on a Sunday last month. I had deposit the money via the cash deposit and FAST transfer on the same day. After receiving my bonus interest for May, I realized that the interest was short by a bit. After checking then I realized that the number of days was short by one as mentioned above.
As my bank statement was reflected correctly, I do not understand why OCBC chose to use the wrong date to compute our interest, if the date reflected in our statement was used instead, the amount would be correct, however after getting the manager to call me, they have NO intention to look into the matter and kept on explaining to me the system transaction date was used and its correct. It is wrong and they do not want to look into it. The amount on Sunday will be based on Saturday end of day instead.
The manager couldn't understand what was my complain also and kept on repeating my calculations. Wasted my time for dinner. I had highlighted it is the deposit on Sundays are not reflected and I would expect some time to be taken to look into it. Totally no effort at all.

With this, if the last day of the month falls on a Sunday, your deposit on that day will contribute only to the following month and not on the month itself.


Please take note, do not do any deposit or transfer into your OCBC bank account on Sundays. Those looking into shuffling money between UOB and OCBC can try transfering money on Sunday to UOB from OCBC and transfering back the money on Monday, based on their logic, your end of day balance will not be affected, that is UOB take Sunday deposits into consideration.

Anyway I did not lose out a lot of interest, but when I opened the account, the staff could have highlighted and it was not communicated anywhere at all. Thats why I am so upset. Even if the manager say they will add in the terms and conditions, I think its fair even. Not even that. I will still continue to use OCBC 360, but my initial high expectation for customer service for OCBC has to be reevaluated.

This is taken from the terms and Terms & Conditions - Deposit Accounts

"Business Day" means any day on which banks in Singapore and (if applicable) the country of the currency of the deposits are opened for business other than Saturdays, Sundays, and gazetted public holidays.

I was told that deposits and transfer on Saturdays are valid, hence the above are close to but not applicable to this case.
Click to expand...

not sure how much interest u lost..if its just a few dollars or cent..suggest u to give n take

unless you have a few million are daily interest >$50..otherwise call CSO also waste time
 
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