ocbc 360 account

[OCBC Bank]

OCBC, what happens if my credit card bill is done by giro but happens to be processed late? Will be penalized? Take effect from 1 June

Hi Emospence,

You will be charged a late fee, if payment for your credit card is not received and processed by the due date.

Should you have any further questions, do drop us a PM.

Thank you.

^DG

 

[Trazora]

Hi Emospence,

You will be charged a late fee, if payment for your credit card is not received and processed by the due date.

Should you have any further questions, do drop us a PM.

Thank you.

^DG

Sorry. Not sure if you are reading the query correctly but if it is by GIRO it is beyond the card member means to control when the payment is made. Quite unthinkable that late fee will be charged. Thought the purpose of GIRO payment is to make payment hassle free and ensure payment is on time? Usually when would GIRO payment be triggered?

 

[OCBC Bank]

Sorry. Not sure if you are reading the query correctly but if it is by GIRO it is beyond the card member means to control when the payment is made. Quite unthinkable that late fee will be charged. Thought the purpose of GIRO payment is to make payment hassle free and ensure payment is on time? Usually when would GIRO payment be triggered?

Hi Trazora,

GIRO deductions will be made on the due date. If the due date happens to be on a public holiday or Sunday, deductions will be done one day before.

Applications normally will take around 14 working days for the GIRO creation and approval, but there are times where some of the banks might take slightly longer.

Customers may wish to opt for an alternative mode of payment first, if their GIRO application is not approved before the due date.

^DG

 

[Trazora]

Hi Trazora,

GIRO deductions will be made on the due date. If the due date happens to be on a public holiday or Sunday, deductions will be done one day before.

Applications normally will take around 14 working days for the GIRO creation and approval, but there are times where some of the banks might take slightly longer.

Customers may wish to opt for an alternative mode of payment first, if their GIRO application is not approved before the due date.

^DG

Thank you. Anyway the crux of emospence's query is given that giro deduction is made on due date (or a day before sunday or public holiday) and somehow if there is a delay in the processing of the payment, would there be any penalty. There was also an assumption made that processing takes 3 days, which I understand to be not true.

In short, so long the GIRO arrangement is up and running there should not be any delay in processing, leading to late payment or late fee. Payment will be credited to card on the day that GIRO deduction is made.

 

[T H I N K]

OCBC, what happens if my credit card bill is done by giro but happens to be processed late? Will be penalized? Take effect from 1 June

Your question is not clearly written.

Are u asking: if u just applied for giro payment of cc and giro will only effective from 1 June, but your cc bill already due before 1 June and u did not pay yet, will u be penalised for late payment?

If above is your question, then OCBC already answered, ie u are supposed to make payment first by other means until giro is effective after 1 June. Otherwise, u will be penalised.

If giro is approved and effective after 1 June, and somehow the bank did not process it on time due to system/other problems, u should not be penalised. It happened to me, just need to call the bank to report the problem and they waived the charges. Discuss with the bank how to rectify such situations accordingly.

 

[zoossh]

To be fair, ocbc 14 days to process giro application is pretty fast. Uob takes 6-10 weeks from application to giro deduction, even for its own cards.

Also ocbc online platform is the best.

 

[Emospence]

Your question is not clearly written.

Are u asking: if u just applied for giro payment of cc and giro will only effective from 1 June, but your cc bill already due before 1 June and u did not pay yet, will u be penalised for late payment?

If above is your question, then OCBC already answered, ie u are supposed to make payment first by other means until giro is effective after 1 June. Otherwise, u will be penalised.

If giro is approved and effective after 1 June, and somehow the bank did not process it on time due to system/other problems, u should not be penalised. It happened to me, just need to call the bank to report the problem and they waived the charges. Discuss with the bank how to rectify such situations accordingly.

Pm-ing OCBC liao

Giro effective after 1 June, I'm speaking of cc bill due on 24 June

Why do we even need to call though? Shouldn't such problems be foreseen and as long as you pay via giro and your bank has sufficient funds shouldn't get late charge at all?

 

[IamBeeP]

Pm-ing OCBC liao

Giro effective after 1 June, I'm speaking of cc bill due on 24 June

Why do we even need to call though? Shouldn't such problems be foreseen and as long as you pay via giro and your bank has sufficient funds shouldn't get late charge at all?

If you're sure that giro already approved and everything should be ok, I would still advice you to check say 10pm, 24th June. See if your account is deducted.

Rather play safe. $80 right?! I mean late payment

 

[OCBC Bank]

Pm-ing OCBC liao

Giro effective after 1 June, I'm speaking of cc bill due on 24 June

Why do we even need to call though? Shouldn't such problems be foreseen and as long as you pay via giro and your bank has sufficient funds shouldn't get late charge at all?

Hi Emospence,

We received your PM, and have replied you there.

If GIRO has already been effected before payment is due, you will not have to worry about payment due dates as long as there is sufficient money in the account.

^DG

 

[spiritGate]

I havent receive the bonus interest for this month. I tot suppose to be the 7th day of the month?

Sent from sent from gagt using GAGT

 

[dork32]

I havent receive the bonus interest for this month. I tot suppose to be the 7th day of the month?

Sent from sent from gagt using GAGT

ocbc knows how to optimize. sometimes they post it at midnight.

 

[otaku7]

I havent receive the bonus interest for this month. I tot suppose to be the 7th day of the month?

Sent from sent from gagt using GAGT

well... still got few more hours mah... usually I see my interests appear around evening time 8+ or 9+

Sent from Sony E6653 using GAGT

 

[OCBC Bank]

I havent receive the bonus interest for this month. I tot suppose to be the 7th day of the month?

Sent from sent from gagt using GAGT

Hi spiritGate,

Bonus interest for the 360 account would be credited on the 7th business day of the month.

You should receive your interest by the end of today.

^DG

 

[IronMan123]

We shouldn't put more than 60k into OCBC 360 acc as the effective interest rate will by then reduced. Use OCBC calculator to try out, if u just completed 2 basic tasks: salary credit and online bill payment, this acc can yield 1.78% p.a interest for u. Beyond 60k, the effective interest rate will fall below that as the bonus interest is covering 1st 60k only..

 

[spiritGate]

interest already credited!

Yea its in!

Sent from sent from gagt using GAGT

 

[feralslash]

Anyone using Stan Chart's Super Salary account to do the funds switching method with OCBC360?

 

[bumdssa]

how come no save bonus this time round?

 

[bumdssa]

Hi spiritGate,

Bonus interest for the 360 account would be credited on the 7th business day of the month.

You should receive your interest by the end of today.

^DG

received my usual bonus interests but not the save bonus this time round. no more save bonus?

 

[Trazora]

received my usual bonus interests but not the save bonus this time round. no more save bonus?

You have incremental average monthly balance compared to last month?

 

[bumdssa]

You have incremental average monthly balance compared to last month?

Opps. Forgot I transferred a sum out. Sorry OCBC!