ocbc 360 account

[Mecisteus]

I really don't understand why would anyone live on the edge, do transfers at the weirdest time or day of the month and keep an exact amount imposed by the bank.

Any wrong transactions will result in penalty fees. Why not just avoid all those complications?

 

[Trazora]

I really don't understand why would anyone live on the edge, do transfers at the weirdest time or day of the month and keep an exact amount imposed by the bank.

Any wrong transactions will result in penalty fees. Why not just avoid all those complications?

Yea, should either keep $0 or comfortably above the required ADB.

 

[OCBC Bank]

Dear all, I had got the phone call reply from ocbc CSO, confirming that everything is based on value date IS NOT TRUE, contrary to the ocbc reply here.

Any withdrawal from ocbc account will reduce the ADB on the transaction date, and hence affect the interest and may cost a fall below fee. This is not based on value date.

If you have 3500 on 1/8 which you transferred 500 out on 1/8 and if the value date is 3/8. Your daily balance on 1/8 and 2/8 is 3000 per day, and not 3500. This is based on transaction date (1/8) and not based on value date (3/8).

Any incoming funds will be based on value date. This part is true.

These points are important to know, because ocbc had the poorest cut off timing or is the one and only one with such poor cut off timing, to the best of my knowledge. This lead to time constrain for people who are not free to do transactions before 9-10pm. For most banks, FAST transfers between 9-11+ pm of weekdays will be posted on the same day and not the next working day.

Hi Zoossh,

The MAB is calculated based on Value date.

We would like to call and go through the month in question with you.

Do PM us if you are agreeable and we will make the necessary arrangements to call.

Thank you.

^WX

 

[zoossh]

I really don't understand why would anyone live on the edge, do transfers at the weirdest time or day of the month and keep an exact amount imposed by the bank.

Any wrong transactions will result in penalty fees. Why not just avoid all those complications?

There isn't a wrong transaction.

Besides, that is not the point. The point is what is the practice and whether that information given by the bank is available and correct.

 

[Ah_Tiong_Kia_001]

BTW is NTUC membership monthly reduction consider GIRO transaction in this case?

 

[Squaredot]

BTW is NTUC membership monthly reduction consider GIRO transaction in this case?

Payment Bonus? GIRO deduction is counted.
http://www.ocbc.com/personal-banking/accounts/360-account-faq.html

 

[Trazora]

BTW is NTUC membership monthly reduction consider GIRO transaction in this case?

Hmm exactly how you set the "ntuc membership monthly reduction"?

https://www.ntuc.org.sg/wps/portal/up2/home/membership/faq

If it is any of the following it os GIRO

Online

Online GIRO is currently applicable to DBS, POSB & OCBC banks only.
Login to your internet banking to setup the GIRO instruction.
Select 'NTUC-Membership' for the Billing Organization.
Indicate your NRIC or FIN number for the Bill Reference number.
For GB and U-Club members, the membership fee will be deducted on the 26th of every month, except weekends or public holidays which will be deducted on the next working day.
For OB members, it will be based on respective union deduction period. You may contact your union to find out more.

Hard Copy

Download the hard copy application form here.

 

[bjornng]

hi guys, got a question about the bonus interest that will be paid on the 7th.

just wondering, how is this interest calculated? initially i thought like it will be based on the amount in your bank on the 7th when they credit, for example:

on 6th sept, i have 3k inside.
just before 7th, i decide to deposit additional 10k inside, so my interest will be (taking just salary interest) = 13000 * (0.012/12) = 13

but it doesnt really make sense? that everyone will be able to "misuse" the system - transfer a huge sum into the 360 acc just before the interest is credited.

could someone enlighten me on what amount of $ in the 360 acc is the interest based on? thank you!

 

[Trazora]

hi guys, got a question about the bonus interest that will be paid on the 7th.

just wondering, how is this interest calculated? initially i thought like it will be based on the amount in your bank on the 7th when they credit, for example:

on 6th sept, i have 3k inside.
just before 7th, i decide to deposit additional 10k inside, so my interest will be (taking just salary interest) = 13000 * (0.012/12) = 13

but it doesnt really make sense? that everyone will be able to "misuse" the system - transfer a huge sum into the 360 acc just before the interest is credited.

could someone enlighten me on what amount of $ in the 360 acc is the interest based on? thank you!

Average of daily balance in the previous month.

 

[jmapsmylife]

Its average. Which mean interest will be ((3000*29) + (13000*1)) /30 than that amount *the interest rate divided by 12

hi guys, got a question about the bonus interest that will be paid on the 7th.

just wondering, how is this interest calculated? initially i thought like it will be based on the amount in your bank on the 7th when they credit, for example:

on 6th sept, i have 3k inside.
just before 7th, i decide to deposit additional 10k inside, so my interest will be (taking just salary interest) = 13000 * (0.012/12) = 13

but it doesnt really make sense? that everyone will be able to "misuse" the system - transfer a huge sum into the 360 acc just before the interest is credited.

could someone enlighten me on what amount of $ in the 360 acc is the interest based on? thank you!

 

[luvalist]

Its average. Which mean interest will be ((3000*29) + (13000*1)) /30 than that amount *the interest rate divided by 12

u are right that it's average but Average of daily balance in the previous month as mentioned by @Trazora.

So to @bjornng, if your balance in previous month is 3K on average, then the the interest is computed based on 3K x no of days/365 x interest rate.

The effect of your 10K will come when sept bonus interest is computed and credited in Oct.

 

[taleeey]

If my ADB for the last 2 months was $0 and this month I decide to continue using my account will I get charged the fall below fee?

Is it possible to close then reopen the account in the same month?

 

[bjornng]

u are right that it's average but Average of daily balance in the previous month as mentioned by @Trazora.

So to @bjornng, if your balance in previous month is 3K on average, then the the interest is computed based on 3K x no of days/365 x interest rate.

The effect of your 10K will come when sept bonus interest is computed and credited in Oct.

hi,

thanks for your reply! in that case, may i ask what is the cycle to tabulate the monthy average daily balance? is it from 1st to 30th/31st of the month, or from 7th to next month 7th?

 

[Trazora]

hi,

thanks for your reply! in that case, may i ask what is the cycle to tabulate the monthy average daily balance? is it from 1st to 30th/31st of the month, or from 7th to next month 7th?

Previous calendar month ie 1st to 30/31st or for feb 28th/ 29th.

 

[tjeff]

Single Premium Special 1.88%

Is this eligible for the OCBC 360 account 1% wealth bonus interest?

 

[Trazora]

Is this eligible for the OCBC 360 account 1% wealth bonus interest?

What is the 'this'?

 

[SBC]

Think the question is "does investment in wealth management contribute another 1% as bonus interest for Ocbc 360 account?"

 

[OCBC Bank]

If my ADB for the last 2 months was $0 and this month I decide to continue using my account will I get charged the fall below fee?

Is it possible to close then reopen the account in the same month?

Hi taleeey,

If your average daily balance for this month of September is below $3000, you will be charged the fall-below fee.

You should be able to apply for an account type closed within the month. However all account opening applications are subject to the bank's approval.

Please note that an Account Closure Fee of $30 will be charged for accounts closed within 6 months of opening.

^WX

 

[OCBC Bank]

Is this eligible for the OCBC 360 account 1% wealth bonus interest?

Hi tjeff,

Thank you for getting in touch.

The Single Premium Special 1.88% is not eligible for the OCBC 360 Account Wealth Bonus Interest.

You may wish to view this page for eligible products :http://www.ocbc.com/personal-banking/accounts/360-account-faq.html?faq=20#wealth-bonus

^WX

 

[Trazora]

Think the question is "does investment in wealth management contribute another 1% as bonus interest for Ocbc 360 account?"

lol, guess we both were using mobile and mobile version of the forum don't shown the post title.