ocbc 360 account

[OCBC Bank]

OCBC, does CPF top-up using Frank card qualify for the extra 1% interest?
Cos your T&Cs say retail transactions.

Hi koreanlover, yes, such transactions would be eligible for the credit card spend bonus interest.


^Greg
For OCBC Bank

 

[naro]

For the veh instalment, I have to go to the Finance Company to pay using the OCBC credit card...I also have Great Eastern Life Insurance which I can pay with credit card...

then its not considered the 'Pay 3 bills" cos you're using your credit card to pay for these.


It is easy to pay your bills using our Pay Any Bill or Pay Any Card
services on OCBC Online Banking. The user-friendly interface will ease
your bill payment with simple steps and clicks! You can easily set
recurring GIRO payments with OCBC Online Banking or download and
complete the GIRO forms and submit to the respective billing
organization.

http://www.ocbc.com/assets/pdf/Accounts/ocbc-360-account-faq-27-3-2014.pdf

 

[Rio de]

how many digits in the 360 account number?

hi
how many digits in the 360 account number?
those with the account can advise?
My HR says that the new bank account for salary needs to be < 12 digits.

 

[arctician]

cant agree more.

Seriously, you're sounding like a broken record already. Why don't you just state your reasoning?

Don't tell me you're working for a rival bank and just want to sow doubt

To me it's quite clear that if OCBC pulls a stunt here by changing the TnC within the next few months they will lose a lot of customers and damage their brand.

he is just trying to act smart, i think its a good move for OCBC to improve their capital ratio now and using surplus to fund acquisition of Wing hang compared to issuance of debt or rights which will impact balance sheet or dilute existing shareholder equity. Who cares if there is an underlying motive as long as the risks rewards ratio is worth it? Stop trying to be a smart alex here because to me he sounds like a novice

 

[Keverus]

No, much as I wish, I don't work for a rival bank. And unless someone holds a very high position, I doubt he/she would take it personally to attack another bank.

And yes, of course I'm a novice. Why would I claim to be otherwise? I have much to learn from you, Grandmaster Arctician.

My experience with OCBC hasn't been pleasant at all, and over the past few months, many other users have given poor reviews of OCBC as well.

The key objectives behind OCBC's 360 account is not just to raise funds (although this is obviously a goal). The real aim of this is for OCBC to capture all our financial information-our salary and our spending habits. I know you guys are going to be thinking 'wtf, why care, you president meh, need so much privacy', but I just don't feel comfortable revealing everything to one bank, or any company to be honest.

The moment you start shifting everything to one bank (see here, I'm not targeting OCBC or any particular bank), you grow sticky to it and is likely to accept all the nonsense of the bank. I'm not against 360 account per say, I'm just cautious about the bigger picture.

How long this promo runs, I have no idea. But this is not the first launch of 360. If you think this is a new initiative, you are WRONG. OCBC first launched this 360 last year, but the TnC were a little different. It was more complicated; if I recall right, first $25k at 0.05%, next $25k at 1.28% and then anything above this $50k falls back to 0.05%. They revamped it and change it to the current one, so don't tell me OCBC isn't above changing TnC within months.

And why not? OCBC has consistently terminated structured deposits before the tenure. My mum has placed two SD over the last few years. The SDs were supposed to offer much higher rates than FDs, but of course, the duration is longer. Yes, when we inked the deal, the TnC clearly stated that the bank reserves the right to terminate the SD earlier, but it seems to me that OCBC is the cheapest bank and wants to milk whatever is possible from every customer. Their products suck and their bankers have no sense of responsibility. Even their subsidiary, Great Eastern, is no better. Maybe it's just that my family is unlucky, but over the last two years, I have seen two (different) endowment plans that matured with values that is way off the projected value. Yes, there was the GFC blah blah blah, but the point of putting money into an endowment is to minimize volatility. I can accept if the disparity is not much, but it really went far off.

To me, I don't really have the confidence in OCBC. World's strongest bank etc etc etc. Maybe I have been over-aggressive with regards to this 360, for that I apologize. I am not here to stir chit or anything; I have nothing to gain. At the end of the day, I just don't feel good with OCBC. I have no doubt they will lowball customers on this 360 thing.

 

[sandstormer]

ur anti-OCBC agenda is showing!!! ;-)

 

[Keverus]

ur anti-OCBC agenda is showing!!! ;-)

3 posts, all in this forum.

not sure who's the one with a propaganda agenda.

 

[phileas]

No, much as I wish, I don't work for a rival bank. And unless someone holds a very high position, I doubt he/she would take it personally to attack another bank.

And yes, of course I'm a novice. Why would I claim to be otherwise? I have much to learn from you, Grandmaster Arctician.

My experience with OCBC hasn't been pleasant at all, and over the past few months, many other users have given poor reviews of OCBC as well.

The key objectives behind OCBC's 360 account is not just to raise funds (although this is obviously a goal). The real aim of this is for OCBC to capture all our financial information-our salary and our spending habits. I know you guys are going to be thinking 'wtf, why care, you president meh, need so much privacy', but I just don't feel comfortable revealing everything to one bank, or any company to be honest.
......

Very lengthy and informative..

OK, just like to share my view here. A wise consumer knows how to pick up the right deal. So it's a revamped product, but now it's more attractive, that's all.

The terms definitely will change over time, how can a bank get money at 3% rate and loan out for like 2% only?

Besides, Saving account is very different to SD, I don't think that's a good example to compare.

 

[Asure7]

just want to say that ocbc is not the only one encouraging people to pay bills using their internet portal. It's not unique at all. Other banks are also doing so, although they didn't package it as attractively as ocbc has done so far.
As long as you don't buy things or pay your bills using cash, someone already knows your spending habits

Point on structured deposits: afaik, ALL banks have this clause whereby they reserve the right to early termination as they deem fit. I've encountered early termination from Aviva and DBS as well... though that was ages ago.

Endowment plans? Projected values are projected values. I only look at guaranteed values. I believe most endowment plans (across insurers) cannot hit the projected values. The non-guaranteed portion is a risk you take when you decide which plan to go for

As for customer service... can't comment much as I don't interact a lot with the staff
Most of the time I know what i want, I just go get it and leave... avoid listening to marketing BS
But so far ocbc staff has been quite cordial with me. I've experienced worse with some uob "ticketing" staff... machiam look down on me until I just ignore him and went straight to the priority queue counter...

 

[arctician]

ok i must apologize if i sound harsh because you sounded like a troll without providing any background for your case, but i like to raise a few points

1. You invested in structured deposits and endowments knowing that returns are PROJECTED which is function on market performance, and for such products its unavoidable margins will be lost to commission and slippage etc. Thats why one should NEVER invest in any derivatives with projected returns, unless returns and capital are guarantee e.g. HSBC gte saver plus which yield 2.75% annually for 5 years. Also do note this is not a bank or institution issue, but more of how the product is structured and relative performance of the stocks within the basket

2. How much info can one reveal, with just a salary, 3 bills and 400 spending? Even if i am being targeted for daily ads, i dont mind in exchange for the 3.05% interest

3. I agree OCBC has rights to revise their interest rates, but with FAST now funds can be routed out in an instant, moreover they cap it at $50k, so consumers like us cant route in millions and impact OCBC's net interest margins

You tend to be more subjective because of the unfavorable experience, but if you look at it objectively, you have all to gain and nothing to lose. Bottomline is you dont stop eating just because you choked once

 

[anfielder]

The key objectives behind OCBC's 360 account is not just to raise funds (although this is obviously a goal). The real aim of this is for OCBC to capture all our financial information-our salary and our spending habits. I know you guys are going to be thinking 'wtf, why care, you president meh, need so much privacy', but I just don't feel comfortable revealing everything to one bank, or any company to be honest.

It's not so much about knowing your salary - as long as you have a CC with them they know your salary already.

The moment you start shifting everything to one bank (see here, I'm not targeting OCBC or any particular bank), you grow sticky to it and is likely to accept all the nonsense of the bank. I'm not against 360 account per say, I'm just cautious about the bigger picture.

You're right, this is EXACTLY why they have this account (same applies to DBS Multiplier or Stanchart BonusSaver/360 rewards). Hook you in, build a relationship, cross sell other stuff. But I do think you're wrong about accepting nonsense. A lot of people, especially those who frequent these forums, will vote with their feet.

How long this promo runs, I have no idea. But this is not the first launch of 360. If you think this is a new initiative, you are WRONG. OCBC first launched this 360 last year, but the TnC were a little different. It was more complicated; if I recall right, first $25k at 0.05%, next $25k at 1.28% and then anything above this $50k falls back to 0.05%. They revamped it and change it to the current one, so don't tell me OCBC isn't above changing TnC within months.

Wah, improve benefits also cannot ah? (Actually DBS did the same with their multiplier account)

At the end of the day, I just don't feel good with OCBC. I have no doubt they will lowball customers on this 360 thing.

Lowball their customers, and they'll lose them lor. I wonder how many people still keep the SCB XtraSaver account? Just enjoy it while it lasts.

 

[MrCoconut]

For the veh instalment, I have to go to the Finance Company to pay using the OCBC credit card...I also have Great Eastern Life Insurance which I can pay with credit card...

i also pay my car insurance and hp bill via credit card. but i think that these transactions do not count towards the $400. anyone can confirm?

 

[Keverus]

It's not so much about knowing your salary - as long as you have a CC with them they know your salary already.

yes, but how often do we update our salary by asking to raise our credit limit?

You're right, this is EXACTLY why they have this account (same applies to DBS Multiplier or Stanchart BonusSaver/360 rewards). Hook you in, build a relationship, cross sell other stuff. But I do think you're wrong about accepting nonsense. A lot of people, especially those who frequent these forums, will vote with their feet.

I certainly hope so.

Wah, improve benefits also cannot ah? (Actually DBS did the same with their multiplier account)

the criteria has also changed. last time 360 no nid salary crediting.

pt is that they have and they will change TnC at their whim.

i am not saying dbs didnt, but i dont see dbs' multiplier being promoted here as fervently.

i must emphasis...i dont gain anything if ocbc gain/loses market share. i have nothing against OCBC.

Lowball their customers, and they'll lose them lor. I wonder how many people still keep the SCB XtraSaver account? Just enjoy it while it lasts.

yup sure.

just dont end up getting into suckered into a abyss.

 

[Keverus]

As for customer service... can't comment much as I don't interact a lot with the staff
Most of the time I know what i want, I just go get it and leave... avoid listening to marketing BS
But so far ocbc staff has been quite cordial with me. I've experienced worse with some uob "ticketing" staff... machiam look down on me until I just ignore him and went straight to the priority queue counter...

ocbc has the worst service, from what i have experienced. their bankers tend to be far more judgemental; yes i know, it's a bank. let me tell u sth that has happened to me and my mother. my mother is a premier customer (i know, no big hoot, esp with ocbc being the most wanton and have the lowest criteria). i accompanied her to a particular branch (dont want to name which branch, but those who edmw knows i stay hougang, so make ur rough guesses, the branch is close proximity). we walked into the premier side, and u know what did the staff said? the staff told us that the entrance is the other side for us. just because my mom isnt well dressed and decked in chanel she assumed she's not a premier customer? just because I wasnt in armani or gucci so i cant be a premier customer? way to look down on us. i can understand that some blur mass customer may open the door to premier side unknowingly, but really, OCBC service staff dont have the tact to say it another way other than telling us to go to the mass side? straight away assume we're poor? is OCBC hiring people with no common sense? and when i replied that my mum is a premier customer, the staff merely said "oh. i see". my experience with dbs and scb has been much better, and I have very little money there.

i know all these sounds very personal, but tell me, if ur experience has been nothing but bad with a particular bank/company or even just a hawker stall, what are the chances of u trusting their stuff and staff?

 

[Hymnody]

thanks for sharing insight by keverus. better than troll wahkao3 hehe

 

[Keverus]

ok i must apologize if i sound harsh because you sounded like a troll without providing any background for your case, but i like to raise a few points

1. You invested in structured deposits and endowments knowing that returns are PROJECTED which is function on market performance, and for such products its unavoidable margins will be lost to commission and slippage etc. Thats why one should NEVER invest in any derivatives with projected returns, unless returns and capital are guarantee e.g. HSBC gte saver plus which yield 2.75% annually for 5 years. Also do note this is not a bank or institution issue, but more of how the product is structured and relative performance of the stocks within the basket

Point on structured deposits: afaik, ALL banks have this clause whereby they reserve the right to early termination as they deem fit. I've encountered early termination from Aviva and DBS as well... though that was ages ago.

Endowment plans? Projected values are projected values. I only look at guaranteed values. I believe most endowment plans (across insurers) cannot hit the projected values. The non-guaranteed portion is a risk you take when you decide which plan to go for
.

SDs can terminated early..yes I know. of course i know.

endowment are projected, etc etc etc...yes I know. I nvr kp that the returns is not zhun zhun the projected value. the pt is totally miss until wtf kind of level. not once, but two out of two plans that my family have. my father's ones with some other insurer actually hit the projected (miss by $200+, but i know it's a projection, cant be 100% zhun).

the only pt i am trying to bring across is that ocbc seems fond of not honoring their promise. u can argue that technically it isnt a promise etc etc, but you know as well as i do that for financial matters, trust is the most important.

ultimately, this is just my personal experience with ocbc. it hasnt been good at all. these experience may have cast some clouds on my outlook of ocbc, but it happens. i've decided that i wont buy any single product with ocbc for the foreseeable future. the only thing i would consider buying? ocbc shares, for ocbc seems to enjoy and doing very well a job of squeezing every customer they have of their last drop of blood.

 

[Keverus]

thanks for sharing insight by keverus. better than troll wahkao3 hehe

wa siao eh

his FATA analysis is going to win him Nobel prize one hor.

 

[anfielder]

the criteria has also changed. last time 360 no nid salary crediting.

pt is that they have and they will change TnC at their whim.

i am not saying dbs didnt, but i dont see dbs' multiplier being promoted here as fervently.

The DBS criteria is much harder to hit mah... only for above-average earners. OCBC one is far more mass market so many more people qualify. I think it's a good thing.

i must emphasis...i dont gain anything if ocbc gain/loses market share. i have nothing against OCBC.

Noted, and thanks for sharing your bad experiences too.

 

[cripple]

ocbc has the worst service, from what i have experienced. their bankers tend to be far more judgemental; yes i know, it's a bank. let me tell u sth that has happened to me and my mother. my mother is a premier customer (i know, no big hoot, esp with ocbc being the most wanton and have the lowest criteria). i accompanied her to a particular branch (dont want to name which branch, but those who edmw knows i stay hougang, so make ur rough guesses, the branch is close proximity). we walked into the premier side, and u know what did the staff said? the staff told us that the entrance is the other side for us. just because my mom isnt well dressed and decked in chanel she assumed she's not a premier customer? just because I wasnt in armani or gucci so i cant be a premier customer? way to look down on us. i can understand that some blur mass customer may open the door to premier side unknowingly, but really, OCBC service staff dont have the tact to say it another way other than telling us to go to the mass side? straight away assume we're poor? is OCBC hiring people with no common sense? and when i replied that my mum is a premier customer, the staff merely said "oh. i see". my experience with dbs and scb has been much better, and I have very little money there.

i know all these sounds very personal, but tell me, if ur experience has been nothing but bad with a particular bank/company or even just a hawker stall, what are the chances of u trusting their stuff and staff?

I think they hire temps or p/t to do the ushers. They are not well trained bah. Dog eye see ppl down. Moi poor poor cannot walk in premier banking

 

[Keverus]

I think they hire temps or p/t to do the ushers. They are not well trained bah. Dog eye see ppl down. Moi poor poor cannot walk in premier banking

dont care who they hire.

if they want to hire, make sure up to the mark,