ocbc 360 account

[thesoftwarekid]

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

Its not about the money, i also asked them to forget about the interest lost. Wasted my time trying to figure out where the money gone initially, whether my calculation is wrong and also, will and may affect me and others in future so just post here and you are right, really waste my time talking to the manager, might as well don't call me at all. The CSO at least enlightened me on the calculations.

 

[zoossh]

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

There was once I open account on sat am, Uob rm drag drag from 11 till 1 then say can only start Tuesday, cos mon ph. That time lose quite a bit. But money draw out liao so no choice

 

[zoossh]

Its not about the money, i also asked them to forget about the interest lost. Wasted my time trying to figure out where the money gone initially, whether my calculation is wrong and also, will and may affect me and others in future so just post here and you are right, really waste my time talking to the manager, might as well don't call me at all. The CSO at least enlightened me on the calculations.

Rms are usually smarter but not forthcoming.
Cso are usually more forthcoming but not as intelligent
Front counter staff are smart and forthcoming but usually no power.

So best is to share and ask here.

 

[oceanicmanta]

This is the reply from OCBC re late reflection of FAST transfer on a WEEKDAY:

"When transaction is performed after 21:40hrs on 2 April 2015, the posting date is 3
April 2015 and business date is 4 April 2015.
Business date refers to the effective date of the balance in your
account.
Interest will be calculated based on the balance of your account
starting from the effective date."

Lesson Learnt: DO NOT make any FAST transfer into or out of OCBC accounts after 940pm (2140hrs)

 

[Gerrard]

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.

Thanks for sharing.
Actually I been doing these already. Was suggested by others earlier in the thread I think.

Started using pay wave for Ntuc, Giant, Mac etc

So for $400, I can make it sometimes.
For $500, will be more difficult.

Anyway, I dun really think it is good to keep paying with pay wave etc. You tend to lose track of how much you spend. At least when you need to go to ATM to withdraw cash, you can kinda keep track by keeping an eye on the cash balance.

Sent from OnePlus A0001 using GAGT

 

[arctician]

There was once I open account on sat am, Uob rm drag drag from 11 till 1 then say can only start Tuesday, cos mon ph. That time lose quite a bit. But money draw out liao so no choice

i try to avoid depositing cheque on weekend or those with PH

and if possible i use cheque book instead of cashier order so if there is a delay in clearance or cheque got misplaced, at least u still earn interest in ur debiting account..once CO is issued, the balance got deducted immediately

Lesson Learnt: DO NOT make any FAST transfer into or out of OCBC accounts after 940pm (2140hrs)

didnt know of this..i think it depends la

sometimes i xfer late at night, the effective date might reflect the same day or 1 day later...not sure how their system works

but i usually will call in and dispute on interest lost if it exceed $10

 

[zoossh]

Uob open until 4pm. And not everyone work near banks or had time during office hours mah. Among all banks uob hours most unfriendly

 

[mdax23]

but i usually will call in and dispute on interest lost if it exceed $10

Must be quite a substantial amount for one day' s interest to be > $10

 

[arctician]

Must be quite a substantial amount for one day' s interest to be > $10

not really..if u are using ocbc bonus plus which give 2.35%, interest per day for 150k deposit is ard 10bucks

for ppl in money mind and CC forum..150k can only hide behind the curtain

 

[thesoftwarekid]

This is the reply from OCBC re late reflection of FAST transfer on a WEEKDAY:

"When transaction is performed after 21:40hrs on 2 April 2015, the posting date is 3
April 2015 and business date is 4 April 2015.
Business date refers to the effective date of the balance in your
account.
Interest will be calculated based on the balance of your account
starting from the effective date."

Lesson Learnt: DO NOT make any FAST transfer into or out of OCBC accounts after 940pm (2140hrs)

Not even deposit via Cash Machine on Sundays, or even through the counter.

 

[kinnik]

just noticed that 360 have this save bonus 1% also.

any sexpert know how it works?

 

[Zerohiten]

just noticed that 360 have this save bonus 1% also.

any sexpert know how it works?

1% on the difference from this month balance and last month's

from the website

- Incremental account balance is the difference between current and previous month's account average daily balance.
- This bonus interest will be paid on incremental account balance of up to S$1,000,000.

 

[Jazzbie]

Just realized if we make payment for unbilled Frank credit card statement, it will reduce the credit card spend for the month under the Frank account. Will this also reduce the credit card spend criteria under 360 account too? Anyone has experience on this? The 360 account takes a few days to update so can't verify myself now.

Thanks!

 

[hyperbole]

Payments won't affect your spending requirement, only refunds will

 

[chopra]

This is the reply from OCBC re late reflection of FAST transfer on a WEEKDAY:

"When transaction is performed after 21:40hrs on 2 April 2015, the posting date is 3
April 2015 and business date is 4 April 2015.
Business date refers to the effective date of the balance in your
account.
Interest will be calculated based on the balance of your account
starting from the effective date."

Lesson Learnt: DO NOT make any FAST transfer into or out of OCBC accounts after 940pm (2140hrs)

facepalm.

so our FAST is not so fast huh.

 

[OCBC Bank]

Payments won't affect your spending requirement, only refunds will

That's right! Any payments will not affect your spending criteria for 360 account

^Shereen

 

[OCBC Bank]

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.

Hi thesoftwarekid

Sunday's deposit will only be considered as the next business day's deposit. You're certainly right to point that out. However, we also agree that our service manager could have done better to address that portion regarding the calculation of your account balance/ interest

If you would still like a breakdown, do let us know. Leave us a PM with your contact details

^Shereen

 

[devion]

Anybody notice whether the credit card spend amt reflected in the goal header in OCBC website is not being updated? I spent using OCBC Frank on 12th June but the amt still shows as zero.

 

[Trazora]

Anybody notice whether the credit card spend amt reflected in the goal header in OCBC website is not being updated? I spent using OCBC Frank on 12th June but the amt still shows as zero.

for me it was just updated. was not updated the last few days

 

[Tornesoul]

hi, have a question w regards to 3 bill payments.

payments on any day of the month will only contribute to the months IR?

the monthly calendar date is month by month?

e.g i have some bills received in late june, due only 10 july. I can hold them and pay on 1st july for them to count towards the 0.5% extra ir?