POSB eSavings Account

[tay76101]

POSB is migrating passbook account holders to the eSavings account where they will no longer be able to update their passbooks and will receive monthly eStatements instead. Supposedly the deadline to opt out of this is 18 Oct as gmmusikero says, so it is strange that his account has already been converted.

http://www.posb.com.sg/Resources/posb/docs/deposit/faq_sep_2013_pweb.pdf

How did you find this information?

 

[lzydata]

How did you find this information?

From here, "Frequently Asked Questions on Upgrading Passbook to eStatement" at the right:

POSB eSavings Account

 

[tiny]

I opt out already.... prefer using passbook.

Passbook update 3 letter codes are too old fashioned. I rather see detailed description in estatements

 

[hwmook]

Actually update passbook don't take lots of time. It is the people at the ATM, don't know do what! You can see them put multiple cards end up no cash withdrew. Once I overheard a guy said "oh ****" no money

Then my parents still prefer hard copy! If you ask them to use computer to check is like asking them to run 21km

Observations at POSB/DBS :
1. The queue at cash deposit machine is usually 2-3 times longer than the ATM queue.
2. At least 50% of the people use the cash deposit machine just to update passbook only. Frequently see auntie update 3 or more passbooks.

My parents do not have passbook accounts, they have passcard accounts. I am glad that they don't have to go to the CDM to update passbooks and receive their statements every month mailed to home. I do not see why anybody need a passbook.

 

[hwmook]

Prefer using pass book = blocking the machine?
Cool bro!!!

Cool bro, your passbook do not need machine to update. Can update Over The Air bo? Song lah.

 

[myhyip4me]

Did you guys get letter from POSB to auto convert? I also have passbook but din receive anything leh....

 

[Suleyman]

I do not see why anybody need a passbook.

I have a couple of accounts with low activity. Basically, every month 2-3 transactions type. A passbook account is lower maintenance than a statement account. Just update once every 4-5 months.

Anyway, it's nostalgic... Last time go POSB with passbook and stamps to deposit pocket money. Just that no stamps now...

 

[knightdreamer]

I have a couple of accounts with low activity. Basically, every month 2-3 transactions type. A passbook account is lower maintenance than a statement account. Just update once every 4-5 months.

Anyway, it's nostalgic... Last time go POSB with passbook and stamps to deposit pocket money. Just that no stamps now...

Wow stamp on passbook! never heard before...

 

[Suleyman]

Wow stamp on passbook! never heard before...

Not stamps on passbook. Old fogies like me will remember when we used to buy stamps with pocket money, stick on a piece of paper and bring to POSB to deposit into our account.

 

[knightdreamer]

Not stamps on passbook. Old fogies like me will remember when we used to buy stamps with pocket money, stick on a piece of paper and bring to POSB to deposit into our account.

Ic that was interesting, so what are their values? Erm where to buy the stamps? Did you still keep them

Apologise for all the questions. Perhaps you can share with us how in the past works

 

[Suleyman]

Ic that was interesting, so what are their values? Erm where to buy the stamps? Did you still keep them

Apologise for all the questions. Perhaps you can share with us how in the past works

They were normal postage stamps. In those days, stamps were available in all sorts of denomination but I think you were supposed to use 10c stamps. There will be roadshows by POSB where they will sell the stamps or you just go to any post office to buy.

POSB will give out these savings cards with squares for you to stick the stamps onto. Once the card is full, you bring it to POSB and the value of all the stamps will be deposited into your bank account.

It was just a way to cultivate a savings habit in children. & having stamps made it more interesting.

 

[myhyip4me]

Interest payable

POSB Saving interest paid yearly at 31 Dec

eSaving interest paid monthly

After we convert to eSaving, will POSB pay the interest for POSB saving from 1 Jan till the date of conversion?

 

[SaruwatariShun]

I converted my passbook account to esavings last week via ibanking, now I can't access my bank account. wtf.

 

[klavier]

I converted my passbook account to esavings last week via ibanking, now I can't access my bank account. wtf.

lol i also did so last week but at a branch. Have not logged in since then. However, i think for now we cant access the account due to heavy traffic at ibanking website? That is the notice that I got...

 

[wts2013]

hahaha, everybody trying to withdraw their 10k which matured yesterday?