scb fresh fund definition.

[zoossh]

*Fresh funds refer to funds not originating from any existing account with the Bank and funds that are not withdrawn and re-deposited within the last 30 days.

Anyone knows how is "withdrawn and redeposited" defined? If I withdraw $10 days ago from an account, and put back $15 to the same account, only $5 considered as fresh fund? Does it matter if it is withdrawn to bank A from scb account C, and put back via bank B to scb account C, would that be considered as "withdrawn and redeposited"?

What does the "any existing account with the bank" encompassed? If $10 was deducted by my partner from a joint account using his internet banking login, would that be taken into consideration if i deposit $10 into my single account, rendering my $10 as non-fresh fund?

 

[nymous]

it means they illiquid and

u dont simply go in giv liquid

 

[zoossh]

it means they illiquid and

u dont simply go in giv liquid

Thanks for replying when no one else know the answer. But what do u mean? Scb going to kaput? But every bank is doing this crazy fresh fund thing

 

[nymous]

Dont worry before kaput they wil ask mother temasek a milk, but still milk in ur pocket much better than milk in someone else pocket

 

[Hexagonal]

I think your best bet would be to give them a call and make them commit to the definition of fresh fund.

 

[evets]

*Fresh funds refer to funds not originating from any existing account with the Bank and funds that are not withdrawn and re-deposited within the last 30 days.

Anyone knows how is "withdrawn and redeposited" defined? If I withdraw $10 days ago from an account, and put back $15 to the same account, only $5 considered as fresh fund? Does it matter if it is withdrawn to bank A from scb account C, and put back via bank B to scb account C, would that be considered as "withdrawn and redeposited"?

What does the "any existing account with the bank" encompassed? If $10 was deducted by my partner from a joint account using his internet banking login, would that be taken into consideration if i deposit $10 into my single account, rendering my $10 as non-fresh fund?

i think the definition is quite straight forward, no need to complicate things.

fresh fund meaning fund that do not come from any SCB account, at least within the last 30 days.

its the same with all banks t&c for fd promotion. they just hope to get more and more funds. but actually everybody is just rotating the $$ around.

so if bank A give 1.5% fd promo, i will put my $$ there. but i wont borrow from them. lol

 

[more3cm]

*Fresh funds refer to funds not originating from any existing account with the Bank and funds that are not withdrawn and re-deposited within the last 30 days.

Anyone knows how is "withdrawn and redeposited" defined?

No need to think until so complicated... Just see it from the bank's perspective. If the bank has X dollars of your deposit on day 1, and on day 31 you have X+Y dollars in your balance, Y is fresh TO THE BANK. They need more deposits so can lend out more.

 

[zoossh]

No need to think until so complicated... Just see it from the bank's perspective. If the bank has X dollars of your deposit on day 1, and on day 31 you have X+Y dollars in your balance, Y is fresh TO THE BANK. They need more deposits so can lend out more.

that is the reason why i need to know how the bank function.

if i had
X+Y+Z in day 1 and
X in day 2.

i wouldnt put
X+Y in day 30,

only to know in day 70 that they denied the interest for Y.

if they apply across different account and even joint account, then even more tricky.

 

[more3cm]

if they apply across different account and even joint account, then even more tricky.

It is very clear from "...any existing account with the Bank...".

Say you strike lottery, given a cheque for the winning but it is an SCB cheque, to the bank it is not fresh because overall the bank's total deposit has not increased.

 

[wts2013]

hahaha, it is meant to trick customers like u, hahaha

 

[zoossh]

It is very clear from "...any existing account with the Bank...".

Say you strike lottery, given a cheque for the winning but it is an SCB cheque, to the bank it is not fresh because overall the bank's total deposit has not increased.

hahaha, it is meant to trick customers like u, hahaha

tnc is one thing. cso/rm tell u in person or on the phone is one thing. in real practice is one thing. i kena burnt before for rules that are not written anywhere in the tnc, but maybank just bo hiew me. which is why i think best to ask for live experiences.

now i dare not touch the joint account, cos any money inside can affect multiple accounts on both parties.

 

[cherry6]

*Fresh funds refer to funds not originating from any existing account with the Bank and funds that are not withdrawn and re-deposited within the last 30 days.

Anyone knows how is "withdrawn and redeposited" defined? If I withdraw $10 days ago from an account, and put back $15 to the same account, only $5 considered as fresh fund? Does it matter if it is withdrawn to bank A from scb account C, and put back via bank B to scb account C, would that be considered as "withdrawn and redeposited"?

What does the "any existing account with the bank" encompassed? If $10 was deducted by my partner from a joint account using his internet banking login, would that be taken into consideration if i deposit $10 into my single account, rendering my $10 as non-fresh fund?

Customers should just put an end to this bank ponzi thing and just vote with their feet by withdrawing ALL their cash OVERNIGHT... then go to new bank... and ALL funds are fresh.

Stupid fresh funds ponzi scheme is just bank EXCUSE for shortchange one on bank interest by saying that existing funds are OLD and STALE... All these GREEDY bankers, only know how to MAKAN people's cash...

Shame on bankers, shame shame shame...

 

[focus1974]

usually , fresh fund is CASH into CURRENT ACCOUNT , SAVINGS ACCOUNT .