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oceanicmanta

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Torenoo said:
https://www.straitstimes.com/busine...n=STFB&utm_source=Facebook#Echobox=1588254282

Service fees that are typically charged for failing to maintain the minimum average daily or monthly balances in one's retail bank account can also be waived till Dec 31. The same goes for bank fees for failed Giro transactions set up to pay for insurance premiums, electricity and phone bills, among others.

means can dun need to maintain 1k min bal until 31 dec ?? woohoo!
Click to expand...

ST report no need to apply to waive

CNA say must apply to waive

"Meanwhile, individuals whose incomes are impacted by the virus outbreak can apply to have service fees, which are typically charged when one fails to meet the minimum average daily or monthly balances in their retail bank accounts – waived until Dec 31."

who to believe ?
 
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vsvs24

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oceanicmanta said:
ST report no need to apply to waive

CNA say must apply to waive

"Meanwhile, individuals whose incomes are impacted by the virus outbreak can apply to have service fees, which are typically charged when one fails to meet the minimum average daily or monthly balances in their retail bank accounts – waived until Dec 31."

who to believe ?
Click to expand...

From MAS website :

Waiver of Fall-Below Bank Account Service Fees and Failed GIRO Charges

Individuals who are not able to meet the relevant minimum average daily or monthly balances for their retail bank accounts can apply to have fall-below service fees waived up to 31 December 2020. Individuals who have set up GIRO arrangements for automated deductions of payments from their retail bank accounts can apply to have bank fees for any failed deductions waived up to 31 December 2020. This does not affect any action that payee companies may take for failed payments, including late payment fees (if applicable).

Banks will require individuals to demonstrate that their incomes have been affected by COVID-19.

Source :
https://www.mas.gov.sg/regulation/covid-19/supporting-individuals-and-businesses
 
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wutawa

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oceanicmanta said:
ST report no need to apply to waive

CNA say must apply to waive

"Meanwhile, individuals whose incomes are impacted by the virus outbreak can apply to have service fees, which are typically charged when one fails to meet the minimum average daily or monthly balances in their retail bank accounts – waived until Dec 31."

who to believe ?
Click to expand...

ST report states "can be waived". If no need apply should put "is waived" mah. Hehe
 
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Torenoo

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vsvs24 said:
From MAS website :

Waiver of Fall-Below Bank Account Service Fees and Failed GIRO Charges

Individuals who are not able to meet the relevant minimum average daily or monthly balances for their retail bank accounts can apply to have fall-below service fees waived up to 31 December 2020. Individuals who have set up GIRO arrangements for automated deductions of payments from their retail bank accounts can apply to have bank fees for any failed deductions waived up to 31 December 2020. This does not affect any action that payee companies may take for failed payments, including late payment fees (if applicable).

Banks will require individuals to demonstrate that their incomes have been affected by COVID-19.

Source :
https://www.mas.gov.sg/regulation/covid-19/supporting-individuals-and-businesses
Click to expand...

Banks will require individuals to demonstrate that their incomes have been affected by COVID-19


aiyo.. this is the important line
 
wutawa

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Torenoo said:
Banks will require individuals to demonstrate that their incomes have been affected by COVID-19


aiyo.. this is the important line
Click to expand...

Haha, i will apply anyway and see how it goes. Too lazy to transfer back :D
 
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oceanicmanta

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wutawa said:
ST report states "can be waived". If no need apply should put "is waived" mah. Hehe
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you mentioned in other thread it is waived mah .. so i believe u lor :s13:

jialat ST also misquoted MAS ... "One does not need to show that he has been affected by the Covid-19 crisis to obtain the relief, said the Monetary Authority of Singapore on Thursday (April 30). "
 
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maumu

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oceanicmanta said:
jialat ST also misquoted MAS ... "One does not need to show that he has been affected by the Covid-19 crisis to obtain the relief, said the Monetary Authority of Singapore on Thursday (April 30). "
Click to expand...

walau eh, so is need or no need? :s22:

1. need to show affected by covid-19?
2. need to apply?
 
wutawa

wutawa

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oceanicmanta said:
you mentioned in other thread it is waived mah .. so i believe u lor :s13:
Click to expand...

Kns, i edited my post in the other thread but u and another guy alrdy quoted me. :(

Posb will update on 6 may. Dunno abt scb or other banks yet.
Screenshot-20200501-121327-com-android-chrome.jpg
 
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vsvs24

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oceanicmanta said:
you mentioned in other thread it is waived mah .. so i believe u lor :s13:

jialat ST also misquoted MAS ... "One does not need to show that he has been affected by the Covid-19 crisis to obtain the relief, said the Monetary Authority of Singapore on Thursday (April 30). "
Click to expand...

ST trying to cover too many things including loans. Some need to demonstrate impact some no need.

MAS website is clear because they break into different areas - Defer Repayment for Residential Property Loans, Defer Repayment for Commercial and Industrial Property Loans, Waiver of Fall-Below Bank Account Service Fees and Failed GIRO Charges..... And under each section, they indicate whether need to apply or demonstrate impact.
 
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