Standchart eSaver

[zoossh]

yup.

priority on top right corner. didnt u see it?

 

[orange_sky]

Exactly! I get your points.
I get that I had $0 for Sep, so naturally there would be fall below fee, but I was planning of starting afresh in Oct so I transferred in on 1 Oct.
But if I still get slapped with fall below fee in 1 Oct, that means in order to avoid the fee, I cannot deposit money in for the month of Oct
But if I cannot deposit money in for the month of Oct , then I will be slapped with the fee in Nov
And the cycle goes on and on. So the question is, when can I "restart"? Or do I just have to accept the fee?

I'm not sure if you're getting my point :/

The fall below fee charged on 1 Oct is for your sep balance

 

[zoossh]

Exactly! I get your points.
I get that I had $0 for Sep, so naturally there would be fall below fee, but I was planning of starting afresh in Oct so I transferred in on 1 Oct.
But if I still get slapped with fall below fee in 1 Oct, that means in order to avoid the fee, I cannot deposit money in for the month of Oct
But if I cannot deposit money in for the month of Oct , then I will be slapped with the fee in Nov
And the cycle goes on and on. So the question is, when can I "restart"? Or do I just have to accept the fee?

I'm not sure if you're getting my point :/

i am not sure if u leave your account zero on 1st oct, will get deduction into negative value on 1st oct, or will it be deducted once u put in money eg 2nd oct.

maybe others with previous experience can advice.

 

[Mecisteus]

Exactly! I get your points.
I get that I had $0 for Sep, so naturally there would be fall below fee, but I was planning of starting afresh in Oct so I transferred in on 1 Oct.
But if I still get slapped with fall below fee in 1 Oct, that means in order to avoid the fee, I cannot deposit money in for the month of Oct
But if I cannot deposit money in for the month of Oct , then I will be slapped with the fee in Nov
And the cycle goes on and on. So the question is, when can I "restart"? Or do I just have to accept the fee?

I'm not sure if you're getting my point :/

I am wondering if you know how to calculate average?

How much did you transfer on the 1st Oct?

If you owe the bank $5 and you need to maintain a 1k ADB, then obviously you need to transfer $1,005 on the following month of a previous month with ADB=$0.

PS: To be safe, just put in an extra $1. It won't kill you.

 

[Prof Goh]

So am I qualify based on the print screen?

There is no fall-below fees for me right?

yes. priority account.

 

[blengend]

i am not sure if u leave your account zero on 1st oct, will get deduction into negative value on 1st oct, or will it be deducted once u put in money eg 2nd oct.

maybe others with previous experience can advice.

This is what I'm asking!!!
Glad you understood me

 

[zoossh]

Thanks but I don't think I can qualify anymore since my balance less than 200k.

no, u do. dun worry abt it.

This is what I'm asking!!!
Glad you understood me

to be honest, u didnt state it clear enough in the initial posts. nevertheless hope someone with the relevant experience can share further.

 

[Mecisteus]

This is what I'm asking!!!
Glad you understood me

Simple problem but you made it is so difficult.

 

[blengend]

to be honest, u didnt state it clear enough in the initial posts. nevertheless hope someone with the relevant experience can share further.

Simple problem but you made it is so difficult.

I have tried to phrase the question to the best of my ability.
So do you happen to know, Mike?

 

[Mecisteus]

I have tried to phrase the question to the best of my ability.
So do you happen to know, Mike?

You tried but you still fail. Upon probing further, I then know what is the problem.

Even another person declared that you didn't make it clear. And so many people up there are not understanding your problem.

to be honest, u didnt state it clear enough in the initial posts.

As I said, the problem is very simple. It is simple Maths.

 

[blengend]

You tried but you still fail. Upon probing further, I then know what is the problem.

Even another person declared that you didn't make it clear. And so many people up there are not understanding your problem.



As I said, the problem is very simple. It is simple Maths.

Alright Mike, I agree that I have failed.
I was hoping you had the answers to my question because you took a huge interest in my question, and mentioned that it was simple

 

[Squaredot]

Uhhh what I meant is from 1 Sep to 30 Sep, bank account balance is $0
I transferred in money on 1 Oct, thinking it's the start of a new month so I can start fresh. But the bank deducted $5 fall below fee on 1 Oct.

Hence, if I want to start transferring money into an account which has been empty for the past one month, when should I do the transfer in order to avoid the fall below fee?

I understand your question but I don't have the answer.

Perhaps you request for fee wavier this time first?
Hopefully someone can advise you so that you can avoid the $5 charge in future.

 

[Trazora]

i am not sure if u leave your account zero on 1st oct, will get deduction into negative value on 1st oct, or will it be deducted once u put in money eg 2nd oct.

maybe others with previous experience can advice.

No fees charged if leave at zero.

 

[vince123123]

May I ask whether your 2 eSaver accounts are solo accounts or one is solo one is joint name?

So am I qualify based on the print screen?
There is no fall-below fees for me right?

 

[Prof Goh]

no, u do. dun worry abt it.

how come leh?

 

[dexboi]

Uhhh what I meant is from 1 Sep to 30 Sep, bank account balance is $0
I transferred in money on 1 Oct, thinking it's the start of a new month so I can start fresh. But the bank deducted $5 fall below fee on 1 Oct.

Hence, if I want to start transferring money into an account which has been empty for the past one month, when should I do the transfer in order to avoid the fall below fee?

Your problem is pretty simple. It takes a bit of trial and error to understand how the fall-below deduction works. To stay safe, you can avoid the -$5 'window period' from last day of the month to 1st and 2nd day of the following month.

Eg. If you have $0 for the whole month of Jan, the bank will still try to deduct $5 from your account between last day of Jan to 1st-2nd day of Feb. Your account will never fall below $0 if you keep it empty into Feb. But if you deposit $$$ into that account within the window period (last day to 1st-2nd of a new month), you will get deducted. As simple as that.

I'm not gonna go into details, but treat it that some last day of the month falls on a Sunday (non-banking day). Another reason is that interests are credited on last day of the month after biz hours, so fall-below deduction takes place 1 day after to "reverse out" any interest given to punish customers who don't obey the minimum deposit rule in the previous month.

Conclusion: Do nothing during that window period. In order to avoid the fall-below fee, start your new deposit on the 3rd day onwards. A bit of interest lost is better than $5 off.

Bonus Conclusion: In order to avoid reversal of bonus interest, initiate your drawdown on the 1st day of the new month. You may drawdown on the last day itself, but make sure you drawdown to zero.

 

[zoossh]

how come leh?

what matter is the outcome, not the process.

 

[oceanicmanta]

how come leh?

banks give grace period or will notify u of balance to keep priority status, if not got fee

until that day happens, still priority

 

[Mecisteus]

Your problem is pretty simple. It takes a bit of trial and error to understand how the fall-below deduction works. To stay safe, you can avoid the -$5 'window period' from last day of the month to 1st and 2nd day of the following month.

Conclusion: Do nothing during that window period. In order to avoid the fall-below fee, start your new deposit on the 3rd day onwards. A bit of interest lost is better than $5 off.

Bonus Conclusion: In order to avoid reversal of bonus interest, initiate your drawdown on the 1st day of the new month. You may drawdown on the last day itself, but make sure you drawdown to zero.

1) If I am the IT engineer, I would attempt to deduct the fall below fee on each business day successively.

I don't think it is worth to do trial and error. Let's do the Maths. Maintaining $1k ADB for 1 month will lose you $2.50 if that $1k is put into an account @3% pa. So why must withdraw till 0 and worry about fall below fee?

2) Also for large balances, the daily interests >> $5. Do you mind losing a few day of interests for trial and eror?

3) With regards to bonus conclusion, this may not be applicable for large balances. You can withdraw on last day, the balance on last day can be non-zero and ADB can still be > $1k. No penalty. In fact, if you have >$200k and if you are relying on funds transfer, you have a limit of $100k to transfer each day. The excess money will not earn interest on the next bonus period. So it is better to transfer earlier into another account with bonus interest feature ie OCBC360 to earn higher interests.

 

[Trazora]

1) If I am the IT engineer, I would attempt to deduct the fall below fee on each business day successively.

I don't think it is worth to do trial and error. Let's do the Maths. Maintaining $1k ADB for 1 month will lose you $2.50 if that $1k is put into an account @3% pa. So why must withdraw till 0 and worry about fall below fee?

2) Also for large balances, the daily interests >> $5. Do you mind losing a few day of interests for trial and eror?

3) With regards to bonus conclusion, this may not be applicable for large balances. You can withdraw on last day, the balance on last day can be non-zero and ADB can still be > $1k. No penalty. In fact, if you have >$200k and if you are relying on funds transfer, you have a limit of $100k to transfer each day. The excess money will not earn interest on the next bonus period. So it is better to transfer earlier into another account with bonus interest feature ie OCBC360 to earn higher interests.

You can do what you deem fit for yourself. Others are free to do what they prefer. Anyway the account dun go negative, ie no fees if kept at $0.