Standchart eSaver

[sohguanh]

Able to explain on the clawback? Was planning to xfer a portion out today due to the 200K cap. TIA.

It says bonus clawback becuz I did not let the monies stay for the entire month. Today is 30 Jun you move out so that entire sum for one day bonus will be clawback.

To me I feel SCB trick me becuz monies appear means I can take out correct? But if you read the TnC it does say the full month.

 

[hyperbole]

I also kena before “interest adjustment” when I transferred out the balance before last day of the month. But it was like few cents so in the end still better than leaving the money there

 

[waddahell]

I also kena before “interest adjustment” when I transferred out the balance before last day of the month. But it was like few cents so in the end still better than leaving the money there

Thanks for sharing. Do you recall the last day being a public holiday or a Sunday?

 

[waddahell]

It says bonus clawback becuz I did not let the monies stay for the entire month. Today is 30 Jun you move out so that entire sum for one day bonus will be clawback.

To me I feel SCB trick me becuz monies appear means I can take out correct? But if you read the TnC it does say the full month.

Thanks for sharing. Weird when they already put up a clause saying last day withdrawal won’t affect interest if it’s Sunday.

“For the avoidance of any doubt, any deposit, withdrawal or otherwise transaction inrelation to your Qualifying Account(s) that takes place on the last day of a calendar month, falling on either a Sunday, a public holiday or a bank holiday, will not be taken into consideration for the purposes of the Bank’s computation of ADB and crediting of Bonus Interest.”

 

[hyperbole]

Thanks for sharing. Do you recall the last day being a public holiday or a Sunday?

It was a Sunday. The interest was received on Saturday so I transferred everything out on Sunday. On Tuesday, I noticed the adjustment, so I transferred back the “adjustment” to cover the negative balance

 

[waddahell]

It was a Sunday. The interest was received on Saturday so I transferred everything out on Sunday. On Tuesday, I noticed the adjustment, so I transferred back the “adjustment” to cover the negative balance

Based on what you mentioned, the clawback seems to apply only to the base interest (0.05%) if it’s only a few cents. The clause that I shared above mentioned it applies to “Bonus interest”. Guess I will transfer out a portion today and see what happens. Thanks for sharing!

 

[bladez87]

Based on what you mentioned, the clawback seems to apply only to the base interest (0.05%) if it’s only a few cents. The clause that I shared above mentioned it applies to “Bonus interest”. Guess I will transfer out a portion today and see what happens. Thanks for sharing!

Why transfer out?
Got other banks offering higher interest?

Scb esaver is for Jun Jul

 

[waddahell]

Why transfer out?
Got other banks offering higher interest?

Scb esaver is for Jun Jul

Planning to go back to EGA for July. Assuming they will have 3.xx%+1% tomorrow.

 

[maumu]

I think any transfer today will be posted only tomorrow... cos today is Sunday (non-working day), but the fund will be available in the receiving bank today.

 

[Tee_bag]

Why transfer out?
Got other banks offering higher interest?

Scb esaver is for Jun Jul

Oh .. so fresh funds that i put in Jun will be eligible for the 3.xx interest in jul as well?

 

[waddahell]

Oh .. so fresh funds that i put in Jun will be eligible for the 3.xx interest in jul as well?

Yes. Both months reference to May if you are on public promotion.

 

[Lè Crayons]

It was a Sunday. The interest was received on Saturday so I transferred everything out on Sunday. On Tuesday, I noticed the adjustment, so I transferred back the “adjustment” to cover the negative balance

I also kena but I left the account with negative balance to wait for the next cycle to start. Somehow, my RM waived the few 15 cents for me. Haha.

 

[GrandJedi]

I think any transfer today will be posted only tomorrow... cos today is Sunday (non-working day), but the fund will be available in the receiving bank today.

To my understanding when it comes to savings account value date is more important than posting date.
This is the opposite of credit card, where posting date is used for all promotions.

 

[maumu]

To my understanding when it comes to savings account value date is more important than posting date.
This is the opposite of credit card, where posting date is used for all promotions.

not sure what you mean by "value date is more important than posting date".

just need to follow the conditions stated in tnc.. it doesn't matter what we (customers) perceive but what the banks define their positions when evaluating promotion eligibilities, etc...

 

[GrandJedi]

not sure what you mean by "value date is more important than posting date".

just need to follow the conditions stated in tnc.. it doesn't matter what we (customers) perceive but what the banks define their positions when evaluating promotion eligibilities, etc...

What I meant was interest earned for savings accounts are based on valued dates and credit card cashback conditions are based on posting dates.

 

[maumu]

What I meant was interest earned for savings accounts are based on valued dates ...

for which bank(s) and can you quote the source?

because based on my experience, the interest is based on posted dates (e.g. HSBC).

anyway I hardly do transactions on non-working days like Sundays and PHs precisely to avoid these kind of grey areas.

 

[Squaredot]

SCB esaver interest is calculated based on Value Date.

 

[waddahell]

SCB esaver interest is calculated based on Value Date.

Value date like weird leh.
If it’s value date that the below clause shouldn ‘t stand.

“For the avoidance of any doubt, any deposit, withdrawal or otherwise transaction in relation to your Qualifying Account(s) that takes place on the last day of a calendar month, falling on either a Sunday, a public holiday or a bank holiday, will not be taken into consideration for the purposes of the Bank’s computation of ADB and crediting of Bonus Interest.”

 

[Squaredot]

Value date like weird leh.
If it’s value date that the below clause shouldn ‘t stand.

“For the avoidance of any doubt, any deposit, withdrawal or otherwise transaction in relation to your Qualifying Account(s) that takes place on the last day of a calendar month, falling on either a Sunday, a public holiday or a bank holiday, will not be taken into consideration for the purposes of the Bank’s computation of ADB and crediting of Bonus Interest.”

why weird?

 

[waddahell]

why weird?

Value date can still take place on Sunday/PH. Post date will be the next working day. Probably no need to have this clause if it’s by value date.