Standchart eSaver

[botak33]

i transfer periodically in/out SCB every cycle 5-6 figures all to similar saved accounts, no kena before
personally i feel its a good safeguard if really blocks, just like flight getting cancelled/delayed for checks etc, i reckon safety first over inconveniences

I agreed that it is a good safeguard to block an account for suspicious funds movement. I'm pissed off because they will only call me in the next 2 or 3 working days & not in an hour or by today. I requested to call them directly to verify but was told unable to.

 

[botak33]

I am trying to understand the issues, there are 2 of you:

Garlic use app to transfer to a new account + large amt - I understand why the system will flag as suspicious.

botak - did u use app to do the transfer?

Yes. The SCB mobile app.

 

[badkham07]

For the marathon promo, if i were to transfer in 100k by 31 Dec 2024 to lock in the promo, but withdraw all for the month of Jan 25, any idea if i would be able to enjoy the feb's rate if i re-transfer back in Feb 25?

 

[botak33]

Ok, banks have responsibility to act to prevent suspicious activities. Their system is especially sensitive to react to actions taken by Apps.

When you "act" like scammers, the bank's system will react. What scammers usually do? Create new payee, transfer big sums, all using Apps.

So to protect yourself and prevent any inconvenience, I always use ibanking to do all my merry go transfers of big sums. I did a big one yesterday, I do another bigger one today, on another bank's ibanking system. I always avoid using Apps, Apps are only for 2FA!

You cannot blame the bank for not acting fast to reverse their actions, they have responsibilities, plus today is half day business operations. All the more their system is sensitive to react!

Hope it helps!

Thanks for the advise. I wish I know this earlier.

 

[GrandJedi]

Look at the example.. it states end of day balance, not daily balance.

Just to add... must have $5k incremental on the last day of the month! Do not empty out the account on the last day of the month!

 

[GrandJedi]

i transfer periodically in/out SCB every cycle 5-6 figures all to similar saved accounts, no kena before
personally i feel its a good safeguard if really blocks, just like flight getting cancelled/delayed for checks etc, i reckon safety first over inconveniences

I have not had a problem but I am transfering to my own name accounts.

 

[Mickey01]

I always do the music chair for so many years. Nothing happened & only 50K.

The financial institutions and telcos under the "Shared Responsibility Framework (SRF) kicked in on 16 Dec 2024. So now the FI probably have set more stringent guidelines to flag suspicious activities (which is good) to stop the millions of dollars to the wallets of the scammers. Not sure how each bank setup their screening guidelines (or how stringent) though.

 

[Mickey01]

I have not had a problem but I am transfering to my own name accounts.

This is no longer true .... I used to believe this is safe. Until one of my transfer was suspended and need to wait 6 hours for the bank to release my computer internet banking & app login ID

 

[Mickey01]

https://www.channelnewsasia.com/sin...mework-dec-16-responsibilities-duties-4699236

 

[vsvs24]

The financial institutions and telcos under the "Shared Responsibility Framework (SRF) kicked in on 16 Dec 2024. So now the FI probably have set more stringent guidelines to flag suspicious activities (which is good) to stop the millions of dollars to the wallets of the scammers. Not sure how each bank setup their screening guidelines (or how stringent) though.

https://www.businesstimes.com.sg/co...-16-financial-institutions-roll-out-real-time

https://www.channelnewsasia.com/sin...erate-too-many-false-alerts-alvin-tan-4742786


This means that if a customer’s account is being rapidly drained of a material sum to scammers, FIs must either block the transaction until it is able to reach the customer for positive confirmation, or send a notification to the customer and block or hold the transaction for 24 hours. An account is considered to be rapidly drained if more than half of a balance of at least $50,000 is transferred out cumulatively over a day.

****

Banks given 6 mths to implement from 16 Dec 2024. But I suppose banks who are ready can impose earlier.

 

[peppermint7]

This is creating so much extra work. Why don't they just revert back to physical token?

 

[Mickey01]

This is creating so much extra work. Why don't they just revert back to physical token?

ha ha ha ......... this was exactly what I told the bank officer when she called me for verification and unlock my account. Told her if the bank do not trust the soft token, give me back my hard token

Anyways, after my account was locked, a south asian accent female officer did call me. As usual did the security verification etc etc. Until she ask me to confirm the name of bank and the account number which I'm transferring to and the amount; which I got very uncomfortable. So I as her "are you calling from the bank branch in Singapore" and she replied "this I'm not able to confirm" and so I replied "then I'm not comfortable to provide bank name and account number as I don't know if you are real or scammer". Immediately after that call, another local officer branch officer called. She identified herself and the name of the branch. She did not ask me for the payee bank name and account number. the account was unlocked within secs after the last call.

 

[vsvs24]

ha ha ha ......... this was exactly what I told the bank officer when she called me for verification and unlock my account. Told her if the bank do not trust the soft token, give me back my hard token

Anyways, after my account was locked, a south asian accent female officer did call me. As usual did the security verification etc etc. Until she ask me to confirm the name of bank and the account number which I'm transferring to and the amount; which I got very uncomfortable. So I as her "are you calling from the bank branch in Singapore" and she replied "this I'm not able to confirm" and so I replied "then I'm not comfortable to provide bank name and account number as I don't know if you are real or scammer". Immediately after that call, another local officer branch officer called. She identified herself and the name of the branch. She did not ask me for the payee bank name and account number. the account was unlocked within secs after the last call.

Your esaver account also locked ? When was it ?

 

[bladez87]

OK... Means we will have difficulty merry go round tmr...

 

[heng_ah]

OK... Means we will have difficulty merry go round tmr...

I thought tmr is public holiday.
Merry go round tmr will affect value date

 

[Mickey01]

Your esaver account also locked ? When was it ?

1st week of Dec 2024 .... due to merry go round

 

[peppermint7]

I have somewhat similar experience but is from another bank. The guy called and question me about my transaction. I refused to cooperate as he doesn't sound local and can't answer me when i ask him to proof he's from the bank. Thereafter he hangs up and he go ahead lock my account. I can't log in, so no choice need call back the bank and waited long on the line to get to speak to a cs to reactivate it.

Really scratch head why they don't just bring back the physical token. Instead create so much added work to get everyone involve. Telco, banks, police, etc.

 

[bladez87]

I thought tmr is public holiday.
Merry go round tmr will affect value date

Is there any other option?
Since Most promo end 31 Dec... And yiou have to rotate out on 1 Jan... Or 2 Jan

 

[bladez87]

I have somewhat similar experience but is from another bank. The guy called and question me about my transaction. I refused to cooperate as he doesn't sound local and can't answer me when i ask him to proof he's from the bank. Thereafter he hangs up and he go ahead lock my account. I can't log in, so no choice need call back the bank and waited long on the line to get to speak to a cs to reactivate it.

Really scratch head why they don't just bring back the physical token. Instead create so much added work to get everyone involve. Telco, banks, police, etc.

When did this happen?

 

[peppermint7]

When did this happen?

That was many years back. By OCBC. I can't exactly rem whether physical token was still in use but it did happen.