Standchart eSaver

[sesame246]

This is my 1st encounter with DBS.

I agree that this is a good initiative to prevent scams. However, banks should apply clear and well-defined logic before placing transactions on hold, esp when the payee is already on the account holder’s favorite list, where the risk is typically much lower.

A 24-hour hold seems excessive, what if the account holder urgently needs access to their funds? Also, very often at the start of the month, customers move money between accounts to take advantage of new promotions.
thankfully, I transferred funds out of my SC account on 1st Aug without any issues.

 

[hwarzoner]

uob block my 200k transfer to my another bank took few days to settle lol

 

[twosix]

Nowadays banks probably using AI to determine if the fund transfer is suspicious or not. Certain banks (non local banks) can take days to freeze and verify before releasing the funds. So if local banks take few hrs to 24hrs, this is very fast already.

 

[AST781]

I have no idea why banks cannot implement something to check the name of the FAST payee.

If the name matches, they should just allow those transfers to go through.

MAS and ABS should be ashamed.

I did ask this and the CSO mentioned there were cases whereby scammers were in control of the payee's accounts even though its in the name of the person transferring.

 

[fr33d0m]

yes .... the questions asked seems to be a set of std questions (by MAS?? Association of Banks??) to determine if we are transferring the funds under influence of someone or scammers). And i think it is recorded to be used as evidence (if the customer answer those questions untruly and the transfers was really a scam and the bank will not share responsibility for compensation).

bingo. This is to protect the banks from potential liabilities, too.

 

[fr33d0m]

This is my 1st encounter with DBS.

I agree that this is a good initiative to prevent scams. However, banks should apply clear and well-defined logic before placing transactions on hold, esp when the payee is already on the account holder’s favorite list, where the risk is typically much lower.

A 24-hour hold seems excessive, what if the account holder urgently needs access to their funds? Also, very often at the start of the month, customers move money between accounts to take advantage of new promotions.
thankfully, I transferred funds out of my SC account on 1st Aug without any issues.

SC may not appreciate it when you use it as an example.

 

[fr33d0m]

i always deposit funds into DBS to buy Tbills and transferred out when matured

maybe it would be better for us when there was no FAST.

 

[Mickey01]

This is my 1st encounter with DBS.

I agree that this is a good initiative to prevent scams. However, banks should apply clear and well-defined logic before placing transactions on hold, esp when the payee is already on the account holder’s favorite list, where the risk is typically much lower.

A 24-hour hold seems excessive, what if the account holder urgently needs access to their funds? Also, very often at the start of the month, customers move money between accounts to take advantage of new promotions.
thankfully, I transferred funds out of my SC account on 1st Aug without any issues.

I agree that the 6 - 24 hours to release the hold is excessive.

I think the issue is not about saved payee, favorite list etc

When you log in and execute the transfer at Bank A; Bank A could not 100% confirm it is indeed executed by the legal owner. We have so many reports of people selling Singpass to scammers to open bank accounts or people open bank accounts and sell away the login credentials. These unauthorized users after their transfer may turnaround and claim liabilities from Bank A. Perhaps the interim solution is to make the customer talk to a human CSO for verification.

Inconvenience to all internet banking customers because of a few bad apples

 

[Mickey01]

maybe it would be better for us when there was no FAST.

go back to branch counter banking

 

[fr33d0m]

go back to branch counter banking

create a lot of jobs, you know.

 

[twosix]

1.80% to 2.20% only for 1 Aug to 30 Sep.

https://www.sc.com/sg/save/savings-...e_new-esaver-acquisition-sc_com_organic-sg-en

 

[twosix]

go back to branch counter banking

if the 2 banks' branches r nearby, this is the best way.

 

[ahnyaahnya]

Yeah, SCB control is the most troublesome. Lock you out of online banking and ask you to contact them. When you call them, the operator can only note down and ask you to wait for their call with no timeline given.

OCBC block the transfer and call you to verify within 15mins. Pretty good.

DBS will hold the transfer and only release it 24hrs later if you don't call them to cancel the transfer.

So far, these are my encounters.

I kena this evening.
Rang them. They said will call me back in an hour or two .
It's now only a few minutes short of 2 hours

 

[Oldliao]

I just calculated my interest for July. They did not give me the rate for "with wealth holding" when I have equities with them.

 

[hwarzoner]

I just calculated my interest for July. They did not give me the rate for "with wealth holding" when I have equities with them.

your esaver is public/normal one for the 01 June to 31 July period?

The Bonus Interest (BI) will be credited before 20th of the next month.

Jun BI was credited on 16 July
Jul BI one maybe on 16 Aug etc....

 

[CaptainWu]

I just calculated my interest for July. They did not give me the rate for "with wealth holding" when I have equities with them.

Have they paid the bonus interest already? Doesn't see mine.

 

[Oldliao]

your esaver is public/normal one for the 01 June to 31 July period?

The Bonus Interest (BI) will be credited before 20th of the next month.

Jun BI was credited on 16 July
Jul BI one maybe on 16 Aug etc....

Sry, i meant jun interest. And yes, the public for jun/jul period.

 

[CrashWire]

how could 1 bank know the name of the customer of account from another bank? We got privacy, okay?

I guess this is why we continue to be the money laundering capital of the world.

And MAS under Lawrence Wong would happily turn a blind eye as long as the professional services have work and pay their taxes.

The people who are ultimately disadvantaged are the small fry customers like us, even the savvier ones who just want to min-max interest by transferring between our own accounts.

 

[badkham07]

For wealth holdings, is there a min amount to buy in order to fulfil the criteria?

If i were to buy US stock, i.e $10 usd,wld i fulfil the wealth holdings condition? Or must it be sg equities and of a min amt?

Thanks.

 

[AST781]

I just calculated my interest for July. They did not give me the rate for "with wealth holding" when I have equities with them.

What you get was the base interest lah. Bonus interest don't come in so early one, usually a week to as much as 3 weeks later in the next month.