Banks in Singapore also have the bad practice of overcharging fees for various services. These fees are much higher than their actual cost of providing the services. They are exorbitant and are intended to reap obscene profits for the banks.
Recently my FD matured and I wanted to withdraw the whole amount. The bank even charged $10 for a cashier order payable to my name. But this is not an online account. This is the first time it happened in my 30 years of dealing with banks.
Also the spread (in favour of bank) between the interest rates paid by banks to customers for their deposits and the rate for loans to customers has widened greatly in recent years. Bank income from this aspect has hence increased a lot.
Better be the bank rather than the customer, especially in pro-(big) business Singapore.
I understand OCBC charges $5/- for a personal cheque while other banks do not.
ReplyDeleteRecently my FD matured and I wanted to withdraw the whole amount. The bank even charged $10 for a cashier order payable to my name. But this is not an online account. This is the first time it happened in my 30 years of dealing with banks.
ReplyDeleteAlso the spread (in favour of bank) between the interest rates paid by banks to customers for their deposits and the rate for loans to customers has widened greatly in recent years. Bank income from this aspect has hence increased a lot.
Better be the bank rather than the customer, especially in pro-(big) business Singapore.