Tuesday, November 15, 2011

Bank fees

Banks are adding new fees and increasing existing fees to boost their profits. This is happening in America and is likely to be implemented in Singapore in the future.

http://www.cnbc.com//id/45286104


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3 comments:

Anonymous said...

UOB Thailand was doing it years ago.

November 15, 2011 5:51 AM
Anonymous said...

Job Singapore now charges for nets card where in the past it's free. Now if u do not want to pay, they give u an ATM card separately

November 15, 2011 9:41 AM
Anonymous said...

Hi Mr Tan,

Would like to alert you and readers that DBS is imposing "Cash Service Fees" from 1ST NOV 2011 onwards.

Fees of 0.05% (min $5) imposed on cash amounts greater than $20K.

I believe this is to offset their insurance costs to SDIC to insure amounts up to S$50K per bank customer.

However DBS didn't impose a cap on the fees, or to say that the fees will not apply to the cash portion above $50K since this portion is not insured anyway.

I only came across the below Notice by accident when browsing the DBS website. The bank didn't send me email or letter to inform me about this Fees. The Notice is also rather vague --- apply to per account, or to per customer across all his accounts? Is there a cap on Fees? What is the reason for Fees?

http://www.dbs.com/sg/personal/doc/deposit/cash_servicefee.pdf

It seems to me that the Notice is deliberately short on details and it informs customers to "speak to any of us" for more information.

For such matters, I don't like to engage in verbal exchange. I always prefer to have information and details on official record, either via bank letterhead, or bank email.

I'm also not sure if other banks are also imposing such Fees. But I wouldn't be surprised, especially for the local banks as they are flushed with deposits with Singaporean captive depositors.

November 15, 2011 11:11 AM

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