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Why dispense only $50 notes?
By Benson Ang
The New Paper
Sunday, Apr 15, 2012
When he wanted to withdraw less than $50 from an ATM, he couldn't.
Why? Because the POSB ATM had been reconfigured to dispense only $50 notes.
Furniture consultant Shah Pakri, 40, was so upset with the change that he wrote a letter to The Straits Times forum last month about the issue.
It turns out that particular ATM was among some 275 which were reconfigured to dispense only $50 notes since last October.
Mr Pakri, who lives in Geylang Serai, told The New Paper that since the change, he can no longer withdraw money from two POSB ATMs located in Joo Chiat Complex.
He now has to travel to another ATM located at Eunos Road 5, which is about 300m away. This ATM dispenses $10 and $50 notes.
Mr Pakri said: "I usually withdraw only $20. I don't want to withdraw more as I'll be tempted to spend it."
He hoped DBS would go back to allowing ATMs to dispense notes in both denominations.
POSB was incorporated into DBS Bank in 1998.
Mr Pakri said: "It's ironic that POSB, which is supposed to be the people's bank, is inconveniencing low-income earners."
He is not alone.
Another customer, housewife Florence Siah, 65, said she has never used the "$50-only" machines as she needs small change for buying groceries.
"I always use the old ATMs. But I now have to queue longer for them."
A DBS spokesman confirmed the move and said it was made to increase the effectiveness and convenience for the majority of its customers.
The spokesman explained that the ATMs were reconfigured because of the withdrawal patterns of its customers.
It was observed that more customers were withdrawing larger amounts at ATMs in certain areas, like in the Central Business District (CBD), she said.
The spokesman said: "We've noticed that with this change, these machines have experience less 'out of cash' scenarios, thus reducing customers' inconveniences."
TNP understands that each ATM has a fixed number of cartridges which can hold dollar notes within the machine. This means that ATMs which do not dispense $10 notes can hold more $50 notes, and are less likely to run out of them.
Shorter queues
The DBS spokesman said that the bank was constantly reviewing the usage of its self-service machines to increase their effectiveness and convenience.
The spokesman added that the minimum withdrawal of $20 is still available at most of its ATMs, especially those located in the HDB areas.
Some other customers were happy with the change.
Safety co-ordinator Francis Teo, 44, felt the new configuration helped shorten the waiting time for customers who wanted to withdraw large amounts.
He said: "The queues for such machines tend to be shorter."
Driver Aidil Sahar, 27, agreed.
He said: "I don't mind the new configuration. Anyway, there are so many POSB ATMs around, it's easy to find another one."
Some of the newly-configured ATMs are located in the CBD, like in the DBS Building Tower One and the 313@Somerset shopping centre.
Others are further from town, like in the VivoCity shopping centre and Joo Chiat Complex.
Mr Zaqy Mohamad, a Member of Parliament (MP), who sits on the Government Parliamentary Committee for Finance, Trade and Industry, said that while he could understand the motives behind the move, he was concerned that some of the "$50-only" ATMs were located in heartland areas like Geylang Serai.
The MP for Chua Chu Kang GRC noted that Joo Chiat Complex is frequented by many heartlanders, including residents from low-income families.
He said: "If ATMs there only disperse $50, then these customers will not appreciate this. "After all, they need small change to buy things from coffee shops and tidbit shops in the area."
He felt customers unhappy with the move should provide feedback to DBS about their needs.
"The bank might also like to survey the customer attitudes in those locations to gauge the response to these machines," he said.
DBS has over 1,500 self-service machines - including 1,100 ATMs - around the island.In comparison, UOB and OCBC each have over 600 ATMs here.
Most UOB ATMs dispense a mixture of $10, $50 and $100 bills, said a UOB spokesman.
But TNP understands that some UOB ATMs, like those located at the two Integrated Resorts (IRs), dispense only $100 bills.
This is likely because large amounts have been withdrawn from these ATMs at the IRs, TNP understands.
All OCBC ATMs disperse both $10 and $50 notes, said its head of e-business, Mr Pranav Seth.
This article was first published in The New Paper.
By Benson Ang
The New Paper
Sunday, Apr 15, 2012
When he wanted to withdraw less than $50 from an ATM, he couldn't.
Why? Because the POSB ATM had been reconfigured to dispense only $50 notes.
Furniture consultant Shah Pakri, 40, was so upset with the change that he wrote a letter to The Straits Times forum last month about the issue.
It turns out that particular ATM was among some 275 which were reconfigured to dispense only $50 notes since last October.
Mr Pakri, who lives in Geylang Serai, told The New Paper that since the change, he can no longer withdraw money from two POSB ATMs located in Joo Chiat Complex.
He now has to travel to another ATM located at Eunos Road 5, which is about 300m away. This ATM dispenses $10 and $50 notes.
Mr Pakri said: "I usually withdraw only $20. I don't want to withdraw more as I'll be tempted to spend it."
He hoped DBS would go back to allowing ATMs to dispense notes in both denominations.
POSB was incorporated into DBS Bank in 1998.
Mr Pakri said: "It's ironic that POSB, which is supposed to be the people's bank, is inconveniencing low-income earners."
He is not alone.
Another customer, housewife Florence Siah, 65, said she has never used the "$50-only" machines as she needs small change for buying groceries.
"I always use the old ATMs. But I now have to queue longer for them."
A DBS spokesman confirmed the move and said it was made to increase the effectiveness and convenience for the majority of its customers.
The spokesman explained that the ATMs were reconfigured because of the withdrawal patterns of its customers.
It was observed that more customers were withdrawing larger amounts at ATMs in certain areas, like in the Central Business District (CBD), she said.
The spokesman said: "We've noticed that with this change, these machines have experience less 'out of cash' scenarios, thus reducing customers' inconveniences."
TNP understands that each ATM has a fixed number of cartridges which can hold dollar notes within the machine. This means that ATMs which do not dispense $10 notes can hold more $50 notes, and are less likely to run out of them.
Shorter queues
The DBS spokesman said that the bank was constantly reviewing the usage of its self-service machines to increase their effectiveness and convenience.
The spokesman added that the minimum withdrawal of $20 is still available at most of its ATMs, especially those located in the HDB areas.
Some other customers were happy with the change.
Safety co-ordinator Francis Teo, 44, felt the new configuration helped shorten the waiting time for customers who wanted to withdraw large amounts.
He said: "The queues for such machines tend to be shorter."
Driver Aidil Sahar, 27, agreed.
He said: "I don't mind the new configuration. Anyway, there are so many POSB ATMs around, it's easy to find another one."
Some of the newly-configured ATMs are located in the CBD, like in the DBS Building Tower One and the 313@Somerset shopping centre.
Others are further from town, like in the VivoCity shopping centre and Joo Chiat Complex.
Mr Zaqy Mohamad, a Member of Parliament (MP), who sits on the Government Parliamentary Committee for Finance, Trade and Industry, said that while he could understand the motives behind the move, he was concerned that some of the "$50-only" ATMs were located in heartland areas like Geylang Serai.
The MP for Chua Chu Kang GRC noted that Joo Chiat Complex is frequented by many heartlanders, including residents from low-income families.
He said: "If ATMs there only disperse $50, then these customers will not appreciate this. "After all, they need small change to buy things from coffee shops and tidbit shops in the area."
He felt customers unhappy with the move should provide feedback to DBS about their needs.
"The bank might also like to survey the customer attitudes in those locations to gauge the response to these machines," he said.
DBS has over 1,500 self-service machines - including 1,100 ATMs - around the island.In comparison, UOB and OCBC each have over 600 ATMs here.
Most UOB ATMs dispense a mixture of $10, $50 and $100 bills, said a UOB spokesman.
But TNP understands that some UOB ATMs, like those located at the two Integrated Resorts (IRs), dispense only $100 bills.
This is likely because large amounts have been withdrawn from these ATMs at the IRs, TNP understands.
All OCBC ATMs disperse both $10 and $50 notes, said its head of e-business, Mr Pranav Seth.
This article was first published in The New Paper.
