POSB/DBS to charge service fee for cash deposits >20k

[Nasi Lemak]

This is ridiculous !!! OUTRAGEOUS !!!!

Interest earned is even lesser than cash services fee !!!

To show our displeasure, we shall all shift our fund to other banks immediately.

ie savings is bad; bankers forcing savers to invest in financial products CASH SERVICES FEE by DBS Bank with effect from Nov 1, 2011

http://www.dbs.com/posb/doc/deposit/cash_servicefee.pdf

If you cant open the link, pls log on to DBS website, look under DBS Personal , look for What's New on the left side.

The following cash services fee applies with effect from 1 November 2011:
Amount deposited in cash Fee First S$20,000 Waived Subsequent amount above S$20,000 0.05% (min fee of S$5) For more information, please speak to any of us.

现金存款服务费 自 2011 年11 月1 日起,本银行将收 取以下的现金存款服务费： 现金存款额 服务费 首两万新元 免服务费 两万新元以上的存额 0.05%（最少服 务费为5 新元) 欲知更多详情，请与我们洽谈.

 

[red amoeba]

LOL...DBS has once again, out do itself for being the shittiest bank in SG.

 

[streetsmart73]

hi there


1. not surprise leh!
2. daytime robbery always here.

 

[ssrrvv11]

dbs broke already is it? ceo is ah neh right?

 

[HedgeTrader]

Think out of the box. Break it into two $10k deposits LOL

 

[ZorrorroZ]

so the solution is to deposit via internet banking or deposit $20K a day?!

 

[zeddy]

POSB not the same anymore since they merged with DBS... They are just a fucked up local bank helmed by a fucktard Ah neh Piyush Gupta... Closed my account with them many years ago...

 

[zeddy]

DBS chief Piyush Gupta paid between S$3m and S$3.25m last year
By Travis Teo | Posted: 09 April 2010 1836 hrs




SINGAPORE: DBS Bank's new CEO Piyush Gupta made between S$3 million and S$3.25 million last year, according to the bank's latest annual report.

This excludes the value of some 79,000 DBSH shares worth about S$1.2 million, granted to Mr Gupta as part of his sign-on terms when he joined the bank last November.

DBS said bonuses accounted for 94 per cent of Mr Gupta's pay package.

Meanwhile, Chairman Koh Boon Hwee, who is due to step down on April 30, will receive between S$4.75 million and S$5 million in 2009.

According to the annual report, the amount includes a special remuneration comprising cash and shares totalling S$4.5 million.

This is subject to shareholders' approval at the annual general meeting to be held on April 30.

Mr Koh earned up to S$2.5 million in 2008, of which S$2 million were special remuneration.

DBS said Mr Koh was paid more last year because he took on an active management oversight role for nine months while the bank was without a CEO.

Veteran banker Mr Peter Seah will take over as chairman from May this year.

Former CEO Richard Stanley, who died from acute myelogenous leukaemia last April, was paid between S$2.25 million and S$2.5 million in 2009.

- CNA/yb

 

[Alamaking]

Yah lor, break the deposit to 2 times lah, LOL

 

[red amoeba]

Yah lor, break the deposit to 2 times lah, LOL

u think those idiots in DBS neber think of this meh?

unless u deposit under 2 different names...

but i believe if you are a high roller, you fuck your personal banker to waive this...

 

[KNNBCCB]

POSB not the same anymore since they merged with DBS... They are just a fucked up local bank helmed by a fucktard Ah neh Piyush Gupta... Closed my account with them many years ago...

CCB Ah Neh... sinkapoor is doom...

 

[Alamaking]

u think those idiots in DBS neber think of this meh?

unless u deposit under 2 different names...

but i believe if you are a high roller, you fuck your personal banker to waive this...

I closed my POSB/DBS account ages ago, LOL

 

[no_faith]

sooner or later, it is better to keep your money in a....

 

[Unrepented]

ERP gantries in the bank for your funds :o Funds pass thru one calendar year also charge.

 

[Forvendet]

I closed my POSB/DBS account ages ago, LOL

I closed my DBS account many years ago since they started charging $10 per chequebook and have been with StanChart ever since. They have less ATMs but it's alright as I seldom use ATM anyway. Their phone, internet and international banking services beat DBS by horselengths too.

 

[sleaguepunter]

actually most local banks already have this rule. It just that dbs is the first to put the rule online for everyone to see. In the past, my job require to handle cash that why i know about it. UOB i think is 25k in small notes but if the teller know you, he/she can waive but just dont get caught by supervisor. Corporate customers who go UOB main branch, will notice there an enclosed counter at the right hand side of the counters. Mostly use by moneychangers in the area for deposit and withdrawal. The charge is due to the amount of time needed by the counter staff/teller to count all the notes is very long compare to those normal customers averaging just a couple of minutes.

The DBS info also not clear. What happen when a customer want to deposit 2 piece of $10K notes? if liddat also need pay service charge then dbs destined to fail.

 

[kopiuncle]

occupy the banks lor...so easy!!!!

 

[Cestbon]

How is the fee?
Per deposit, per day or per month.

 

[Received_by_Kings]

... sinkapoor is doom...

The poor sinks like a stone in water everywhere.

 

[QXD]

Can't understand why an individual would want to lug around 20K anyway. Pretty sure if your business was legitamately dealing in cash, a deal can be worked out with the bank.

The truly rich would do it in style and not even have to step into a bank.

Perhaps that person is either doing something illegal (evade tax from cash profits, drug runner, ah long) or must be one of the few idiots left who keep all their life savings in Milo tins.