• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

SINGAPORE: From Oct 15, banks may hold or reject $$$ transfers from accounts with balances of at least S$50,000 (US$38,800) if they result in over 50%

UltimaOnline

UltimaOnline

Alfrescian (InfP)
Generous Asset
Joined
Jul 16, 2008
Messages
27,235
Points
113
If your account has $70,000:

  • The 50% threshold = $35,000.
  • If you transfer $36,000 (or more, including what you’ve already withdrawn in the past 24 hours), the safeguard kicks in.
  • That triggering transaction, and all subsequent outgoing transfers for the next 24 hours, may be held or rejected

So:
  • Transfer ≤ $35,000 in 24h → goes through normally.
  • Transfer > $35,000 in 24h → bank can hold/reject that transfer + block subsequent ones for 24h.

Essentially, once your account is ≥ $50k, the system is designed to stop you from moving more than half the balance in one day without a 24-hour cooling period.


https://www.channelnewsasia.com/sin...ct-transfers-anti-scam-measure-oct-15-5383281
 
In this case, just transfer all 70k at the first transfer.
 
Liddat then scammers each time just transfer $34,999.99
 
Need to do it the old fashioned way. Suitcases of cash for deposit at a bank branch. Can authenticate in-person, best way to prevent online scam. :wink:

Come to think of it, I did once see an ATB open a new bank account at a POSB outlet, she deposited large amounts of cash from a big bag she was carrying. She was at the counter for a long time, longer than most other customers. :unsure:
 
In exceptional cases where customers urgently need transactions to be processed during the cooling period, they will have to verify their transactions with the bank.
Click to expand...
This can be done at the bank's branches, ATMs or by calling the contact centre, depending on the options offered by the bank.

When a legitimate transaction is rejected, customers can reinitiate the transaction if they subsequently verify it with their bank.
Click to expand...

Absolute rubbish move. Scammers are smart and they will just withdraw 50% of balance and can still siphon substantial funds and continue to scam big big LOL.

And still need to verify by calling or visit the banks in person some more. Likely their hotline will be jammed and outlet with long queues, really kee siao.

Like that if want to pay in full to buy $200K car how? Withdraw $200K cash and walk in car dealership and open the suitcase in this manner?
@sbfuncle Like this KYM? :biggrin:

 
Last edited:
Balls2U said:
Open accounts in 10 different banks.
Click to expand...
thought there are only 6.9 “full” local commercial banks in sg, physical and digital. the other 3 local banks to make 10 will be the sperm bank, river bank, and underground loan shark bank? oh wait, there are 28 foreign “full” banks in sg, but they are very constrained in number of branches, atms, and deposit opportunities. will you deposit your money in a ceca bank?
 
UltimaOnline said:
ssentially, once your account is ≥ $50k, the system is designed to stop you from moving more than half the balance in one day without a 24-hour cooling period.
Click to expand...
oic, only those more than 50k lah, my one only $200.. so doesn't affect me.
 
eatshitndie said:
thought there are only 6.9 “full” local commercial banks in sg, physical and digital. the other 3 local banks to make 10 will be the sperm bank, river bank, and underground loan shark bank? oh wait, there are 28 foreign “full” banks in sg, but they are very constrained in number of branches, atms, and deposit opportunities. will you deposit your money in a ceca bank?
Click to expand...
1. DBS
2. OCBC
3. UOB
4. MAYBANK
5. HSBC
6. STANCHART
7. BANK OF CHINA
8. RHB
9. CIMB
10. CITIBANK
11. STATE BANK OF INDIA
 
Balls2U said:
1. DBS
2. OCBC
3. UOB
4. MAYBANK
5. HSBC
6. STANCHART
7. BANK OF CHINA
8. RHB
9. CIMB
10. CITIBANK
11. STATE BANK OF INDIA
Click to expand...
if you add local “full” banks with foreign “full” banks number is around 35. but foreign banks are constrained. for sexample i can deposit $699k in a premier banking account in dbs, ocbc, and uob but cannot in citibank in sg. i can deposit the same amount in citibank in usa.
 
laksaboy said:
Need to do it the old fashioned way. Suitcases of cash for deposit at a bank branch. Can authenticate in-person, best way to prevent online scam. :wink:

Come to think of it, I did once see an ATB open a new bank account at a POSB outlet, she deposited large amounts of cash from a big bag she was carrying. She was at the counter for a long time, longer than most other customers. :unsure:
Click to expand...

The most important question is whether she was a chiobu. :redface::sneaky::biggrin:
 
They should only impose this restriction for newly added Payees. Those Payees in their existing Payee list should be exempted, especially if transfer transactions to them had already been done before. I had also just written to my Relationship Manager yesterday to ask him on this issue. Waiting for his reply.
 
You must log in or register to reply here.

Similar threads

Gutted
More than 110 suspicious bank accounts with over $400k blocked by UOB or seized by police
Replies
4
Views
1K
A Singaporean
A Singaporean
Hightech88
Crypto investors with funds in defunct SG-based Tokenize Xchange left in limbo amid police probe
Replies
0
Views
368
Hightech88
Hightech88
JohnTan
Serious UN White Inspector Says Sinkie Banks Providing Banking Service To Boss Sam To Crush Oppies In Burma! PAP Will Order Banks To Stop It!
Replies
2
Views
925
k1976
k1976
Gutted
Two men arrested after victims of China official impersonation and ‘kidnap’ scam lost more than RM1.57mil in Singapore
Replies
2
Views
939
worcer
W
P
Serious Sexpensive Luxury Cars confiscated from Tiong Laundry CEO’s GCB unit
Replies
3
Views
1K
syed putra
syed putra
Back
Top