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

[scbccb]

What took you so long?

 

[Rogue Trader]

just a question .. when you win lottery prize of $20k, do you get paid in cash or cheque?

 

[chonburifc]

Honestly, with such interest rate 0.05%, who wants to put the money in the bank? Maybe, for security reasons. Might as well buy gold and open a safe deposit but don't go with DBS.

 

[Screwball]

just a question .. when you win lottery prize of $20k, do you get paid in cash or cheque?

This one I am knowing the answer. Singapore Pools will presenting you with a stack of pamphlets asking for donations before they is giving you your winnings by check. If you have making the donations your cheque can be cash out the same day. If you not have giving any donation your cheque can only take money after 3 days. They is never paying cash for amount above 5K. All is paying by cheque.

For the very big money winner they is asking you for your account number and putting the money directly into the account.

When you leaving the Singapore Pools office you must go and be buying a new phone. Because many charity will be calling you for donations. I thinking the Singapore Pools is giving your number to them.

 

[Rogue Trader]

This one I am knowing the answer. Singapore Pools will presenting you with a stack of pamphlets asking for donations before they is giving you your winnings by check. If you have making the donations your cheque can be cash out the same day. If you not have giving any donation your cheque can only take money after 3 days. They is never paying cash for amount above 5K. All is paying by cheque.

For the very big money winner they is asking you for your account number and putting the money directly into the account.

When you leaving the Singapore Pools office you must go and be buying a new phone. Because many charity will be calling you for donations. I thinking the Singapore Pools is giving your number to them.

Thanks you. I thinking you strikes Toto big prizes before to knowing so well.

How about the casino? If you cashing out more than 10 grand they paying cashs or cheques? Got pamphlets also?

 

[Cruxx]

just a question .. when you win lottery prize of $20k, do you get paid in cash or cheque?

Cheque of course. I regular at Sgpools. Prizes above 5k = cheque

 

[Screwball]

Thanks you. I thinking you strikes Toto big prizes before to knowing so well.

How about the casino? If you cashing out more than 10 grand they paying cashs or cheques? Got pamphlets also?

In the casino I dunno because I am dun gambling...... I am only working in the banquet department.

 

[Rogue Trader]

In the casino I dunno because I am dun gambling...... I am only working in the banquet department.

Good for you. Dun gambling is the best!

 

[Cruxx]

Don't gamble; invest

 

[Baimi]

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

I have 200k in dbs bank, so break into 20 times?
I think i will withdraw all money, balance of 1k so they
will notdeduct $2 if below 1k.
I will put my $ inside uob, got 0.8% interest,
or maybank better interest in fixed deposite.

 

[Cruxx]

I rather you buy gold bullion with the 200k.

 

[Leongsam]

I will put my $ inside uob, got 0.8% interest,

You must be mad! 0.8% interest does not even cover the annual inflation rate. You're literally losing money on a daily basis.

In 20 years time, at a 2% inflation rate, your savings will be worth less than $160,000 in today's dollars!

 

[Baimi]

At least can cover 0.8% of the 2% Inflation
putting somewhere else is always a risk.
The rest can cover by my pay increment
at least 4% each year, unless i make a grave
mistake(touch wood) in my work.

 

[londoncabby]

At least can cover 0.8% of the 2% Inflation
putting somewhere else is always a risk.
The rest can cover by my pay increment
at least 4% each year, unless i make a grave
mistake(touch wood) in my work.

SG inflation rate= 5% not 2%.

 

[bullfrog]

I dont think it is referring or applying to bank savings deposits. I think it refers to cash deposited over the counter, such as those from money-changers, loan sharks, gamblers, pimps, FTs doing remittances, and generally money launderers.

I think DBS is encouraging people to go cashless by cheques, online transfers, GIROs whatever.

But as soon as I land at the airport, I'll call the Chairman to clarify.

 

[bullfrog]

Confirmed..for cash deposits over the counter only..

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

 

[Muthukali]

Indirectly asking u reinvest your cash. Heres the option.

http://mycpf.cpf.gov.sg/CPF/News/InTouch/2011InTouch02EN.htm

 

[HedgeTrader]

Alamaking way of breaking $20k deposit to avoid service charge. Deposit $10k and lend $10k to a gal LOL

 

[Lestat]

Now you can deposit $1000 bills into the cash deposit machine. Up to 100 pieces If I'm not wrong. So that's potentially up to $100K. If that's the case why even bother to deposit over the counter?

 

[tonychat]

At least can cover 0.8% of the 2% Inflation
putting somewhere else is always a risk.
The rest can cover by my pay increment
at least 4% each year, unless i make a grave
mistake(touch wood) in my work.

Being an employee has so much limits to financial abundance, sucks isn't it?