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

[halsey02]

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

In cheque, you can request the cheque to cancel "or bearer" after the Pay to :................ for S$20,000 & not cross the cheque, a/c payable, Not Negotiable, then you bring that cheque to the drawing bank ( that is, the bank in which the cheque drawn on), counter, produce your ID & get cash. If the drawer bank (S Pools) is the same as yours, your fill in the deposit slip, or passbook, cash the cheque depo your account, you get instant cash credit, which you can immediately take from the ATM or the counter.

 

[red amoeba]

the xcuse that it takes time to count bills is crap.

thats what tellers r for...part of their job is counting cash...

moreover, the xtra fee goes to the bank not the teller

also, nowdays there is note counting machine & for coins as well...

what is the basis for this charge other than extra income?

DBS is growing to become like Eur / American bank liao...every little thing will charge.

 

[kingrant]

They might just plug up this loophole when they implement the rule Nov 1.

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?

 

[kingrant]

They might cut down on tellers.

the xcuse that it takes time to count bills is crap.

thats what tellers r for...part of their job is counting cash...

moreover, the xtra fee goes to the bank not the teller

also, nowdays there is note counting machine & for coins as well...

what is the basis for this charge other than extra income?

DBS is growing to become like Eur / American bank liao...every little thing will charge.

 

[Lestat]

They might just plug up this loophole when they implement the rule Nov 1.

I doubt so bro. This $1000 note deposit was only implemented when the casinos started operation. It could have started a long time back but they didn't do so.