WTF!! DBS minimum DAILY balance now $1500

[johnny333]

I don't have to wait. The teller is always free. I am referring to the branch at Hong Leong Bldg.

The branch in Angmo Kio is ok, if I have to wait there's usually only 2 or 3 people in front of me.

Even at the Toa Payoh branch theres always seats available. At every branch there are those ATM machines which accept cash payments. You also find a machine downtown at Lucky Plaza. There hardly anyone using these ATMs

 

[Leongsam]

In this day & age queues have gotten more common & longer in Spore. There are the extra couple of million new residents which pack this sardine can.

Banks like DBS have been closing down the POSB branches. The shorter queues at Maybank are appreciated by people like me

I have not queued in a banking hall for years. All my transactions are over the net or at an ATM.

What sort of transactions do you have to queue for?

 

[angie II]

"Dey! Listen up all you twits for i shall say it only ONCE! The min. $1500 to maintain is your current account,
however it will also apply if your savings account is linked to your current. If you do not have
a current account then your savings account must have $500 to SIAM our $2 levy."
​

.

 

[TeeKee]

He is talking about the CURRENT account NOT SAVINGS ACCOUNT. Savings account is still at $500

hopefully this will cut down the no. of bounced checks..

 

[zhihau]

He is talking about the CURRENT account NOT SAVINGS ACCOUNT. Savings account is still at $500

oh thank you! thank you!

 

[johnny333]

What sort of transactions do you have to queue for?

I need to pay Maybank for my credit card bill. I've got a Maybank credit card for years but don't have a savings/current acct with them.

Can pay them by sending them a cheque but its easier & more secure to do so personally at a branch.

 

[singveld]

in singapore, if you do not have 1500 dollar in the current or 500 in saving.

then must be damn jia lank.

life is pretty tough. all the FT coming to kick your balls.

 

[OverTheCounter]

oh thank you! thank you!

Don't rejoice too quickly, it applies to saving account linked to current account too.

 

[TeeKee]

in singapore, if you do not have 1500 dollar in the current or 500 in saving.

then must be damn jia lank.

life is pretty tough. all the FT coming to kick your balls.

Asset rich, Cash Poor?

 

[Leongsam]

Asset rich, Cash Poor?

Assets??? What sort of asset do asset rich, cash poor sinkies own?

 

[hairylee]

Chee Bye, all my bills payment by POSB Giro.

 

[nextinfidel]

Asset rich, Cash Poor?

debts rich, cash poor.

 

[TeeKee]

debts rich, cash poor.

assets of mounting debts, plus cash poor..

i told u so, if gabramen is rich, the peasants will be poor.

try to live in developed countries where the gabramen are poor, the peasants have everything they aspire...

 

[zhihau]

Asset rich, Cash Poor?

what do we own?

 

[borom]

what do we own?

Good question. The main thing that most S'poreans "have" are their HDB flats.
Most think they are the owners and do not even realize that they are the lessee with HDB (the owner) and lessor-basically what they have paid for is for 99 years rental.
Most are oblivious to the fact that what they have is a lease agreement and do not have title (in this case strata tile) to their flats.

Many of the estates are 25 to 30 years old and prices are supported simply by HDB's own valuation and not free market forces-how else can you explain a 30 year old leasehold flat(with only 69 years left) costing more than a new one (with 99 years to go )?

 

[potato29]

"Dey! Listen up all you twits for i shall say it only ONCE! The min. $1500 to maintain is your current account,
however it will also apply if your savings account is linked to your current. If you do not have
a current account then your savings account must have $500 to SIAM our $2 levy."
​

.

not true leh. they deduct $2 every mth from my savings account because current account always $0 leh.

 

[angie II]

not true leh. they deduct $2 every mth from my savings account because current account always $0 leh.

Then don't link your savings account with your current account.
If your savings account has less than $500, every month -$2.
If your current account has less than $1500, every month -$2.

For UOB if your current account has less than $3000, every month -$2.
.

 

[Ramseth]

My understanding is that POSB keeps $0 current accounts for everyone everyday. Cheques are cleared by transferring funds from savings accounts. The savings account will incur $2 monthly charge if it falls below the minimum balance requirement, whereas the current account will incur the $2 monthly charge regardless, on top of having to pay for the chequebook, $10 per book of 50 cheques, i.e. 20c per cheque.

 

[middaydog]

What sort of transactions do you have to queue for?

to screw the teller

 

[kakowi]

"Dey! Listen up all you twits for i shall say it only ONCE! The min. $1500 to maintain is your current account,
however it will also apply if your savings account is linked to your current. If you do not have
a current account then your savings account must have $500 to SIAM our $2 levy."​

.

You are right that it affects only current account holders.

Possibly the amount of people issuing bounced cheques have increased and that a report shows that most of them have less than $1,500 in their chequing account.

Such a policy does not affect the really poor.

Rather it helps people to be more responsible in issuing cheques.

My earlier posts were based on the impression (mis-impression) that savings account holders were affected.

Thus, DBS has did a good thing in raising the minimum current account requirement: (i) it reduces the number of bounced cheques (ii) ensures greater credit-worthiness of its customer database, thus increasing the value of POSB cheques for its more responsible customers and (iii) maintain the POSB brand.