Monday, April 5, 2010

To save or not to save?

Ling, a mother of two, is confused over what OCBC is trying to do in its recent promotion.

Her story: "OCBC recently launched a Happy Savings Draw to encourage fresh cash deposits. For every $5,000 cash deposit over the counter you are entitled to an instant sure-win lucky draw. Among the prizes are Old Chang Kee Curry puffs, $5 Popular vouchers and $20 Robinson vouchers plus a final draw where depositors stand a chance to win $250,000.

"Fair enough - these are some perks to encourage savings and to reward their customers for banking with them.

"Next, from April 1, it started to implement a service charge whereby from anything above $30k, there is a fee of $5 for every $10k deposited or part thereof over the counter. So I am puzzled -- for $5k you are rewarded but for anything above $30k you are penalised.

"In the end, what it really means is that we are paying for our own curry puffs, Popular vouchers and Robinson's vouchers.

"OCBC, please tell us exactly what you want -- to save with your bank or not to?"

*LATEST ... OCBC replies:

Dear Ling,

We refer to your posting regarding the S$5 handling fee that OCBC Bank levies for deposits of more than S$30,000, made at our branches.

We wish to clarify that the handling fee applies to bulk cash deposits only, as more time and resources are required to sort and count the notes and coins.

This fee does not apply to non-cash deposits and we do encourage our customers to make deposits for larger amounts in the form of cheques or cashier’s orders.

Thank you for your support and interest in OCBC Bank. Indeed, our Happy Savings Draw is designed to encourage Singaporeans to save and be rewarded for their efforts. We invite you to visit to check out the latest Happy Savings activities.

Ms Chng Bee Leng
Head, Deposits

1 comment:

  1. Fine to levy a fee for bulk cash deposits but introducing it along side your Happy Savings Draw will create a contradicting act. Don't you think so , OCBC ?

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