Fwd:New Charges to POSBank Account Holders
> New Charges for POSBank Account Holders__________________________________________________
> DBS Bank will impose a fee on POSBank chequeing
> accounts and balances
> that are
> below specified amounts with effect from June 1. We
> welcome your views.
> Chequeing Accounts
> With the changes, chequeing account holders can
> expect to get just one
> cheque book free. Subsequent cheque books of 50
> leaves will cost $10
> DBS noted that "a large majority of customers would
> not be affected by
> cheque fees as most issue, on average, a few cheques
> a month. Since the
> book will last most individuals almost a year, new
> cheque book fees will
> modest year-to-year".
> DBS also noted that "in Singapore, we have more
> electronic channels
> for banking services compared to most cities or
> countries around the
> world. We
> really want both our corporate and individual
> customers to reap the
> such as saving on time, effort and money, when using
> these electronic
> Minimum Balances
> Individuals who fail to maintain at least $500 in
> their accounts will
> have to
> pay a monthly fee of $2. There are also charges for
> corporate clients.
> However, exemption of fall-below fees will continue
> POSBank account holders under age 21;
> People aged 62 and above;
> POSB Save-As-You-Earn accounts; and
> DBS Vision Card holders who are full-time tertiary
> DBS said its acquisition of POSBank had resulted in
> a "substantial
> increase" in
> the number of customers with more than one account
> and it would advise
> them to
> consolidate their accounts. Together with POSBank,
> DBS has some five
> accounts and 3.8 million customers, suggesting that
> every third customer
> has a
> second account with the group.
> Other local banks already impose the fall-below fee.
> For example, at
> OCBC Bank
> customers who do not maintain at least $500 in their
> passbook savings
> are charged $2 while at United Overseas Bank, it is
> $1.50. At foreign
> these fees are higher and the minimum sums, larger.
> We welcome your views.
> Email us at Feedback_UNIT@...
> Please feel free to circulate the information to
> your colleagues and
> and encourage them to give their views. They can
> also send us their
> address to be included in our mailing list.
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