Encourage To Save With POSB - But Pay To Deposit Coins

[Maxus-MIFA9]

Read today ST Forum Page and was amused by one letter send to ST Forum:

 

Quote: "Come Save with POSB but pay $4.50 to deposit coins"

 

"Complainant's son was happy to received a piggy bank in the form of a 'can' from POSB a few months ago. It was distributed in his school, together with a booklet, to encourage young children to put aside some money daily. It took her son a while to fill the 11 cm-tall can to the brim.

 

She then took her son to the bank on Tuesday to deposit her son savings but found to her dismay that a charge would be imposed on the 500-plus coins which amounted to $86.60. Except for the first 200 colins, there was a charge of $1.50 for every 100 coins and $4.50 was deducted from his POSB account promptly.

 

Her son was clearly upset. It demoralised him to know that he would be charged for makingdeposits in coins should he continue saving money."

 

 

Weired isn't it!!!!

 

POSB encourage young kids to save by giving them free piggy bank in form of 'can' and later impose a service charge should they deposit their coins with them.

 

They should have waived off the charges for kids so as to encourage them to save. Surely, the cashier could tell on the spot whether it from a kids account or from an adults account.

 

BTW

 

Remember when I was a young kid in primary school, we did received a saving card from then "Post Office Bank" to encourage us to save. What we need to do is to purchase a stamp (5 cent) from the school general office or post office and stick it onto the card. When the card is full ($6.00), we are to bring the card & our pass book to the post office and had it stamped on the card and endorsed ($6.00) in our pass book.

[Typhoonz]

They must levy some money mah... If not how to give out so many free saving cans?

 

Let's wait for the standard response from the bank...

[Chisiang]

dunno, I banked with Standard Chartered at Hill View back when I was a kid, because they give you Mickey Mouse and Donald Duck piggy bank

[Rickster]

Whats new...ever since POSB is taken over by DBS, they had already shed their image as a "People's bank". To me, they are no different from Citibank, HSBC etc etc.

[Maxus-MIFA9]

"They must levy some money mah... If not how to give out so many free saving cans?"

 

There will be more to it. It does not stop here.

 

For what you know, her son account did not reach the minimum amount of $500/-, a monthly charges of $2/- will be imposed.

 

Automatic deduction of $2/- monthly.............

[Shorty]

few wks back i also went to deposit coins.i had saved up almost $200 worth of 1,5,10 n 20cts coins.i went to de jurong pt outlet.there's a self service coin deposit machine there.it's self service....but customers r still required to pay for charges.it's counted by the pc.since i already decided to bank ni de coins...i went ahead.

 

for de almost $200 worth of coins...i was charged abt $15!!!so for all de trouble i took to save,bring de heavy coins there,deposited de coins myself...i had to pay them $15!!

 

fed up man!

[Stary]

Now you know why they ecnourage kids to save. So that they can earn $$$ when they send the piggybank there la....

[Sabian]

if they do not give out "free" cans, how to earn the $4.50???

 

POSB and stamps??? money losing ventures?

 

u gotta be kidding. the product mgr will get sacked for even daring to suggest this kind of scheme.

 

if a "public goods" supplier like SMARTIES and Delgold put profitability as main aim and passengers=sardines, what u expect from p.sob?

[Stary]

wah...15 bucks is a lot....nearly 10% sia. They may earn more from this than doing mortgage loans.

[Shorty]

yeah its a lot!imagine i'm a kid n save some small change everyday for like dunno how long...den end up kena pay de bank $15 jus to put it into my acct.farked up rite.

[Maxus-MIFA9]

Maybe pack them nicely and exchange them at hawker centre. The food stalls does need coins and you don't have to loose $15/-. Furthermore, was charged for service when doing it yourself.

 

[Chisiang]

 

Bro, next time you must protest strongly that you suspect their machine is not accurate and insist the branch manager must squad on the floor and do the physical sorting and counting

 

$15 is too much liao. Tell garment to use notes to replace all coins since metal is so expensive and bank like to charge so much

 

Vietnamese Dong got VND 500 notes which is = SGD$0.05

[Sabian]

200 dong also got.

 

peng san man. the first time i saw it. 2c man? WTF??

[Stary]

sometimes I dun understand bro. Now that the banks are using IT everywhere, that would give them substatial savings in terms of manpower cost. But the fees seems to be coming out from nowhere (in the past, minimum savings where got charge one?) and they keep going up. Then where is the value add of all these IT and efficieny to the customers?

 

Might as well go back to the manual method, abolish all the machines and internet banking and go back to the old ways.

[Ahhuat]

is there a bank in sg which doesnt charge for coin deposits?? (foreign banks included)

[Tyreboy]

nowadays be it private/public sector...all think abt bottom & top line...CEO/CFO/CIO/COO/CTO etc & directors are interested in getting higher pay and bonuses...look at how NTUC Comfort wants to increase taxi fare and refuse to lower down thee rental cost? Imagine pay so much rental for a typical manual taxi that dun comes with all power windows/side mirrors, no ABS brake etc...the car is like back to 80s

 

they always mentioned reduce in operating cost for having such measures like short banking operating hrs and online banking facilities etc...yet they still want to penalty ppl with less than 500/1k deposit in savings accts...this is crap...

[Scoop]

Funny.. thought it was free for young kids ?????????????

[Stary]

even young kids and babies are not spared.