Encourage To Save With POSB - But Pay To Deposit Coins

[So_nice]

next time take ur coins and exchange it with the kopitiam stalls. they would be more then happy to exchange it wif u.

[Mustank]

good one

[Blackyv]

well, i dont remember when was the last time i "deposit" my coins with bank..i do keep collecting coins...... i always change it to notes with those doing business (market, pasar, food stall, blablabla..) and trust me, they r many out there who are more than willing to change the coin from you (since they have to PAY bank to change coin too..),,it's a win-win and i dont see why i should let the "bank" win...

[Silhoutte]

Hey bro that is why when I save up my coins, I would count them and do an exchange with petrol kiosks or kopi shop cashiers for notes.

 

They need the small change, I need the notes.

 

Best of all, no service charges included!

 

Cheers.

[Chisiang]

I think they should put this insignia beside their logo

 

 

杀人放火

 

Knife and torch provided for the job

[Scoop]

only for 12 year and below then it's free...... but limit 200 pieces a day

[User12343]

at the same time posbank/dbs advocate good money-saving habits, they are also sending a signal to the children that nothing is free in this world.

[Toyo]

In future must encourage kids to save dollar notes instead. at least can DIY deposit via the machine

[Yeobh]

Good idea

[Lexxmexx]

waraoz, i like your insignia man

[Typhoonz]

If not how to pay for those advertisements?

 

Speaking of the adverts. I come to think that the POSB staff can use their official time to talk cxxk and entertain kids...

[DarkLord]

I went to change with shop owners..

[Dumb]

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.

 

That's not weird. Like kena conned or pawned. That's worst than leaving cash idle in the house. $4.50 of $86.60 is 5.2% decrease in savings. That will be many years' interest.

[Dumb]

In future must encourage kids to save dollar notes instead. at least can DIY deposit via the machine

 

Then they will think of other ways to make money. Since no coins, then charge for xxx pieces of dollars deposited.

[Dumb]

the first 200 colins, there was a charge of $1.50 for every 100 coins

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I got about 2000 pcs of $1 coins in a tin can and they are growing. How to bank in? If banked in, interest per year will be less than $10.

[Toyo]

try not to deposit all the coins at one time?

Alternatively can change with the supermarts, i believed they need lots of small change

Edited December 6, 2007 by Toyo

[Fddd]

Can someone enlighten me why DBS is able to buy over POSB at that time?????

[Poortraveller]

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

 

YES!!! and I still have both of them