Encourage To Save With POSB - But Pay To Deposit Coins

[Sabian]

mebbe Damn Blardy Stoopid got small mortgage portfolio

 

or to keep it all in the familee?

[Crv007]

DBS paid $1 Billion SGD for POSB...... "to save DBS???" I dunno. Wee Cho Yaw paid $10 Billion for OUB at the same time too!!!!!

 

(if I remember I read somewhere before, must disclaimer )Wee Cho Yaw mention before, if POSB is been offer to public, he would have paid the $10 Billion to purchase POSB.

[RadX]

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.

huh...me too..have 6000 of them and all the shiny 1997 and 2006 ones

[RadX]

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.

eh maybe go to the bank about 59 times and each time deposit 99 coins

[Seaweed]

even charity need to make money...so what so strange aboout bank doing it .. its just part and parcel of life in singapore...

[Maxus-MIFA9]

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.

 

 

 

Yup..... education starts young...

 

Are we sending wrong signals to the young....

[Slowmo]

with the internet, p2p generation...

 

i think $4.50 bank fee is the least of any parents' worry.

 

 

personally think singaproeans too pampered.... other countries, you have to pay admin charges just to keep money there, whether you have $100k or $10 in the account.

[Maxus-MIFA9]

"even charity need to make money...so what so strange aboout bank doing it .. its just part and parcel of life in singapore... "

 

 

Against adults like those hawkers....etc who deposit coins, I have no says. But to encourage young kids to save with their school pocket money need to be address.

 

The only posibilities I see is that the parents have to bare with the coins in exchange with their kid so as to deposit them into their account. But what the parents going to do with the coins.

 

Like most had suggested, exchange them at coffee shop or hawker center.

 

[Slowmo]

hawkers will be more than happy to exchange with you... if i'm not mistaken, nowadays if they exchange with bank also need to pay admin $.

 

only learn how to save by putting $ in bank, don't really believe the kid will go far in life... at least must make them understand and how to weigh options and make informed decisions. Then gradually into understanding more chim things like economics.

[Maxus-MIFA9]

Maybe I am wrong, but I believe that other countries banks give a higher interest rate than our local banks.

 

The banks use our saving to conduct business like loan to companies but with high interest rate. With these interest rates earned, I believe it could cover the kids service charges if the kids deposit by coins. (only for kids account who deposit with their daily saving). How many transactions a day for kids account. What I see mostly in the banks are adults queing in the bank.

 

But some adults would also take advantage of this and deposit coins using their kids account.