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  • DBS / POSB banking

    i would like to check with you all whether have DBS bank account and also apply the smart master debit card.

    I have apply it and then last month i overdraft $1 dollar plus and they deducted $20 from my account for overdraft interest. have you met this kind of thing before?

    Another thing i want to check with you all, how they deducted $2 from your account if balance is below $500? if let say my bank balance is $50 now, but by the end of the month i go to bank in $450, will they still deducted the $2 ??

  • #2
    for the deduction of SG2,it's for adminstrative fee when ur account falls below SG500 every month. It takes on the average amount too. i.e. if you've SG50 for the whole of the month but SG550 on the last day of the month, they'll still deduct your 2 buckaroos. they need an average of SG500 in your account in the whole month

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    • #3
      ahmay - both occurences are normal; you just have to make sure it doesn't happen again if you want to avoid overdraft and admin charge

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      • #4
        But how do the banks calculate the "average" amt of S$500? What's the formula?

        FYI, if you don't want to keep $500 in your bank acct & yet not pay $2 in admin fee, then sign up for this 5 year Deposit Acct. However, you must be earning less than $1.5 k per mth.

        http://www.dbs.com/posb/deposit/5year/index.html

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        • #5
          there is no "average" amount; you just have to keep at least $500 in your account everyday in the month, one day less and you're subjected to admin fee

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          • #6
            are u sure it's one day less? my account has been having SG1k to SG400, depending on my shopping mood. But till now i've not been charged the SG2.

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            • #7
              i'm sorry but i'm not sure what your sentence means

              from my experience, i'm sure that's the situation. you can call dbs to check to be doubly sure, i'm sure the operator will know best naturally - 1800 1111111

              i believe students and NSFs do not have to pay $2 admin even if their balance falls below $500

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              • #8
                that $2 rule is a pain

                the last time i overdrew and left $498 in my posb account,
                and then i topped it up later at night to >$500,

                i was still charged the $2 fee at the end of the month. i was like.. HUH?!

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                • #9
                  for this bank as long as you're under 21 you dont have to have a minimum in the bank

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                  • #10
                    Hi all.. is it true that STARTING an acc. for OCBC or UOB or DBS needs at least 1k to START a new acc?

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                    • #11
                      poison, should be 500 dollars.

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                      • #12
                        for OCBC is $1000.

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                        • #13
                          Thanks so much for your 2 help

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                          • #14
                            luv_shan, are you sure? I thought OCBC is $500 at the minimum. Last time i used OCBC.

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                            • #15
                              it's really quite simple - just check the respective websites for the definite answer

                              - ocbc saving accounts:
                              http://www.ocbc.com.sg/personal-banking/

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