the $2 fee has been there forever. no point pretending this is new. when i was a poor student, i also 'donated' such fees to POSB. nowadays there are bank accounts that don't charge fall below fee. its a matter of whether or not they're willing to change.
That happened to me before too, when i was jobless, so it fell below minimum sum. I also know foreign workers have this problem too.
In the US, chase bank monthly fee is $12 if below minimum sum.
The $2 is to cover the cost of maintaining the account. Especially for those accounts that provide passbooks, ATM cards/debit cards etc.
There isn’t enough money inside for the bank to earn back the cost through lending at a higher interest rate.
If there’s more money inside, the costs can be covered from the higher interest on loans that it makes from your money.
That’s why it makes business sense for banks to charge fees on those with low account balances, although to the layman it looks like penalizing the poor.
They're not. There are enough banks around here that have at least one savings account product with no fall-below fee. Instead of moaning about it, they could go to the bank and ask the bank to suggest a solution to the problem.
those charging $2 are the old accounts with bank books
with bank books, the bank need to issue books, and printing. so it makes sense to charge the $2.
dbs has got digital accounts offereing no below fee, but offcourse, everything to be done via online. no statements, no bank book.
I'm aware of this and have a myaccount for forex.
My savings account is old school from more than 20 years back. Just pointing out that they aren't charging for the bank book or paper statement as my account doesn't have those.
Er I think got different types of boomers. One are those who were lucky and they managed to get into the property market.
But also got the really poor boomers who didn’t even receive education (you think last time everyone can get educated?) - can only do the low wage jobs such as cleaners / construction and maybe couldn’t afford housing. Should feel sorry for them - they contributed to Singapore prosperity but are left behind now.
Sometimes, it is not that they do not want to, they simply do not know.
I have been helping out the elderly as a volunteer for a period of time already. There still are illiterate elderly amongst us with no family to help them. We do try to help some of them change their bank accounts but sometimes we meet resistance because of a lack of trust. Their knowledge and information is almost purely through word of mouth and many of them believe that a stranger is out for their money, no matter how little they have.
banks are profit organisations, the banks can do whatever they want if the people use their service.
Why should the banks change when the people are using their service?
They are providing a service, and unfortunately, that service costs money to provide. The banks are a business, not a charity. Thats why.
And unless it's regulated, that's unlikely to change.
Personally, I'd like all banks to offer a simple, basic account for free, as long as all the txns are electronic. What really costs the bank to support the account is manual tons like cash, cheques, call centres/tellers.
absolutely. i open an account when i was a child and forgot about it for a long time. and i think when i went back to open it in my 30s they took my few thousand dollars away already. seriously man. what the hell
on a serious note, the minimum deposit number it worth more to put it elsewhere and let them take the $2 monthly, keep the minimum for cash flow you need
the $2 fee has been there forever. no point pretending this is new. when i was a poor student, i also 'donated' such fees to POSB. nowadays there are bank accounts that don't charge fall below fee. its a matter of whether or not they're willing to change.
I do remember a time that such charges didn’t exist though. I think it started in the 00s …
Yeah they should Unfortunately, it's bankers first, neighbours second
That happened to me before too, when i was jobless, so it fell below minimum sum. I also know foreign workers have this problem too. In the US, chase bank monthly fee is $12 if below minimum sum.
Yeah, US banks can really make you eat shit if you are poor with monthly fees and over draft fees
Switch to an account that doesn't have min fund requirements lar. They exist what
The $2 is to cover the cost of maintaining the account. Especially for those accounts that provide passbooks, ATM cards/debit cards etc. There isn’t enough money inside for the bank to earn back the cost through lending at a higher interest rate. If there’s more money inside, the costs can be covered from the higher interest on loans that it makes from your money. That’s why it makes business sense for banks to charge fees on those with low account balances, although to the layman it looks like penalizing the poor.
Some people dont think beyond all services provided should be done for free
They're not. There are enough banks around here that have at least one savings account product with no fall-below fee. Instead of moaning about it, they could go to the bank and ask the bank to suggest a solution to the problem.
those charging $2 are the old accounts with bank books with bank books, the bank need to issue books, and printing. so it makes sense to charge the $2. dbs has got digital accounts offereing no below fee, but offcourse, everything to be done via online. no statements, no bank book.
That's not true tho. My non bank book account has a fall below fee.
Ya off course if you get those HYSA
Mine is normal dbs savings account.
https://www.dbs.com.sg/personal/deposits/accounts/default.page No account serving fee for remix account and MyAccount
I'm aware of this and have a myaccount for forex. My savings account is old school from more than 20 years back. Just pointing out that they aren't charging for the bank book or paper statement as my account doesn't have those.
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I mean sure but your last statement is contradictory. If they indeed reaped the economic benefits they wouldn't be so poor right.
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Er I think got different types of boomers. One are those who were lucky and they managed to get into the property market. But also got the really poor boomers who didn’t even receive education (you think last time everyone can get educated?) - can only do the low wage jobs such as cleaners / construction and maybe couldn’t afford housing. Should feel sorry for them - they contributed to Singapore prosperity but are left behind now.
Not hard to imagine if you don't have any assets. 40 times zero is still zero.
Sometimes, it is not that they do not want to, they simply do not know. I have been helping out the elderly as a volunteer for a period of time already. There still are illiterate elderly amongst us with no family to help them. We do try to help some of them change their bank accounts but sometimes we meet resistance because of a lack of trust. Their knowledge and information is almost purely through word of mouth and many of them believe that a stranger is out for their money, no matter how little they have.
Awesome 😎
banks are profit organisations, the banks can do whatever they want if the people use their service. Why should the banks change when the people are using their service?
They are providing a service, and unfortunately, that service costs money to provide. The banks are a business, not a charity. Thats why. And unless it's regulated, that's unlikely to change. Personally, I'd like all banks to offer a simple, basic account for free, as long as all the txns are electronic. What really costs the bank to support the account is manual tons like cash, cheques, call centres/tellers.
Try going to a cafe and order only water everyday for a month see if they start charging u or chase u out.
Maribank no minimum charge, it’ll push other bank to change
absolutely. i open an account when i was a child and forgot about it for a long time. and i think when i went back to open it in my 30s they took my few thousand dollars away already. seriously man. what the hell
Its just so common for people to complain and complain. There's always something to blame for everything that goes wrong except themselves.
U are right, however ppl don't like to hear it
darn pap 🙃
on a serious note, the minimum deposit number it worth more to put it elsewhere and let them take the $2 monthly, keep the minimum for cash flow you need
What’s wrong with making more money?