Every month, I get an average of $0.09 interest from each of my bank accounts, with each having an anverage of $1000 inside. Approximately every 3 months, a situation will arise such that the balance have to go under the $500 mandated by our evil local banks. When this happens, they deduct $2 from me.
I know this is an old tune but I swear I lost more money to this "SC" entry that I have ever gained from them! What about my healthy bank balances before I go on trips? Do they reward loyalty at all??
-0H1U
Not forgetting a change of pricing in their charges without prior notification.
ReplyDeleteWhen I travel I tend to make use of the Plus scheme available with some banks. As far as I can remember, they charge SGD 5 per transaction regardless of amount withdrawn.
It was changed to 3% of amount withdrawn, subject to minimum SGD 5 and a maximum of SGD 20, which I confirmed with a long-distance call made to the bank to verify bank charges.
I paid around SGD 35 in service charge to OCBC for withdrawing money three times before realising the change in their fees. I then made the switch to withdraw from my other bank which operates on the Cirrus network - and it still charges SGD 5 per transaction regardless of amount withdrawn.
And... come on, with 0.25% p.a. interest rates and a 0.4% - 1% inflation rate (2005 estimate), we're already paying them to hold our money. Maybe "savings account" need a new, less deceiving name.
Correction to last paragraph:
ReplyDeleteI should say that we're losing money relatively (not "paying them") by storing them in savings accounts.
yup..
ReplyDelete