ridiculous bank services charges

bluebear SG

I have learnt today, to my demise, that the very institution (BANKS) that makes money its business, are charging a service fee for exchange of coins to notes. Even deposits made with coins will be charged. One bank I asked charges $1 for every 200 pieces irregardless of demoninator. So, depositing $2 worth of 1 cents coins will set me back by 50%, and depositing $200 worth of $1 coints will set be back by 0.5% !!! It is abosutely hard to understand the rational. Since by depositing money, we are really lending to the banks to further load it out, and yet we are being charged a a rate that is higher than the interest rate. I wonder if this is the banking industry practise outside Singapore. Or, if this is Uniquely Singapore (mind the STB punt) where our local banks are really stretching the entrepreneurship spirit to the limit.

FreeToFly SG

Alternatively, if you want to dispose your coins, you can change with the hawkers that you frequent, usually, they are quite willing to change 1 dollor coins.

ditzy SG

I believe that bank in mention is DBS-POSB?

white tiger SG

You are just like me (WE HATE BANKS IN SINGAPORE).

Next time if you need to change lose coin please go to the nearest coffeeshop that you know and I think they might even buy you one coffee.

Do you know if you deposit US currency in the bank and if you withdraw it they will charge 1 percent of the value which you draw, so all in all the banks here are like that. Not happy go to switzerland to deposit cos my swiss counter part also hate the banks in singapore.

drawer SG

The most ridiculous charges from the banks here is that if ur deposit is less than $500 a month,you will get charge $2 for the administration fees.Last time it wasnt like that,nowadays government everything talk about money.I think they are really broke!!!

loudmonkey SG

Aiyoh....u think $2 is expensive???? as compared to other established banks, Singapore banks are already one of the cheapest around already in terms of service charges......what kinda banks will give you unlimited ATM withdrawls or free chequebooks? Banks are not charities, they have employees to pay too, if u make use of a service, u jolly well pay for it!

I give u an example - the most basic swiss savings bank account by UBS charges CHF 7 monthly, unless your balance is above CHF 10000 and above. Worse still, the bank account requires a deposit of CHF 200 in your account at all times, which cannot be withdrawn, unless u decide to close the account. I know - I opened such a account before.

bluebear SG

Of course there are alternatives to exchange my coins - but that is not the reason why i raised this issue. The issue that I wanted to bring up here is the charges involved. With all the technological advantage of coin sorting / counting and packing machines, I certainly cannot understand what additional overhead that is incurred allowing coins exchange or deposits within any charges. If paper work and administeration is cited as the reasons, then I worry for the future if ever notes and cheques are charged.