Singapore Profit

I’ve been using the various online banking services from DBS, UOB, and Fairpriceplus, supported by OCBC. I always thought that I needed to get the PIN from the bank, so I never used Citibank’s online banking services. However, I wanted to check my account balance and so I found out that it wasn’t that hard I had imagined it to be, and I could have used it long ago. 

The PIN required for Citibank online banking is your ATM PIN. For added security, you will key in your PIN by clicking on the numbers instead of keying in from the keyboard. At the same time, your account numbers will not be seen by any hackers, because most of the numbers are covered up by asterisks ***.  

So far, UOB, Fairepriceplus and Citibank will send a second round of security number to you via SMS. This means you can check your accounts anywhere you want.  UOB is also able to separate joint account holders’ individual accounts, and yet giving access to the account for both holders. I’m not sure about other banks though. 

 Fairpriceplus is an online bank that operates mainly via the Internet. You may access the ATMs from OCBC to deposit or withdraw money, or you can just transfer money from other accounts. Because of this, it is able to give 1% interest on normal saving account. I think this is a great deal compared to what many other banks are offering. At the same time, if you are a frequent NTUC shopper, you get to earn more points when you use the credit or debit facility, as the card has 2 in 1 functions. 

 By moving everything online, we can avoid meeting the pesky bank officers who try to sell us all sorts of structured products, especially when they aren’t making the money themselves, and the products promoted are recommended not based on merit, but based on what the company has for the product of the month. 

 DBS wants to save money on SMS bills, so it has issued a token to its customers. This means you have to carry that small token with you, which is quite inconvenient. At the same time, since many of us are afraid to lose it, we will probably leave it at home, which limits the ease of portability.

One newspaper columnist had already spoken out against this a few months ago, citing it as a reason for him to close the accounts and then move on to other banks which offer more convenient services. I guess banks have to watch out for the bottom line by lowering its operating costs, but at the same time, it should ensure that customers are well served without having much inconvenience. 

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