Mighty Saver

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Mighty Saver

Postby MMM » Wed May 26, 2010 11:06 pm

Went to OCBC to deposit kids' savings today. It was coins and notes.

The teller told me "In the future, you need to sort the coins". I was like :? in what sense???? By denomination? She said yes.

Then next moment, she said, you can only bank in coins on tuesday and thursday.

It sort of "trigger" me off. I told her to feedback to her corporate services that if they are trying to attract young savers, then of course coins savings is common. Why are they putting so much restrictions/ barriers for banking in of coin savings??? :?

To me, it's full of contradiction and if it is so difficult, I will consider switching the kids to another bank so they will not future OCBC customers like how most of us are POSB customers.

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Postby caroline3sg » Thu May 27, 2010 10:25 am

If I were in your position, I would have sorted first since I want to know total amount.

Agree they have many restrictions. Cannot deposit more than 2 times per month ($20 each time). What kind of encouragment is this ??

Wrist band is only for first timer.

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Postby MMM » Thu May 27, 2010 10:33 am

Actually most are $1 or 50 cents coin. It was relative easy to count. Alot lots of notes as well.... So I was like :? I just felt that the message they are driving and the process they have in place cannot sync.

Yes.... I gave up totally on the $20 restriction as well. Especially during CNY period or birthday, it came to a point, I told them to forget about the card/ presents. Seeing their bank grow is more rewarding than those stuff.

I am not sure if SCB is like that???? If not, I will consider switching though their bank network is not as wide but they do have full day banking now. Saw that maybank is also trying to encourage kids to open account with them but their network is just as pathetic.

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Re: Mighty Saver

Postby titank » Thu May 27, 2010 12:41 pm

MMM wrote:Went to OCBC to deposit kids' savings today. It was coins and notes.

The teller told me "In the future, you need to sort the coins". I was like :? in what sense???? By denomination? She said yes.

Then next moment, she said, you can only bank in coins on tuesday and thursday.

It sort of "trigger" me off. I told her to feedback to her corporate services that if they are trying to attract young savers, then of course coins savings is common. Why are they putting so much restrictions/ barriers for banking in of coin savings??? :?

To me, it's full of contradiction and if it is so difficult, I will consider switching the kids to another bank so they will not future OCBC customers like how most of us are POSB customers.


Thought normally conis are acceptable since it is a child account? Last time when have the POSB Bank in our schools all said can use coins to deposit.

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Re: Mighty Saver

Postby MMM » Thu May 27, 2010 12:46 pm

titank wrote: Thought normally conis are acceptable since it is a child account? Last time when have the POSB Bank in our schools all said can use coins to deposit.


Precisely.... they said they don't have coin counting machine and it takes up processing time so can only do on certain days only and make sure you sort out the coins first :roll: :siao: Something is very wrong with this bank.

Thought they are showing signs of aggressiveness but yet their internal processes just sucks...

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Postby raynreg » Thu May 27, 2010 12:46 pm

DBS has the coin deposit machines much like the cash deposit machine. But if the coins are deposited into a kids account, they could reverse the charges that its levied in the initial deposit process. You just need to keep the receipt and put it into the cheque deposit box.

I do not know the acutal procedures but that's what I was told. So if the coins are meant for the kids accounts then its free of any bank charges.

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Postby peterch » Thu May 27, 2010 1:02 pm

My kids have POSB Kids Account and they could deposit their coins whenever they like and the tellers are very helpfull...... 8)

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Postby hquek » Thu May 27, 2010 1:03 pm

I had deposited coins to my kid's account before (and I think should be on Saturday)...no problems leh. :? In fact, I think OCBC is pretty receptive to complaints. I had problems with some other service and their staff actually called me back and help resolve the issue.

For POSB kids account, if you use the coin deposit machine, I think you can write name/contact number and account number (if it's not on the slip - I cannot remember). They will do the reversal automatically. I tried it once long long time ago - and it works. :wink:

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Postby MMM » Thu May 27, 2010 1:20 pm

hquek wrote:In fact, I think OCBC is pretty receptive to complaints. I had problems with some other service and their staff actually called me back and help resolve the issue.


Thanks... that reminded me to feedback to them. Yes, I recalled that once I cancelled my credit card with them as they wanted to charge me for renewal, I had some 0% instalment arrangement. The bank officer didn't highlight to me that if I cancel, I would have to pay a penalty on the 0% arrangement as I thought just pay off whatever remaining balance only.

So I was really upset when they slapped me a charge for early termination. In the end, I complained they reacted, reinstate my card for me FOC.

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Postby hquek » Thu May 27, 2010 1:22 pm

then again, I thought they should have some coin sorting machine.....why would you need to sort for them? That's what the bank staff used...else count by hand - the sun would have set already.

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