UOB TO CHARGE FOR CASH DEPOSIT

UOB TO CHARGE FOR CASH DEPOSIT

10 March, 2014
by Donavan Lim

From 1 April 2014, United Overseas Bank (UOB) depositors making the sixth over-the-counter (OTC) cash deposit/withdrawal transaction of S$3000 and below will have to pay a flat fee of S5 per transaction.

“I will not be inconvenienced by the new rules as I do not made cash deposit in person, however, I think small-time business could be affected,” said Business Executive Mr Lai.

For immediate counting of bulk cash deposit with regard to current accounts, the fee for the first S$25,000 will be waived.

A charge of 0.1 per cent, (subject to minimum S$10) with be charged for subsequent amount above S$25,000.

Previously, a flat fee of S$50 was levied for bulk cash deposit into current account.

Similarly, for deferred counting of bulk cash deposit into current account, the fee for the first S$25,000 will be waived.

However, a charge of 0.05 per cent, (subject to minimum S$5) with be charged for subsequent amount above S$25,000.

The OTC fees are designed to encourage more customers to use the many fee-free self-service options available and shorten the waiting times for customers who use the branch services, says UOB.


- wong chee tat :)