Minimise visits to banks, insurers during coronavirus circuit breaker period: MAS

MAS is urging customers to use ATMs to withdraw cash or deposit cheques, instead of going to bank branches to do so. ST PHOTO: ALPHONSUS CHERN

SINGAPORE (THE BUSINESS TIMES) - While financial institutions remain open in Singapore as one of the essential services exempted from workplace closures, the Monetary Authority of Singapore (MAS) is urging people to minimise visits to their premises during the current "circuit-breaker" period.

This is in line with the guidance issued by the Ministry of Health on April 14 to minimise the movement of people around the country, MAS said in a statement on Friday (April 17).

Customers should use digital, email, and telephone channels as far as possible to meet their banking, financial advice, investment, insurance and broking needs, MAS said.

It is urging customers to use ATMs to withdraw cash or deposit cheques, instead of going to bank branches to do so.

Customers can also apply for loan relief measures, renew fixed deposits, make payments and remittances, open and close accounts, and check account balances online or over the phone, MAS said.

Those who wish to seek financial advice, purchase investment and insurance products, apply for premium relief measures, or procure services related to insurance and broking (such as account opening and closure, dormant account activation, and change of passwords) should do so over the phone or through companies' websites and apps, it added.

On Friday, OCBC Bank said its wholly-owned brokerage subsidiary OCBC Securities will close its Investors Hub at OCBC Centre South from April 20 to May 4 in light of stricter social-distancing measures.

Customers can still trade and make transactions through trading representatives or on OCBC Securities' digital platform, it added.

Those who wish to reactivate their accounts or get a new user ID or password can email OCBC Securities or call the customer hotline, the bank said, adding that it will channel resources to cope with the expected rise in the number of calls and emails.

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