Forum: Banks should waive monthly fall-below fees

I appeal to the big local banks to waive the monthly charge for depositors whose savings account balances fall below the stipulated minimum sum.

Given that salaries are usually deposited directly into bank accounts, those people with low bank balances probably cannot get jobs or cannot work due to poor health or old age and therefore find it difficult to maintain the minimum balance.

The fee is deducted automatically from their savings account monthly. What happens if the balance becomes negative?

Our big local banks have performed very well and have delivered good financial results (

Why are banks so profitable amid economic hardship?

April 2). If these monthly service fees from depositors whose accounts fall below the minimum sum contribute only marginally to the banks’ revenue, can the banks consider waiving such fees?

Lee Chay Buay