Forum: Exclude bank customers’ local transfers to own accounts elsewhere from anti-scam action
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As Singapore banks don’t seem to value loyal customers, giving higher interest rates only to fresh funds, I have to transfer out most of my funds to another bank when the promotional interest of the current bank ends. I also transfer funds when needed for an investment.
Any of such transfers will empty out most of the funds in the existing account, and will trigger a 24-hour delay or even be rejected, as reported in the article “ Singapore banks to implement new scam safeguards on all digital transactions from Oct 15
On Oct 1, I had great difficulty in contacting a bank when it blocked my transfer to my account at another Singapore bank. I was put on hold on the hotline for almost half an hour to get through while the chatbot couldn’t help, and a live agent also didn’t come on the line after I asked for one.
From Oct 15 when the new scam protection measure is implemented, bank hotlines and chat lines are likely to be even more flooded by affected customers.
The banks should overcome these problems by excluding local transfers to customers’ own accounts in another financial institution from the new scam protection measure.
Tan Peng Boon
