Forum: Review daily Fast limit as cheque use declines
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I refer to the news article “Banks to start charging customers for Singdollar cheques by Nov 1” (July 28).
This is an opportune time to review the current daily limit of $200,000 for the Fast (Fast And Secure Transfers) service, and accelerate the phasing out of cheques for personal transactions.
This is especially so for Fast transactions involving local transfers to an individual’s own accounts with other banks.
Such transactions should be deemed to be of minimal risk to the receiving bank, given that the account holder’s source of funds would have already been verified by the originator bank.
A significantly higher Fast limit involving local transfers between one’s own accounts would allow customers to take advantage of local deposit promotions offered by other banks without having to use cheques or cashier’s orders, and having to make a trip to a branch of the bank offering the promotion.
Tay Wi Keng
