POSB should waive $2 fee to help needy customers
According to Chin Kee Thou in AsiaOne:
IN THE commentary, ‘What’s more important than rising food costs?’ (The Sunday Times, Nov 18), it was reported that some people who lacked money preferred to queue up to pay their bills in cash instead of through the Giro system.Another deterrent for those who choose not to pay their bills through Giro is the fee charged by banks for maintaining an account. For example, POSB, the ‘people’s bank’, which has the largest number of customers, charges $2 per month on daily balances that fall below $500. This hits the poor.
In an article in the same edition, ‘DBS chief leaving on a high note’, outgoing CEO Jackson Tai recognised the importance of the mass market – declaring that ‘God gave us the mass markets and we’re going to take care of the mass markets‘ – and acknowledged that ‘We know our history, through POSB, is in the heartlands and we have a responsibility’.
If POSB is sincere about catering to the masses, it should consider waiving the $2 monthly fee to help needy customers.
- This definitely hit the poor pretty hard, they should monitor the payroll of the account holders
