UOB (Raffles City Branch)

We were shocked when we received our bank statement for Apr 15. An amount of $25.00 was charged under “miscellaneous debit” for depositing cash into our corporate account. It seemed that any amount deposited above $25,000 over the counter will be charged 0.1% or minimum of $10 as account services fees. It is as good as you have done something charitable but was charged for being nosy.

The amount was originally intended to be deposited via internet banking but unfortunately the credit limit does not allow such a transfer.

This simple process involved deducting the amount from one account and depositing the same amount to our corporate account electronically. There was no physical handling or counting of cash. Therefore, we failed to understand the logic of such an exorbitant fee for performing a 10-minute transaction and submitting two banking slips to be verified by counter staff.

We felt cheated that the counter staff did not highlight to us on this “Account Services Fee “ and offered other options. After all, we are not talking to machines but humans that are obligated to serve the public. Although the bank can claimed that they have notified us in writing or it was stated in their website, the question is how many of us are truly aware or even remember since transactions like this are not daily affair.

Has our banking system becomes so cold and merciless? We have made everything so convenient by using electronic machines to deposit cash, withdraw cash and even updating our bank books. With internet banking, there are no more human interaction when we need to buy Cashier’s Order or bank draft. Even when we need to clarify any matter, all we hear is the automated machine telling us to press a long list of buttons before we finally get to talk to a human being.

And service fees charged by banks have been increasing. Look like our forefathers were wise when they kept their hard earned cash at home. At least, the banks have no chance of deducting their money.