SINGAPORE: DBS, UOB and OCBC on Monday (Nov 27) announced new money-locking features for customers to guard against scams.
Customers will be able to lock up their funds using their app or internet banking. These funds can only be unlocked when customers visit a bank branch to verify their identity.
DBS is progressively rolling out its features from Monday, while OCBC and UOB will start on Thursday.
DBS' new feature, called digiVault, enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out.
They can apply for the account via digital banking and have it approved usually within a minute.
A push notification will be sent to them that the vault is ready, after which they can start depositing funds in it.
To access the funds in the vault, they will need to visit a DBS or POSB branch to verify their identity. Once verified, the funds will be transferred to their DBS or POSB account.
Closing the vault account will also need to be done at a branch.
DBS will also have the option for customers to lock up their fixed deposit accounts. Once locked, it prevents any premature digital withdrawals or changes to maturity instructions.
"This reduces the risk of scammers prematurely withdrawing fixed deposit funds digitally, should they gain unauthorised access to customers’ phones and accounts," said DBS.
Those who want to do so can use the bank's digibot, which is on its website. They will be prompted to authenticate their request.
The process for the locking of fixed deposit accounts takes around two working days to be processed.
Once locked, customers will receive an email. To unlock the fixed deposit, they will also have to visit a bank branch.
UOB customers can open new LockAway accounts that do not allow digital payments and outbound transfers.
Customers can only access their locked-up funds by visiting UOB bank branches and verifying their identity.
"UOB is also evaluating ATM withdrawals as an additional mode of cash dispensation, and may introduce it in the near future subject to customer feedback," said the bank.
LockAway accounts can be opened digitally from Nov 30 on the bank's website and app, or at its branches.
"Given the nature of the account, there will not be a minimum initial deposit or balance requirement," said UOB.
"As an additional safeguard, no cheque book will be issued for the UOB LockAway Account, and existing cards cannot be linked to it."
Account holders will still be able to view their balances, as well as deposit funds into the account digitally.
Funds held in the UOB LockAway Account will also get interest on their deposits, said UOB, with the rates to be announced soon.
Unlike DBS and UOB, OCBC customers will not need to open a new bank account to use its Money Lock feature. Funds can be locked using the app or internet banking.
Customers can lock up funds in multiples of S$10, with the maximum amount being the available balance in the bank account and the minimum being S$10.
Funds can only be unlocked at OCBC ATMs or when customers visit a bank branch. Customers who want to unlock their funds at ATMs will need a credit or debit card, and their PIN.
The bank reassured customers that funds locked in their accounts are aggregated with the funds that are not locked to calculate the interest to be earned.
"Customers must consider their regular or recurring expenses, near-term needs and plan for emergencies, and only lock excess funds that they do not require for use in the foreseeable future," said the bank.
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Customers will be able to lock up their funds using their app or internet banking. These funds can only be unlocked when customers visit a bank branch to verify their identity.
DBS is progressively rolling out its features from Monday, while OCBC and UOB will start on Thursday.
DBS
DBS' new feature, called digiVault, enables customers to lock up their money digitally in a designated account, from which funds cannot be digitally transferred out.
They can apply for the account via digital banking and have it approved usually within a minute.
A push notification will be sent to them that the vault is ready, after which they can start depositing funds in it.
To access the funds in the vault, they will need to visit a DBS or POSB branch to verify their identity. Once verified, the funds will be transferred to their DBS or POSB account.
Closing the vault account will also need to be done at a branch.
DBS will also have the option for customers to lock up their fixed deposit accounts. Once locked, it prevents any premature digital withdrawals or changes to maturity instructions.
"This reduces the risk of scammers prematurely withdrawing fixed deposit funds digitally, should they gain unauthorised access to customers’ phones and accounts," said DBS.
Those who want to do so can use the bank's digibot, which is on its website. They will be prompted to authenticate their request.
The process for the locking of fixed deposit accounts takes around two working days to be processed.
Once locked, customers will receive an email. To unlock the fixed deposit, they will also have to visit a bank branch.
Related:
UOB
UOB customers can open new LockAway accounts that do not allow digital payments and outbound transfers.
Customers can only access their locked-up funds by visiting UOB bank branches and verifying their identity.
"UOB is also evaluating ATM withdrawals as an additional mode of cash dispensation, and may introduce it in the near future subject to customer feedback," said the bank.
LockAway accounts can be opened digitally from Nov 30 on the bank's website and app, or at its branches.
"Given the nature of the account, there will not be a minimum initial deposit or balance requirement," said UOB.
"As an additional safeguard, no cheque book will be issued for the UOB LockAway Account, and existing cards cannot be linked to it."
Account holders will still be able to view their balances, as well as deposit funds into the account digitally.
Funds held in the UOB LockAway Account will also get interest on their deposits, said UOB, with the rates to be announced soon.
OCBC
Unlike DBS and UOB, OCBC customers will not need to open a new bank account to use its Money Lock feature. Funds can be locked using the app or internet banking.
Customers can lock up funds in multiples of S$10, with the maximum amount being the available balance in the bank account and the minimum being S$10.
Funds can only be unlocked at OCBC ATMs or when customers visit a bank branch. Customers who want to unlock their funds at ATMs will need a credit or debit card, and their PIN.
The bank reassured customers that funds locked in their accounts are aggregated with the funds that are not locked to calculate the interest to be earned.
"Customers must consider their regular or recurring expenses, near-term needs and plan for emergencies, and only lock excess funds that they do not require for use in the foreseeable future," said the bank.
Related:
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