- What will be the changes in cheque clearing on Saturdays when the 5DCW is implemented?
For cheques deposited on Thursday after 3.30pm, and Fridays before 3.30pm funds will be available on Mondays after 2pm.
For cheques deposited on Fridays after cut-off time and on Saturdays funds will only be available on Tuesdays after 2pm.
| Cheque deposited on |
Funds available |
| Thursday (before 3.30pm) |
Friday (after 2pm) |
| Thursday (after 3.30pm) |
Monday (after 2pm) |
| Friday (before 3.30pm) |
Monday (after 2pm) |
| Friday (after 3.30pm) |
Tuesday (after 2pm) |
| Saturday |
Tuesday (after 2pm) |
|
Note: If a Public Holiday falls on a weekday, the cheque(s) deposited will take another day to clear.
- What will be the changes in branch banking transactions on Saturdays when the 5DCW is implemented?
Cheques will be accepted for deposit but funds will be made available only on Tuesdays after 2pm.
Cash cheques can be en-cashed at the branches.
Cheques for deposit into an account may be marked and drawn on, provided both the payee and the drawer are from DBS/POSB (a handling fee will be charged for this).
- Will all cheques issued be affected by this new move?
Only Singapore Dollar cheques drawn on banks in Singapore will be affected.
Currently, there is no cheque clearing on Saturdays for foreign currency cheques.
- Are all banks that issue and receive cheques in Singapore involved?
Yes.
- What will be the changes in GIRO/standing instructions on Saturdays when the 5DCW is implemented?
DBS will continue to provide in-house GIRO and standing instructions on Saturdays if they involve transfers from one DBS/POSB account to another.
For corporates, customers can continue to send in the AUTOPAY EXPRESS transactions to debit or credit DBS and POSB accounts for value dates falling on a Saturday, even when the banking industry starts its 5DCW next year.
There will be no crediting or debiting of customer accounts on Saturdays via interbank GIRO.
- What will be the changes in electronic banking transactions (e.g. ATM, iBanking, IDEAL™, Phone Banking) on Saturdays when the 5DCW is implemented?
Customers will still be able to transfer funds from one account to another within the same bank on Saturdays (and Sundays).
Corporate Customers:
GIRO and standing instructions on Saturdays will continue to be provided for intrabank transfers, i.e. from one DBS/POSB account to another. This service is extended to all existing delivery channels including IDEAL, DBS' web-based cash management system, as well as the latest server-to-server (S2S) technology over leased or ISDN lines.
IDEAL users:
DBS will enhance its IDEAL platform to display an alert if the customers GIRO value date in the transaction file falls on a Saturday, Sunday or Public Holiday. At the alert prompt, users may choose to accept the next available value date or you may withdraw the file for amendment.
- Will I have to pay for these services?
These value-added services are provided free by DBS for your convenience. They will be ready by May 2006.
- Who should I contact if I have more queries on 5DCW?
To find out more information about 5DCW, you can pick up a copy of the 5DCW brochure at any of our DBS/POSB branches.
Corporate customers may also e-mail us at contactgts@dbs.com to find out more about the value-add services we're offering for AUTOPAY EXPRESS transactions, IDEAL, DBS' web-based cash management system, and the latest server-to-server (S2S) technology.