| Frequently Asked Questions |
Cheques
Cheque deposit cut-off time will be extended by half-an-hour, to 3:30pm from Monday to Friday to give customers more time to deposit their cheques. Cheques will be cleared the next working day.
Cash cheques can still be en-cashed at the drawer's bank if customers need the funds on Saturdays.
Cheques for deposit into an account may be marked and drawn on (even on Saturdays) if both the payee and the drawer are from DBS/POSB (a handling fee will be charged for this).
- What will be the changes in cheque clearing on Saturdays when the 5DCW is implemented?
- What will be the changes in branch banking transactions on Saturdays when the 5DCW is implemented?
- Will all cheques issued be affected by this new move?
- Are all banks that issue and receive cheques in Singapore involved?
GIRO/Standing Instructions and Electronic Banking Transactions
To minimise inconvenience to our customers, DBS will continue to provide in-house GIRO and standing instructions on Saturdays for interbank transfers, i.e. from one DBS/POSB account to another.
Funds are still available via ATMs and iBanking.
However, we do not deny that customers will have to adjust their banking routine. Cashflow needs can be rescheduled to take advantage of the extended time from Monday to Friday for cheque deposits. Customers have a long lead time with the implementation date in May 2006 to make the necessary adjustments to their payment routines.
- What will be the changes in GIRO/standing instructions on Saturdays when the 5DCW is implemented?
- What will be the changes in electronic banking transactions (e.g. ATM, iBanking, IDEAL™, Phone Banking) on Saturdays when the 5DCW is implemented?
- Will I have to pay for these services?
Others
- Who should I contact if I have more queries on 5DCW?
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