|
|
 |
| Frequently Asked Questions |
- Setting up and terminating Standing
Instructions
You are now able to set up a standing instruction to transfer funds from your
bank account to another account on a regular basis.
- Can standing instructions (SI) be
set up for all funds transfer?
Yes. You are able to set up a standing instruction to transfer funds from your
bank account* to:
- another account of your own (1st party transfer)*
- another DBS / POSB account (3rd party transfer)*
- an account in another bank (inter-bank transfer)
- How do I add a payee to my list
to set up my standing instruction fund transfer?
For 1st party transfers, your own accounts with the bank will appear in the drop-down
box and the you will be able to select the account you would like to have your
money transferred into on a regular basis.
For 3rd party and inter-bank transfers, you will first be required to add the
designated account through the OTP (One Time Password) authorisation process,
before the account will appear in the your drop-down list for selection.
- How do I apply for OTP?
You will have to apply for iB Message for the first time at any DBS / POSB ATM
where the service will be activated immediately. To apply at the ATM, simply
select :
- iBanking, Cash Card & More
Services
- PIN/iB Message Service
- Apply/Upd iB Message Service
- Key in their personal mobile phone or message pager
number
After this is set up, every time you add a new payee, an OTP will be delivered
to you via SMS or message page, allowing you to authorise the new payee. If
you do not have access to our ATMs, or if you are overseas, you can apply for
this service by completing the hard copy application form, which is found on
the DBS website. The turnaround time is 3 working days upon receipt of the
your form.
- How will I know if my standing instruction
has been set up successfully?
After you have submitted your Standing Instruction online, you will receive a
letter in the mail confirming the Standing Instruction set-up.
- Is there a fee for setting up a Standing
Instruction?
Yes. A $5 administrative fee is charged for setting up a Standing Instruction.
- Do I need to specify a date of last
payment?
No. You can leave this blank. If it is left blank, the Standing Instruction will
continue until you terminate the Standing Instruction.
- Do I need to specify the amount of last
payment?
If the amount of last payment does not defer from your first payment, you can
leave this section blank.
- What is the frequency of payment I can
choose for my Standing Instruction?
Monthly, quarterly, bi-annually and yearly standing instructions are permitted.
- What is the "Beneficiary / Customer
Reference" field for?
This is to allow you to make notes for yourself to remind yourself what this
Standing Instruction was set up for. This reference will also appear in the confirmation
letter that is sent to you.
- If I set up an SI today, what is the
earliest date my first payment can begin?
The earliest payment date is 3 calendar days from the date of set up. Eg: If
I set up the Standing Instruction on Monday, the first payment can begin on Thursday.
- How far in advance can I set my first
payment date for?
You are able to set the date of first payment up to 1 year from the date of set
up. Eg: If you set up a Standing Instruction on the 5 October 2005, your first
payment can begin on 4 October 2006.
- If the date of payment falls on a Saturday, Sunday or public holiday, will the funds still be transferred?
No, the funds will be transferred on the next working day.
- My first payment was on the 10th November
2005 and I inputted 15th June 2006 as my last payment. However the
system rejected this. Why?
When you are setting up your Standing Instruction, the date of your last payment
must be before the date of your first payment. For example, if your first payment
is on the 10th Oct 2005, your last payment has to be before the 10th of any subsequent
month (eg, 9th June 2006)
- Can I amend existing standing instructions
via iB?
No. Once a Standing Instruction is created, it cannot be amended via iB. Customers
will have to terminate the Standing Instruction and set up a new Standing Instruction.
- I have just set up my standing instructions.
Where can I check the details?
For Standing Instructions set up before
1830 hours (Singapore time), it will appear in the "Standing Instruction Enquiry" immediately and the earliest payment
date is 3 calendar days later to allow processing. For Standing Instructions
set up after 1830 hours (Singapore Time), it will appear in the "Standing Instruction
Enquiry" the following day.
- Where can I find the "Standing Instruction
Enquiry"?
The "Standing Instruction Enquiry" service can be found after clicking on "Account
Information" option
- Is there a maximum limit to how much
I can transfer when I can set up my SI?
The Standing Instruction shares the funds transfer daily limit (Eg, depending
on whether it is a 3rd party DBS/POSB or Interbank beneficiary which by default
$5000 and $1000 respectively. Therefore, if you set up a Standing Instruction
for $3000 today the remaining daily limit for a 3rd party transfer is $2000)
- How do I terminate my Standing Instruction?
You can terminate a specific Standing Instruction by selecting the debiting account
from the drop-down list in the option "Funds Transfer" and then select "Terminate
Standing Instruction".
|
| |
|
|
|
|
