Frequently Asked Questions on Service Fees
How much is the service fee? And who has to pay?
A $50 monthly service fee will be charged if the average of the preceding 3-month ending balance is below $200,000.
See table below for further illustration:
Balance
Amount |
Balance at 31
Oct 06
$80K |
Balance at 30
Nov 06
$300K |
Balance at 31
Dec 06
$100K |
Balance at 31
Jan 07
$120K |
Balance at 28
Feb 07
$500K |
Balance at 31
Mar 07
$90K |
Balance
at 30
Apr 07
$120K |
Average
of preceding 3-month ending balance |
|
|
|
Oct 06
to
Dec 06:
$160k |
Nov 06
to
Jan 07:
$173k |
Dec 06
to
Feb 07:
$240k |
Jan 07
to
Mar 07:
$236k |
| Fee Chargeable |
|
|
|
Jan 07
$50 |
Feb 07
$50 |
Mar 07
$0 |
Apr 07
$0 |
Debit amount reflected
in statement |
|
|
|
|
|
|
$100 debit in Apr 07 for fee charged from
Jan 07 to Mar 07 | |
When is the service fee debited from my account?
While the service fee is calculated on a monthly basis, we will debit the amount quarterly instead of monthly. The debiting months are January, April, July and October.
Why is it based on a 3-month period rather than month by month?
At DBS Treasures, we have adopted a policy based on a 3-month average balance instead of the previous month's balance because we understand that you might need liquidity in the short term to capitalise on certain strategic investment opportunities, which might cause your balance for a particular month/s to fall below the minimum level. As such, adopting a 3-month average balance policy will help guard against situations that require sudden cash utilisation.
What is the transaction description for the service charge?
If you refer to your Treasures statement, the description for the Service fee will
be reflected as Code: SCTR
Description: Service Fee-Treasures
Which account will you be debiting the service fee against if I have more than one account with DBS?
For your convenience, the monthly service fee will be debited against the Autosave account. If you do not have one, the proposed order of debiting will be: DBS savings, POSB savings or POSB current.
What if I need further clarifications on the service fee?
You can contact your Treasures Relationship Manager or our Customer Service Officers for clarifications.