<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>POSB should lower bank deposit requirement for maids
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->WE ARE encouraged to give maids a day off each week and help them acclimatise by educating them and their employers. However, we are nonchalant about their financial commitments.
POSB, known as the 'people's bank', should not have a 'fall-below fee' (customers must pay bank charges if there is less than $500 in their savings accounts) for these maids. The same rule applies with new accounts where a minimum of $500 is required.
If the fall-below fee does not apply to senior citizens and minors, POSB should also consider lifting this restriction for maids. They earn a meagre sum every month and need several monthly deductions to repay their loan. Their monthly wages are even lower than the fall-below amount.
These maids have to remit money home and still pay bank and telex charges, and to keep a minimum sum of $500 in their savings accounts is an enormous strain on them.
More maids will be encouraged to open accounts with POSB if this restriction is lifted. After all, POSB prides itself as the people's bank.
Tan Keong Boon
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->WE ARE encouraged to give maids a day off each week and help them acclimatise by educating them and their employers. However, we are nonchalant about their financial commitments.
POSB, known as the 'people's bank', should not have a 'fall-below fee' (customers must pay bank charges if there is less than $500 in their savings accounts) for these maids. The same rule applies with new accounts where a minimum of $500 is required.
If the fall-below fee does not apply to senior citizens and minors, POSB should also consider lifting this restriction for maids. They earn a meagre sum every month and need several monthly deductions to repay their loan. Their monthly wages are even lower than the fall-below amount.
These maids have to remit money home and still pay bank and telex charges, and to keep a minimum sum of $500 in their savings accounts is an enormous strain on them.
More maids will be encouraged to open accounts with POSB if this restriction is lifted. After all, POSB prides itself as the people's bank.
Tan Keong Boon
