Unfair to charge flat fee for chequebooks

[makapaaa]

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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I PAY bills and other personal expenses by cheque. This is one way I manage cash outflow and keep track of my expenses.
My bank charges an administrative fee of $10 for every new chequebook issued. Granted, each chequebook is sent to me by post, which is an added service provided by the bank.
At first, I thought the $10 was just for postage, but I was told that it was a flat fee charged to all customers regardless of delivery mode.
Is this a standard practice and why are there no alternatives? I am sure if customers are given collection or delivery options, with a different cost attached to each, they can decide for themselves.
Chong Kwong Min

 

[johnny333]

Why do people bother to complain about POSB
Have complaints ever moved these GLCs ? Just close the account & move on.

I get free chequing with Citibank. The minimum is more than $1500 but you get other advantages like short queues, phone banking, ...

 

[halsey02]

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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I PAY bills and other personal expenses by cheque. This is one way I manage cash outflow and keep track of my expenses.
My bank charges an administrative fee of $10 for every new chequebook issued. Granted, each chequebook is sent to me by post, which is an added service provided by the bank.
At first, I thought the $10 was just for postage, but I was told that it was a flat fee charged to all customers regardless of delivery mode.
Is this a standard practice and why are there no alternatives? I am sure if customers are given collection or delivery options, with a different cost attached to each, they can decide for themselves.
Chong Kwong Min

In the past, one have to pay STAMP DUTY for each cheque, forgotten how much it was?, was it 05cts or 10cts.

That means, a cheque book of 50 cheques, pne pay S$5.00 in stamp duty, plus the cost of a cheque book ( i think so) plus postage & handling.

But you have good relationship with the bank, like a big fat amount in Fixed Deposits & deposits...they will waive all charges.

So, what is this person grumbling about...$10 ..chaep lah!...move on!:p

 

[Ramseth]

Actually, it's surprising that charging fees for chequebooks in Singapore is practised by DBS instead of Citibank. This practice originates from the US where banks require accountholders to pay for printing and delivering checkbooks. The accountholders can choose to use the bank's printer or other printers authorized to print checkbooks, i.e. can also choose from various designs or even customized designs of checks. Checkbooks are ordered in terms of boxes of hundreds of checks.

 

[johnny333]

The accountholders can choose to use the bank's printer or other printers authorized to print checkbooks,......

With todays technology making & process cheques is trivial

I remember the branch at Funan(now closed) had a machine that printed cheques while you waited.

 

[Ramseth]

With todays technology making & process cheques is trivial

I remember the branch at Funan(now closed) had a machine that printed cheques while you waited.

Yes, that was a very good service provided by POSB (and free). The self-service chequebook printing machines were available in Funan, MacPherson and other major branches. However, after DBS took over POSB, this service was discontinued and the machines removed.

 

[johnny333]

Yes, that was a very good service provided by POSB (and free). ....

I've kept my POSB account for 20+ years but I think its time to close it.

Looks like they're not really interested in small time savers. When Maybank's minimum requirement is only $200 compared to POSB $500, its obvious they want to discard the poorer savers