Frequently asked questions

1. When will the Bank implement the collection of fees (the “below balance fees”) from Multi Currency Savings accounts with aggregate monthly average balances less of than S$2,000?
   
   The implementation of the below balance fees for Multi Currency Savings (MSV) Accounts shall commence from 20 October 2008. For example, Multi Currency Savings Accounts with aggregate monthly average balance of less than S$2,000 for the month of September 2008 will incur a below balance fee of S$2 in October 2008.
2. How is aggregate monthly average balance for Multi Currency Savings Accounts calculated?
   
   The monthly average balance of all the available foreign currencies in the Multi Currency Savings account are rebased to SGD at month-end for the purposes of determining whether the below balance fee has been incurred on the monthly average balance. The exchange rate used is based on the day in which the monthly average balances of the foreign currencies are converted. Upon conversion to SGD, if the aggregate monthly average is less than S$2,000 the account will be charged S$2.
   
   Example:

   Monthly average balance	Converted to SGD
   SGD 1,000.00	SGD 1,000.00
   USD      50.00	SGD      72.78*
   EUR 0	SGD 0
   AUD 0	SGD 0
   NZD 0	SGD 0
   JPY 0	SGD 0
   CHF 0	SGD 0
   CAD 0	SGD 0
   HKD 0	SGD 0
   GBP 0	SGD 0
   Aggregate monthly average balance	SGD1,072.78

   
   The aggregate monthly average balance in the example above is less than S$2,000. Therefore the account will be levied S$2.
   * Assuming USD exchange rate at 1.4556
3. Which account is the S$2 fee debited from?
   
   The S$2 fee shall be debited from the SGD Multi Currency Savings account.
4. Why is the Bank charging fall below fees for Multi Currency Savings account now?
   
   As a gesture of goodwill, the below balance fees for Multi Currency Savings account was waived in conjunction with the launch of the new Multi Currency Savings account. .