Avoiding Monthly Fees: Closing Your OCBC SSA Account

InfoThis is a summary of the following YouTube video:

【2024经验分享】如何主动关闭OCBC华侨银行的SSA账户，避免每月10 SGD管理费

恋金术师

Aug 4, 2024

·

Howto & Style

简单介绍

  1. The video discusses how to proactively close an OCBC Bank SSA (Statement Savings Account).
  2. Previously, it was shared that after obtaining a passport, OCBC Bank is the first overseas bank account one can open.
  3. Some OCBC accounts, like the SSA, incur management fees if asset requirements are not met.
  4. For non-residents of Singapore, the SSA requires a deposit of 20,000 SGD to avoid a monthly management fee of 10 SGD.
  5. The exchange rate is approximately 1:5, meaning a significant deposit is needed, which may be burdensome for some.
  6. It was initially mentioned that the account would automatically close if there was no balance for six months.
  7. The speaker successfully closed their SSA by proactively contacting customer service to request closure.
  8. After closure, the speaker's account now only includes a 360 account and a GSA (multi-currency account).
  9. The proactive closure helps save the monthly 10 SGD management fee.

关闭申请步骤

  1. Begin by opening the OCBC app and tapping the three horizontal lines in the top left corner. If your app is in English, switch it to Chinese by tapping 'EN'.
  2. Navigate to the 'Secure Mailbox' and click the plus sign to create a new service request. Choose 'Service Request' as the subject to initiate the account closure process.
  3. Provide your account information in English for clarity, even though the system can recognize Chinese. Use a template to state your request to close the Statement Savings Account (SSA) to avoid management fees.
  4. Include your SSA account number in the request. A template is available on the blog for easy copy-pasting. The blog link is provided in the video description.
  5. After sending the request, you will receive an email confirmation stating that your request has been received and will be processed within five business days.
  6. Expect a follow-up message confirming the account closure within five days. The process is complete once you log in and see the SSA account is closed.
  7. The video creator shared their experience: they sent the request on July 26, received confirmation on July 30, and the account was closed by August 2.
  8. Closing the account is advisable to avoid a monthly management fee of 50 RMB if the account balance does not meet the required threshold after the first year.
  9. The video suggests using a 360 account to manage Singapore dollars, reducing maintenance costs.
  10. The video aims to assist those with an OCBC account and encourages viewers to like, subscribe, and enable notifications for future updates.