Avoiding Monthly Fees: Closing Your OCBC SSA Account
InfoThis is a summary of the following YouTube video:
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【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
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Howto & Style
简单介绍
- The video discusses how to proactively close an OCBC Bank SSA (Statement Savings Account).
- Previously, it was shared that after obtaining a passport, OCBC Bank is the first overseas bank account one can open.
- Some OCBC accounts, like the SSA, incur management fees if asset requirements are not met.
- For non-residents of Singapore, the SSA requires a deposit of 20,000 SGD to avoid a monthly management fee of 10 SGD.
- The exchange rate is approximately 1:5, meaning a significant deposit is needed, which may be burdensome for some.
- It was initially mentioned that the account would automatically close if there was no balance for six months.
- The speaker successfully closed their SSA by proactively contacting customer service to request closure.
- After closure, the speaker's account now only includes a 360 account and a GSA (multi-currency account).
- The proactive closure helps save the monthly 10 SGD management fee.
关闭申请步骤
- 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'.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The video suggests using a 360 account to manage Singapore dollars, reducing maintenance costs.
- The video aims to assist those with an OCBC account and encourages viewers to like, subscribe, and enable notifications for future updates.
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