To strengthen security measures and provide improved control to its clients, OCBC Singapore has unveiled the OCBC Money Lock feature. This feature grants customers the ability to safeguard their funds in their existing bank accounts.
The Money Lock feature is now accessible to all current and savings account holders, both existing and new, empowering them to protect their finances against unauthorised transactions.
Once activated, locked funds are safeguarded from digital transfers and are restricted from use in various financial activities.
Among the extensive list of constraints, locked funds cannot be used for:
- Local and international transfers, including within a customer’s own accounts
- Initiation or continuation of payment arrangements like GIRO, standing instructions, or future-dated transfers
- Bill settlements or credit card payments
- Investments in fixed deposits or other investment instruments
- Purchases or payments related to insurance
- Loan repayments or tax obligations
- ATM withdrawals or transfers
The remaining balances within the account remain available for regular transactions. However, should the available balance be insufficient for a transaction, customers must first unlock the funds to proceed.
Assuring customers about bonus interest, the locked funds within the chosen account are combined with the unlocked amounts to determine the interest earned.
Unlocking or locking funds can be easily managed through the OCBC Digital app or Internet Banking app.
Customers can select the desired deposit account and choose the amount they intend to lock, with increments starting from S$10. The maximum locking amount is equivalent to the available balance, while the minimum lockable amount is set at $10.
OCBC’s new Money Lock feature signals a proactive step towards enhancing financial security while granting customers the flexibility to manage their funds efficiently and securely.
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