OCBC enables customers to lock money in their accounts
Locked funds cannot be used for payments, investments, and ATM withdrawals.
OCBC Singapore customers will now be able to lock funds in their existing bank accounts with the OCBC Money Lock feature.
The feature– which is now available to all new and existing OCBC current and savings accounts– is expected to help safeguard against unauthorized transfers.
Locked funds cannot be digitally transferred or used for payments, investments, and ATM withdrawals. A full list of what locked funds cannot be used for can be found below:
- Local and overseas transfers, even between a customer's own accounts
- New or existing payment arrangements e.g., GIRO, standing instructions or future-dated transfers
- Bill or credit card payments
- Fixed deposit placements or investments
- Insurance purchases or payments
- Loan or tax repayments
- ATM withdrawals or transfers
Remaining balances in their account can be used to transact as usual. If remaining balances are insufficient, they must unlock their funds before carrying out their transactions.
Customers need not to worry about missing out on any bonus interest. Funds locked in the chosen account are aggregated with the funds that are not locked to calculate the interest to be earned.
To lock funds, customers can use the OCBC Digital app or Internet Banking app. Customers may select a deposit account and then decide the amount they wish to lock, in multiples of S$10, with the maximum amount being the available balance in the bank account.
The minimum amount that can be locked is $10.