Martin Lee @ Sg
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Closure of finatiQ

FinatiQ was set up by OCBC Bank in 2000 as Singapore’s first online-only bank account. Back then, it offered superior interest rates compared to normal savings account. I remembered enjoying rates of about 3% on my funds in the account.

You could also buy unit trusts online via the platform although somehow, this aspect didn’t take off in a big way.

With internet banking becoming a mainstay of pretty much every bank these days, OCBC has decided to shut down finatiQ on 30 June 2011.

Affected customers will be given the following options:

For Deposit Accounts

1. Transfer deposit balance to a same-name (first-party) OCBC Bank account; or

2. Open an OCBC Bank Statement Savings account and transfer deposit balance to that same-name (first-party) account; or

3. Receive deposit balance as a cashiers order.

For Unit Trust holdings

1. Transfer all holdings to OCBC Bank; or

2. Transfer all holdings to Fundsupermart.com; or

3. Redeem all holdings; or

4. Transfer holdings to another distributor. Customers will need to approach the distributor of their choice for a transfer form. The distributor will send us the form for processing, after which customers will receive a letter from finatiQ confirming the transfer. This process will take approximately four to six weeks.

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