DBS and POSB Technical Glitch

The technical glitch that affected DBS and POSB on Monday shows how much most of us have become reliant on banking services.

Or to put it more accurately, how much the banks and us have become reliant on technology.

Since technology can never be 100% failsafe, it makes sense that we are able to access more than one bank for our banking needs.

Personally, I also hold a UOB atm card as I find it so much more convenient. While the reach is not as extensive as POSB atms, they can be found in most central areas like MRT stations and shopping centers. And most of the time, the queue (if they is any) is shorter.

Of course, if you are going to have multiple bank savings accounts, make sure your average balance does not fall below the stipulate amount in order not to incur any necessary fees.

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Junki says 13 years ago

Hi Lioninvester,

I came across your post on insurance companies endowment plans while researching on stuff related (posted in 2008). I would like to enquire something about it (hope you dont mind the offtrack qn in ur post!).

Ok, i’m looking at an endowment plan, premium paid yearly for 25 years. On my insurance policy, for example, if it pans out that at year 25, if the investment return on the participating fund is 3.75% (it usually shows both 3.75% and 5.25% if i’m not wrong), my total (guar + non-guar) returns is $50k. And then, i see from reports that the company’s participating fund performance for that year (yr 25) is 6.0%. Does it mean that i will get a payout higher than $50k? And if the participating fund performance is 9.0%, i’ll get an even higher payout?

Thank you for clearing any doubts! 🙂

lioninvestor says 13 years ago

Hi Junki,

The non-guaranteed components are all projections. Up to the insurer to declare higher or lower bonuses.

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DBS and POSB Technical Glitch

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