Martin Lee @ Sg
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Trade Securities Via OCBC Internet Banking

It appears that OCBC now allows their OCBC Securities customers to trade stocks by using their OCBC internet banking login. This can be done by linking the OCBC bank online account to the OCBC Securities trading account.

DBS had done something similar in the past with a linkage which also comes with a cash upfront feature that allows you to buy stocks at 0.18% commission (min $18).

While OCBC does not have this cash upfront feature yet, they are running a promotion (between 24 November 2010 and ends on 31 January 2011) where you can get a $10 commission rebate for every trade made.

Or so I thought (from their advertisements promoting the $10 rebate quite prominently).

ocbc-securities-promotion

According to the terms and conditions, the $10 commission rebate is only applicable for amalgamation of trades.

Amalgamation means putting in multiple buy or sell orders of the same stock on the same day.

So it seems that the commission rebate will not be applicable to single orders. So misleading….

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4 comments
Singaporean says 8 years ago

It is very simple. Now that they hired that FT, he has to come out with something good to justify his existence. What can be better than having a positive spin and advertising it without the need to honor it in practice. To them all cash flow is divided into expense and income. When you trade with them, you are giving them income. When they rebate you, that is an expense. Since their statistics showed that amalgation of trades are rare so how great is it to look on paper to be giving out rebates and bringing in the customers(income) yet at the same time not really giving out the rebates(expense). That is how that FT justify his income.

Reply
Intheknow says 8 years ago

that should not be the case.

i still don’t understand why they laid down this stupid condition.

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Intheknow says 8 years ago

just split your order into 2 and it will be considered as an amalgamated trade.

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    lioninvestor says 8 years ago

    Just wondering whether they might charge double commissions for amalgamated trades and then give the rebate!

    Reply
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