If you are a customer of OCBC and you have received a cheque, you may be wondering how to deposit it. Fortunately, the process is straightforward and can be done in a variety of ways. In this article, we will provide an overview of OCBC cheque deposit in Singapore, including step-by-step instructions, fees and charges, alternative payment methods, security and authentication, and frequently asked questions.
When it comes to depositing cheques with OCBC in Singapore, you have several options. You can deposit your cheque at any OCBC branch or ATM, or you can use the OCBC Mobile Banking app to deposit your cheque electronically. Additionally, you can deposit your cheque at any of the many cheque deposit boxes located throughout Singapore. With so many options available, you can choose the method that is most convenient for you.
Whether you are a first-time depositor or an experienced user, this article will provide you with all the information you need to successfully deposit your cheque with OCBC in Singapore. From fees and charges to security and authentication, we will cover everything you need to know to ensure a smooth and hassle-free deposit experience.
OCBC Cheque Deposit Overview
If you are an OCBC customer in Singapore, you can easily deposit cheques at any of their branches or ATMs. Here’s a brief overview of OCBC’s cheque deposit services.
Cheque Services in Singapore
In Singapore, cheques are still a common form of payment, especially for large transactions. However, not all banks offer the same cheque-related services. OCBC is one bank that offers various cheque-related services to their customers, such as cheque depositing and encashment.
OCBC’s Role in Cheque Depositing
OCBC makes it easy for their customers to deposit cheques. You can deposit your cheques at any of their branches or ATMs. If you choose to deposit your cheques at an OCBC ATM, you can enjoy the following benefits:
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Cash your cheques instantly: Since February 2020, customers have been able to encash cheques, up to a maximum of $30,000 in a single cheque, by depositing them into the ATM to instantly get cash.
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Skip the queue: Doing this saves customers roughly 60% of the time usually spent queuing as OCBC estimates using the ATMs for this process takes roughly three to five minutes.
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No service fee: OCBC does not charge any service fee for cheque depositing.
If you are depositing your cheques at an OCBC branch, you can also enjoy the following benefits:
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Assistance from Digital Ambassadors: If you need any assistance with depositing your cheques, you can approach any of OCBC’s Digital Ambassadors for help.
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No service fee: OCBC does not charge any service fee for cheque depositing.
Overall, OCBC’s cheque deposit services are convenient, fast, and hassle-free. Whether you choose to deposit your cheques at an OCBC branch or ATM, you can be sure that your cheques will be processed quickly and efficiently.
Step-by-Step Guide to Depositing Cheques
Depositing a cheque is a simple process that can be done in a variety of ways. Here are some of the most common methods used by OCBC customers:
Using Quick Cheque Deposit Box
The Quick Cheque Deposit Box is a convenient way to deposit your cheque without having to visit a bank branch. Here’s how you can do it:
- Fill out the details on the back of the cheque, including your account number and the amount you wish to deposit.
- Ensure that the cheque is properly endorsed and signed by the payee.
- Locate the nearest Quick Cheque Deposit Box, which is available at most OCBC branches and ATMs.
- Insert the cheque into the deposit envelope provided, along with any additional documents that may be required.
- Drop the envelope into the Quick Cheque Deposit Box.
Once the cheque has been deposited, the funds will be credited to your account within a few business days.
Mobile App Deposits
If you prefer to deposit your cheque using your mobile device, you can do so using the OCBC Mobile Banking app. Here’s how:
- Log in to the OCBC Mobile Banking app.
- Select “Deposit Cheque” from the menu.
- Follow the on-screen instructions to take a photo of the front and back of the cheque.
- Enter the amount you wish to deposit and select the account you want to deposit the funds into.
- Submit the deposit request.
Once the request has been processed, the funds will be credited to your account within a few business days.
In-Branch Deposits
If you prefer to deposit your cheque in person, you can do so by visiting an OCBC branch. Here’s what you need to do:
- Fill out the details on the back of the cheque, including your account number and the amount you wish to deposit.
- Ensure that the cheque is properly endorsed and signed by the payee.
- Visit an OCBC branch during business hours.
- Present the cheque to the teller and inform them that you wish to deposit it.
- The teller will process the deposit and credit the funds to your account.
It’s important to note that when depositing a cheque in person, you may be required to provide additional identification and documentation to verify your identity.
Overall, depositing a cheque with OCBC is a simple and convenient process that can be done in a variety of ways. Whether you prefer to use the Quick Cheque Deposit Box, the mobile app, or visit a branch in person, you can rest assured that your funds will be credited to your account in a timely manner.
Fees and Charges
If you are an OCBC account holder, you may be charged for certain cheque transactions. Here are the fees and charges you should be aware of:
Cheque Issuance Fees
From 1 November 2023, OCBC will charge $0.75 for each SGD cheque issued, and US$0.55 for each USD cheque issued. This fee will be waived for account holders aged 60 years old and above till 31 December 2025.
Handling Charges for Deposits
At a later date, you will be charged a fee for depositing SGD-denominated and USD-denominated cheques. The exact fee for deposits has not been announced yet. However, you can expect to pay a fee ranging from S$0.75 to S$3 (US$0.55 to US$2.19) for each Singapore dollar-denominated cheque.
It is important to note that at least seven banks, including DBS, UOB, Citibank, HSBC, Maybank and Standard Chartered, will start imposing fees on cheque issuers, both corporates and individuals, by 1 November 2023.
If you are an OCBC account holder, you should take note of these fees and charges to avoid any unexpected charges.
Alternative Payment Methods
If you prefer to avoid using cheques, there are several alternative payment methods that you can use to transfer funds electronically. These methods are convenient, fast, and secure, making them a great option for those who want to avoid the hassle of writing and depositing cheques.