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Tuesday, April 06, 2010

Charged $3 for doing interbank fund transfer over the Internet

I was charged with a $3 admin fee for doing an interbank fund transfer of $200, from MayBank to POSB Bank, over the Internet. Either I am blind or the warning print was too fine for me. From what I know, this per transaction charge is determined only by the receiving end, which is POSB Bank for my case.

Since when have POSB Bank implemented this? I do not remember being charged when I did similar transaction months ago.

POSB interest = 0.125%
Admin fee per my transaction = 1.5%


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