that is why i said I recently just opened some SAs with the bank on the bolded part, meaning if I have FD with OCBC or UOB with auto renew instruction, upon maturity I can just login to my online account to uplift and deposit it there? Do you happen to know if this is possible with SCB too?

This post has been edited by Human Nature: Jan 14 2016, 11:18 PM

People using chq because his FD placement is very large and exceeds the limit of electronic online fund transfer.

I would say as long as interests are given from the date of fd placement. Same case with mine 2 weeks ago at HLBB with a bankers cheque.

For OCBC, FD placed at the counter, must withdraw at the counter. FD placed online, can withdraw online.

yes, you can with uob and ocbc. login now and look for the withdrawal option.

not sure about scb. anyway that bank is on my bad list after they refuse my money citing money laundering concerns )

do it over the counter then?

if they have such a huge amount of money, they are entitled to priority or private banking and transfer limits should not be an issue.

For promo FD, most of the time you still need to go to the counter. E banking can't solve this issue.

As for PB status, for security reason, there is still a limit for e fund transfer regardless of banking status. For large amount FD, chq is still more cost effective and convenient.

correct. but it can allow us to skip one step, ie the visit to the source/withdrawing bank.

what security reason? otc, ibg limit is 1 million, rentas has no limit afaik. with cheque, many people are confused and worried about clearing time, etc.

btw, remember the funds transfer slips from affin and ambank private that were exposed online?

Not true, personal cheques are accepted in UOB and effective the same day

Please dont answer people's question with hearsay. Not sure or personnally not experienced it yourself, try count 1 to 1000 and let other answer.

As said, the contention is why ppl use chq, online banking cater for smaller amount FD placement. Ppl use chq because online banking has daily limit.

If you want to do OTC IBG, RENTAS, you need to go to counter and it defeat your intention to "skip one step".
OTC IBG and RENTAS have vague fresh fund policy. Chq is clear cut fresh fund.
Chq FD placement gets immediate FD commencement upon presentation of chq before 4pm cut-off time.
Chq clearing time has no bearing to FD commencement date. The FD commencement date is either before 4pm cut-off time or after 4pm cut-off time. If after 4pm cut-off time, FD commence next business day.

A couple years back, i did IBG OTC at Ocbc and was told over the limit and has to split into two days, not sure about the limit now. You are correct to use BC when there is a limit. The other reason I use BC too is because I dont have the saving and I dont intent to open one because too many SA. Ocbc, RHB, Cit, Public, Am, HL, HSBC....just closed Std Chart SA

Actually the limit of electronic online FT can be very big. If I am not wrong, it is RM 1million a day. But in order to open more limit in the IBG, one will need to go over the counter and request for it.. (Something like changing ur IBG limit)

Another option for those with real big funds.. Yea, am talking real real big.

You can opt to open a enterprise solely for fund transfer purposes.
With that enterprise, you can open a company current account.
Why enterprise, not sdn bhd or others.. It is because enterprise only u control, no 2 or more persons. And no need file audit and other bla bla.. So is save cost.

The online IBG limit for company current account is RM 10 million a day.. (I guess this amount is good enough for most?)

And yea, i am using online company current account for real large transfer Handy, cheap, safe and easy

This post has been edited by Bonescythe: Jan 15 2016, 01:06 AM

Which banks offer 50K IGB on personal account?

if your sum is huge, then you should get pb treatment.

after reading from earlier postings, it seems not all banks have clear policy on commencement date for cheque placement.

better banks like hlb, uob, ocbc, hsbc, clearly define incoming fund transfers as fresh funds.

check the ibg/ibft thread.

wow awesome!

limits are enforced by banks themselves, not by meps or bank negara. they can be increased depending on what level you are.

To exceed the daily limit of OTC IBG of one bank I know is RM500k
Yes. Need SA from both ends in order for e banking to work. Hence the chq.

No doubt about the benefit of electronic fund transfer. I prefer e banking too. But chasing promo FD from bank to bank is not as simple as fund transfer to any 3rd party account leh. Hindrances such as Personal CASA has daily limit, need both ends CASA, need fresh fund, fresh fund must be within x days transfered and diff bank diff policy. That's why ppl still use chq as the most convenient and cost effective mode of payment ( for FD placement).

Received message from Ocbc

9 mth 4.15%
15 mth 4.3%

Just need to top up 10k fresh fund onto existing fund.....that is rare from Ocbc

Doesn't matter I get PB or not, ppl still use chq to cater for areas not covered by e banking.

HLB, uob, ocbc, RHB, Ambank, SCB, Mbb, Pbb, accept FD placement by chq before 4pm as same day commencement.
As for fresh fund policy, chq payment is clear cut fresh fund for all banks, no need headache reading the individual bank fresh fund transfer policy.