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StanChart to charge S$5 fee for credit card and loan bills paid over branch counters
STANDARD Chartered Singapore has imposed a S$5 service fee per transaction for all credit card or personal loan payments made over branch counters.
This comes as part of the bank's "constant pursuit to bring digital convenience" to its customers here, said StanChart in an email alert to customers seen by The Business Times (BT).
In response to queries from BT, the bank said over 98 per cent of credit card payments are made via other channels, such as mobile/online banking, interbank GIRO, cash deposit machines, and fast and secure transfers (Fast).
"Redirecting repayments to digital channels make sense, as branches can focus better on helping clients with more complex services and assistance. As with all our banking services, assistance, exceptions and waivers are in place for vulnerable clients who visit our branches," a StanChart spokesperson said.
The UK-headquartered lender, which was recently named Singapore's first "Significantly Rooted Foreign Bank", has 16 branches here.
Checks by BT confirmed that the local banking trio and Maybank Singapore do not charge similar service fees at their branches. Citibank Singapore's pricing guide found online showed a service fee of S$10.70 - inclusive of GST - for each payment made to a Citi Ready Credit account at Citibank branches, on a per account basis. The guide is updated as at September 2020.
As part of its digital efforts, StanChart will also from Sept 20 send all accounts and credit cards transaction alerts via email and in-app push notifications only, doing away with current SMS alerts.
The bank has for now kept silent on plans to grow its digital banking presence here, amid market talk on whether it has tied up with NTUC Enterprise to gun for a digital bank licence in Singapore.