OCBC to roll out Money Lock for time deposits from end-January
OCBC customers will be able to use the Money Lock feature for their time or fixed deposit accounts from Jan 31, 2024.
This is an extension of the function launched last November for current and savings accounts, to prevent unauthorised digital transfers from malware and phishing scams, said the local bank on Thursday (Jan 25).
More than 30,000 OCBC customers have used the Money Lock feature on more than 33,000 accounts with over S$3.3 billion since then.
“Prevailing interest rates continue to apply to locked funds so OCBC Money Lock users will not miss out on bonus interest earned on their total balances for accounts,” said OCBC.
The bank added that customers can only withdraw existing placements or change their maturity instructions at an OCBC branch, and cannot do so on the OCBC Digital app, if they choose to use OCBC Money Lock on their time deposit accounts.
From Jan 31, customers will be able to unlock their time deposit accounts at ATMs located at all OCBC branches. By the end of February, they will be able to use all OCBC ATMs islandwide.
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To unlock the accounts, a physical ATM, debit or credit card and their PIN will be required, the bank noted. Unlocking can also be done at all OCBC branches.
“This authentication process is akin to the OCBC Money Lock process to unlock funds in current or savings accounts,” said OCBC.
The bank added that locking time deposits can be done via OCBC Digital app or OCBC Internet banking.
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Beaver Chua, OCBC’s head of anti-fraud, group financial crime compliance, said that locking time deposits gives customers added assurance that their savings will be safe even if scammers gain unauthorised access to their bank accounts digitally.
“We will also continue our scam education efforts so that customers will be better able to exercise vigilance. Customers must continue to review their transaction limits and all transaction notifications from the bank,” Chua added.
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