Wednesday, January 20, 2010

POSB Coin Deposit Machine

This is some additional info regarding the POSB Coin Deposit Machine for those of you who have lots of coins and would like to deposit them into one of your savings account with DBS or POSB.

1. What is this Coin Deposit Machine?
This is a new 24-hour self-service terminal that allows you to deposit coins at our selected branches/Electronic Banking locations.

2. Who can use this Coin Deposit Machine?
Customers who wish to deposit coins into any DBS Current/Autosave Account, DBS Savings Plus Account, POSB Current Account, POSB Savings Account may use this machine.

3. Can I deposit my coins to more than 1 account for each coin deposit transaction?
At any one time, you may deposit the coins into one account only.

4. What are the accepted denominations and currencies?
Only Singapore Dollar currency is accepted. The accepted denominations are 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, 1 dollar (floral series only).

5. How much coin can I deposit each time?
There is no minimum or maximum amount for each coin deposit. The maximum number of pieces deposited is however, subject to the load capacity of the machine.

6. Do I need to sort the coins according to denominations before depositing at the machine?
No, your coins can comprise a mixture of the accepted denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, 1 dollar (floral series only).

7. Can I change the amount of my coin deposit after placing them into the coin deposit machine?
You may retrieve coins that are still in the coin tray and not inserted into the machine. Once the coins are inserted into the machine, it will be counted and deposited accordingly.

8. When will my account be credited?
Collection time is daily at 2pm (except Saturdays/Sundays/Public Holidays). Deposits before collection time will be credited on the same business day before 8pm while deposits after collection time will be credited on the next business day before 8pm.

9. Are there any charges levied for coin deposits?
Coin deposits through the coin deposit machine are levied fees based on $0.0075 (0.75 cents) per piece, and total charges rounded off to the nearest 1 cent. Coin deposit fees will be waived for deposits into Children's accounts (age 15 years and below). To enjoy this waiver, you will need to drop the coin deposit receipt in our Quick Cheque Deposit box. Refunds will be processed by the next business day (Mon-Fri).

10. Who can help me if I encounter a problem using the machine?
You may call us at :
DBS Phone Banking : 1800-111-1111
POSB Phone Banking : 1800-339-6666

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