Starting from April 1, customers of Oversea-Chinese Banking Corporation (OCBC Bank) and United Overseas Bank (UOB) will have access to free, unlimited cash withdrawals at either bank’s automated teller machines (ATM).
Previously, customers were entitled to two free transactions per month. Subsequent transactions charged at S$0.30 per transaction.
The completely fee-free service will be provided until Dec 31 this year, Todayonline reported on April 10, 2017.
“Although this shared ATM network service has been in place for close to 30 years, we want more of our customers to be aware of this convenience to withdraw cash, check their account balance and transfer funds," said Dennis Tan, head of consumer financial services Singapore, OCBC Bank.
"Our intention in offering this unlimited fee-free cash withdrawal promotion is to highlight the availability of these services, which are accessible across our combined network of ATMs,” he explained.
The two banks have more than 1,200 ATMs in Singapore. Customers can conduct cross-bank cash withdrawals, fund transfers and balance inquiry services at these ATMs.
In 2016, there were more than five million cross-bank transactions by customers using OCBC Bank’s and UOB’s shared ATM network. In the past 10 years, such transactions on the network have increased 30 per cent,. This highlighted potential customer demand for such an initiative.
“There are three things customers expect when it comes to their banking services: Make it faster, simpler and more convenient. This partnership delivers on all three expectations, as customers have more ATMs to choose from and do not have to worry about capping their usage to only two cross-bank ATM withdrawals per month,” said Jacquelyn Tan, head of personal financial services (Singapore), UOB.