Sammyboy RSS Feed
07-08-2014, 11:40 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
This POSB ATM is at Banda Street near Chinatown Complex. This is in Tanjong Pagar GRC, the constitutency of LKY and where many old folks (who have little money in their bank accounts) live.
http://sammyboy.com/attachment.php?attachmentid=16227&d=1407380708&thumb=1&stc=1
I often withdraw cash in $10 denominations from here.
On Monday (4th Aug), I went there and saw that a sign that said the ATM can dispense $50 notes only. I had to go to the POSB ATMs inside Chinatown Complex to withdraw $10 notes.
Today, DBS said in Straits Times forum online that "...we use data analytics to determine typical customer traffic and withdrawal patterns in all our ATM locations, and these configurations are reviewed on a regular basis." and "...Where there are changes in customer behaviour, we do adjust the withdrawal configurations."
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http://www.straitstimes.com/premium/...plies-20140807 (http://www.straitstimes.com/premium/forum-letters/story/atms-dispense-only-50-notes-dbs-replies-20140807)
ATMs that dispense only $50 notes: DBS replies
WE ACKNOWLEDGE the recent public feedback on the subject of ATMs dispensing only $50 notes, and we thank our customers for their constructive views and suggestions (" 'Forced' to withdraw more?" by Mr Alex Teo Boon Keng and "Bring back $20 notes" by Mr Peter Tan Kok Wan; both published last Friday).
DBS Bank maintains the largest self-service banking network on the island with more than 1,100 ATMs. On top of this, we have tie-ups with 7-Eleven in more than 500 locations, where customers can withdraw as little as $10. Even so, our ATMs are among the most heavily used in the world.
To more effectively serve customers, we use data analytics to determine typical customer traffic and withdrawal patterns in all our ATM locations, and these configurations are reviewed on a regular basis.
For example, to better serve customers in locations where bigger amounts tend to be withdrawn, we have configured some of our ATMs to dispense only $50 notes.
Where there are changes in customer behaviour, we do adjust the withdrawal configurations. There were instances where ATMs configured to dispense only $50 notes were changed to dispense both $10 and $50 notes.
So we are constantly calibrating the algorithm we use to achieve an optimal balance between customer preference for various denominations, queue times and machine availability.
Based on the recent feedback, we are looking into further adjusting the balance between efficiency, convenience and a preference for the option to draw smaller amounts. In fact, some of these adjustments are already taking place.
We are committed to meeting customer needs, and based on recent feedback, we are already making further adjustments. We thank our customers for their support and understanding on this matter.
Jeremy Soo
Head of Consumer Banking Group Singapore
DBS Bank
-------------------------------------------------------------------------------------------------------------------
Today (7 Aug) I went to the ATM machine and found that the machine is able to dispense $10 notes again.
In the space of 3 days, DBS changed the configuration of the ATM machine to first not dispense $10 notes, and then to dispense $10 notes.
You mean to say that DBS data analytics review is so frequent meh?
Or is it more to do with the ATM issue being raised in Parliament on Monday (4 Aug)?
http://www.mas.gov.sg/news-and-publications/parliamentary-replies/2014/reply-to-parliamentary-question-on-adequacy-of-atms-and-cash-deposit-machines.aspx
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Reply to Parliamentary Question on adequacy of ATMs and cash deposit machines
QUESTION NO 60NOTICE PAPER 229 OF 2014FOR WRITTEN ANSWER
Date: For Parliament Sitting on 4 August 2014
Name and Constituency of Member of Parliament
Mr Lim Biow Chuan, MP for Mountbatten SMC
Question:
To ask the Prime Minister whether the Government will consider imposing a requirement for banks to provide adequate ATMs and cash deposit machines to service the needs of the local population whenever there is a critical mass of 5,000 residents in that area.
Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:
1 MAS monitors the availability of basic banking services such as automated teller machines (“ATMs”) and cash deposit machines. The aim is to ensure adequate access to such services while considering the cost and operational constraints faced by banks.
2 Currently, there are 345 retail bank branches, and more than 2,050 off-site ATMs and 300 off-site cash deposit machines located across Singapore. Many of the ATMs and cash deposit machines are sited at high density locations like MRT stations, bus interchanges, neighbourhood town centres and food centres. There has also been an increase in the number of ATMs located at petrol service stations to provide greater convenience to motorists and nearby residents.
3 In addition, banks are actively introducing new channels to widen their reach beyond their existing branch and ATM networks. Besides online and mobile banking options, there are more convenient touchpoints within housing estates. For example, DBS/POSB has partnered SingPost to offer basic banking services, including cash deposits and withdrawals, at more than 55 SingPost outlets. DBS/POSB, OCBC and HSBC have also partnered retail merchants such as 7-Eleven, NTUC FairPrice and Cold Storage to allow customers to withdraw cash at their payment counters. As a result of these initiatives, there are now more than 3,500 touchpoints around Singapore providing basic cash services, compared to fewer than 2,000 bank branches and ATMs 10 years ago.
4 The number of customer touchpoints available in Singapore is broadly consistent with the Member’s suggested threshold of a service point per 5,000 residents. There is, on average, one cash withdrawal point (either branch or ATM) per 1,500 residents, and one cash deposit point (either branch or cash deposit machine) per 5,600 residents.
5 MAS remains committed in working with the banks to ensure that they continue to consider residents’ basic banking needs in deploying customer touchpoints. Where necessary and to address specific circumstances, MAS will engage relevant stakeholders to explore other commercially viable channels to facilitate access to basic cash services and to promote awareness of additional touchpoints.
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And to another MP's question in Parliament to be raised today (7 Aug)?
http://www.mas.gov.sg/news-and-publi...acilities.aspx (http://www.mas.gov.sg/news-and-publications/parliamentary-replies/2014/reply-to-parliamentary-question-on-atm-facilities.aspx)
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Reply to Parliamentary Question on ATM Facilities
QUESTION NO 13NOTICE PAPER 166 OF 2014FOR WRITTEN ANSWER
Date: For Parliament Sitting on 7 July 2014
Name and Constituency of Member of Parliament
Mr Seah Kian Peng, MP, Marine Parade GRC
Question:
To ask the Prime Minister whether all banks that provide ATM facilities are required to ensure that currency notes being dispensed from these ATMs will include notes of $10 denomination and not just those of $50 and $100 denominations.
Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:
1 Banks decide on the denomination of the currency notes they stock in the ATMs based on customers’ demand and currency note withdrawal patterns. 85% of the approximately 2,700 ATMs in Singapore dispense $10 denomination currency notes. Banks also have in place processes to monitor and replenish currency notes in their ATMs in a timely manner. ATMs that dispense only larger denomination currency notes are generally located in areas where there is a general preference towards larger withdrawals (e.g. ATMs in shopping centres).
2 Besides ATMs and bank branches, some banks have also set up additional channels to facilitate cash withdrawals. For example, DBS/POSB, OCBC and HSBC have partnered with merchants with prominent presence across Singapore, such as 7-Eleven, NTUC and Cold Storage, to enable cash withdrawals in various denominations, including $10 notes, at their payment counters.
3 MAS will continue to monitor the situation to ensure adequate access to smaller denomination currency notes.
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So DBS' reply that they re-configure ATMs based on their data analytics is all bull-shit. Are they so free to configure and re-configure an ATM within the space of 4 days?
The truth is that DBS re-configured the ATM because of political pressure from the government. It was timely that questions on ATM were tabled in Parliment this week. If not, I am sure DBS will not have re-configured the ATM machine at Banda Street.
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?187393-I-caught-DBS-Bank-lying&goto=newpost).
This POSB ATM is at Banda Street near Chinatown Complex. This is in Tanjong Pagar GRC, the constitutency of LKY and where many old folks (who have little money in their bank accounts) live.
http://sammyboy.com/attachment.php?attachmentid=16227&d=1407380708&thumb=1&stc=1
I often withdraw cash in $10 denominations from here.
On Monday (4th Aug), I went there and saw that a sign that said the ATM can dispense $50 notes only. I had to go to the POSB ATMs inside Chinatown Complex to withdraw $10 notes.
Today, DBS said in Straits Times forum online that "...we use data analytics to determine typical customer traffic and withdrawal patterns in all our ATM locations, and these configurations are reviewed on a regular basis." and "...Where there are changes in customer behaviour, we do adjust the withdrawal configurations."
-----------------------------------------------------------------------------------
http://www.straitstimes.com/premium/...plies-20140807 (http://www.straitstimes.com/premium/forum-letters/story/atms-dispense-only-50-notes-dbs-replies-20140807)
ATMs that dispense only $50 notes: DBS replies
WE ACKNOWLEDGE the recent public feedback on the subject of ATMs dispensing only $50 notes, and we thank our customers for their constructive views and suggestions (" 'Forced' to withdraw more?" by Mr Alex Teo Boon Keng and "Bring back $20 notes" by Mr Peter Tan Kok Wan; both published last Friday).
DBS Bank maintains the largest self-service banking network on the island with more than 1,100 ATMs. On top of this, we have tie-ups with 7-Eleven in more than 500 locations, where customers can withdraw as little as $10. Even so, our ATMs are among the most heavily used in the world.
To more effectively serve customers, we use data analytics to determine typical customer traffic and withdrawal patterns in all our ATM locations, and these configurations are reviewed on a regular basis.
For example, to better serve customers in locations where bigger amounts tend to be withdrawn, we have configured some of our ATMs to dispense only $50 notes.
Where there are changes in customer behaviour, we do adjust the withdrawal configurations. There were instances where ATMs configured to dispense only $50 notes were changed to dispense both $10 and $50 notes.
So we are constantly calibrating the algorithm we use to achieve an optimal balance between customer preference for various denominations, queue times and machine availability.
Based on the recent feedback, we are looking into further adjusting the balance between efficiency, convenience and a preference for the option to draw smaller amounts. In fact, some of these adjustments are already taking place.
We are committed to meeting customer needs, and based on recent feedback, we are already making further adjustments. We thank our customers for their support and understanding on this matter.
Jeremy Soo
Head of Consumer Banking Group Singapore
DBS Bank
-------------------------------------------------------------------------------------------------------------------
Today (7 Aug) I went to the ATM machine and found that the machine is able to dispense $10 notes again.
In the space of 3 days, DBS changed the configuration of the ATM machine to first not dispense $10 notes, and then to dispense $10 notes.
You mean to say that DBS data analytics review is so frequent meh?
Or is it more to do with the ATM issue being raised in Parliament on Monday (4 Aug)?
http://www.mas.gov.sg/news-and-publications/parliamentary-replies/2014/reply-to-parliamentary-question-on-adequacy-of-atms-and-cash-deposit-machines.aspx
------------------------------------------------------------------------------------
Reply to Parliamentary Question on adequacy of ATMs and cash deposit machines
QUESTION NO 60NOTICE PAPER 229 OF 2014FOR WRITTEN ANSWER
Date: For Parliament Sitting on 4 August 2014
Name and Constituency of Member of Parliament
Mr Lim Biow Chuan, MP for Mountbatten SMC
Question:
To ask the Prime Minister whether the Government will consider imposing a requirement for banks to provide adequate ATMs and cash deposit machines to service the needs of the local population whenever there is a critical mass of 5,000 residents in that area.
Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:
1 MAS monitors the availability of basic banking services such as automated teller machines (“ATMs”) and cash deposit machines. The aim is to ensure adequate access to such services while considering the cost and operational constraints faced by banks.
2 Currently, there are 345 retail bank branches, and more than 2,050 off-site ATMs and 300 off-site cash deposit machines located across Singapore. Many of the ATMs and cash deposit machines are sited at high density locations like MRT stations, bus interchanges, neighbourhood town centres and food centres. There has also been an increase in the number of ATMs located at petrol service stations to provide greater convenience to motorists and nearby residents.
3 In addition, banks are actively introducing new channels to widen their reach beyond their existing branch and ATM networks. Besides online and mobile banking options, there are more convenient touchpoints within housing estates. For example, DBS/POSB has partnered SingPost to offer basic banking services, including cash deposits and withdrawals, at more than 55 SingPost outlets. DBS/POSB, OCBC and HSBC have also partnered retail merchants such as 7-Eleven, NTUC FairPrice and Cold Storage to allow customers to withdraw cash at their payment counters. As a result of these initiatives, there are now more than 3,500 touchpoints around Singapore providing basic cash services, compared to fewer than 2,000 bank branches and ATMs 10 years ago.
4 The number of customer touchpoints available in Singapore is broadly consistent with the Member’s suggested threshold of a service point per 5,000 residents. There is, on average, one cash withdrawal point (either branch or ATM) per 1,500 residents, and one cash deposit point (either branch or cash deposit machine) per 5,600 residents.
5 MAS remains committed in working with the banks to ensure that they continue to consider residents’ basic banking needs in deploying customer touchpoints. Where necessary and to address specific circumstances, MAS will engage relevant stakeholders to explore other commercially viable channels to facilitate access to basic cash services and to promote awareness of additional touchpoints.
-----------------------------------------------------------------------------
And to another MP's question in Parliament to be raised today (7 Aug)?
http://www.mas.gov.sg/news-and-publi...acilities.aspx (http://www.mas.gov.sg/news-and-publications/parliamentary-replies/2014/reply-to-parliamentary-question-on-atm-facilities.aspx)
------------------------------------------------------------------------------
Reply to Parliamentary Question on ATM Facilities
QUESTION NO 13NOTICE PAPER 166 OF 2014FOR WRITTEN ANSWER
Date: For Parliament Sitting on 7 July 2014
Name and Constituency of Member of Parliament
Mr Seah Kian Peng, MP, Marine Parade GRC
Question:
To ask the Prime Minister whether all banks that provide ATM facilities are required to ensure that currency notes being dispensed from these ATMs will include notes of $10 denomination and not just those of $50 and $100 denominations.
Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:
1 Banks decide on the denomination of the currency notes they stock in the ATMs based on customers’ demand and currency note withdrawal patterns. 85% of the approximately 2,700 ATMs in Singapore dispense $10 denomination currency notes. Banks also have in place processes to monitor and replenish currency notes in their ATMs in a timely manner. ATMs that dispense only larger denomination currency notes are generally located in areas where there is a general preference towards larger withdrawals (e.g. ATMs in shopping centres).
2 Besides ATMs and bank branches, some banks have also set up additional channels to facilitate cash withdrawals. For example, DBS/POSB, OCBC and HSBC have partnered with merchants with prominent presence across Singapore, such as 7-Eleven, NTUC and Cold Storage, to enable cash withdrawals in various denominations, including $10 notes, at their payment counters.
3 MAS will continue to monitor the situation to ensure adequate access to smaller denomination currency notes.
---------------------------------------------------------------------------
So DBS' reply that they re-configure ATMs based on their data analytics is all bull-shit. Are they so free to configure and re-configure an ATM within the space of 4 days?
The truth is that DBS re-configured the ATM because of political pressure from the government. It was timely that questions on ATM were tabled in Parliment this week. If not, I am sure DBS will not have re-configured the ATM machine at Banda Street.
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?187393-I-caught-DBS-Bank-lying&goto=newpost).