Shocked that $500 required to open POSBank account

Letter to the Straits Times Forum:

I WANTED to work at a McDonald’s restaurant and was told to open an account at POSB. So I went to a branch at Textile Centre and got a shock when I was told that I needed at least $500 to open an account.

When I went to a Maybank branch nearby to ask how much I would need to deposit in order to open an account, I was told the sum was only $10.

I always thought POSB was the people’s bank.

I may still open a POSB account for job reasons. In the meantime, I have opened a Maybank account as it allows a blue-collar worker with not enough savings to open an account with only $10.

Azmanshah Zailamshah

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