As an essential services exempted from workplace closures, financial institutions are allowed to remain open in Singapore. In light of this, the people have been urged by the Monetary Authority of Singapore (MAS) to minimize their visits to banks during the “circuit-breaker” period.
MAS stated on Friday (17 April) that this is in accordance with the guidance issued by the Ministry of Health of Tuesday (14 April) to minimize the movement of people around the country.
To meet banking, financial advice, investment, broking and insurance needs, customers should utilise email, digital and telephone channels as much as possible during this time, the central bank stated.
Instead of going to bank branches to deposit cheques and withdraw cash, customers are encouraged to use ATMs for those purposes.
MAS reminded that via online and or over the phone, customers can also check account balances, open and close accounts, make payments and remittances, renew fixed deposits as well as apply for loan relief measures.
Furthermore, customers who require services related to insurance and broking (like account opening and closure, dormant account activation, and change of passwords) as well as those who want to obtain financial advice, purchase investment and insurance products and apply for premium relief measures should
Customers should do so via companies’ websites and apps or via the phone, if they require services pertaining to insurance and broking (like account opening and closure, dormant account activation, and change of passwords) or if they want to want to obtain financial advice, purchase investment and insurance products and apply for premium relief measures.
According to OCBC Bank on Friday (17 April), OCBC Securities, the bank’s wholly-owned brokerage subsidiary, will shut down its Investors Hub at OCBC Centre South starting from 20 April to 4 May to observe the stringent social-distancing rules.
OCBC assured that through trading representatives or OCBC Securities’ digital platform customers will be still be able to trade and conduct transactions.
Customers who want to obtain a new user ID or password can contact OCBC Securities via email or customer hotline, OCBC notified. The bank will also recruit more resources to deal with the expected increase in the volume of emails and calls.