10 September 2014
A reader, Ms Ee Kok Ling, was miffed that Oversea-Chinese Banking Corporation ("OCBC"), one of Singapore's three local banks, charged her $30 for depositing $50,000 in fifty $1,000 banknotes over the counter (Charged $30 To Deposit $50k In Own Bank Account The Straits Times 8 Sep 2014).
Replying on behalf of OCBC, Mr Sunny Quek, head of branch and group premier banking, explained that banks typically impose charges on bulky cash deposits over the counter to minimise the queue time as the teller has to verify and count the bulk cash (Charges On Bulk Cash Deposits: OCBC Replies The Straits Times 10 Sep 2014).
OCBC charges $10 for every $10,000 or part thereof deposited in cash per day after the first $20,000.
OCBC should explain how much time is required to verify and count 50 pieces of banknotes.
In any case, verifying and counting banknotes has been mechanised, so processing of banknotes doesn't take quite as much time as in the past.
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