OCBC Bank - Returning to the roots
It was not many years ago when children were encouraged to save in schools. Banks were also actively promoting savings among children by offering all kinds of schemes and attractive toys to the young savers. Then as banks grew big and strong, they find the few dollars and cents too tedious, unworthy, and costly to manage. So they start to impose a fee for savers who did not have the minimum sum in their bank accounts, something like $1000 or $1500. Small savers suddenly find that it is the bank that is doing them a service and they have to pay to keep their miserable sums in the banks for safe keeping. I think subsequently all the children savers who have less than the minimum sum stop putting their money in the big and strong friendly banks. The banks are now so rich that they find the small savers a pest. I cannot imagine where these small savers are putting their monies but very likely in piggy banks or some tin cans. Where else when no bank is going to keep their few dollars for free? Now OCBC is launching a scheme with all kinds of attractive gifts for the children to save. I believe these children will not have to pay a fee should their savings be too small. Nothing stated on this. Looking at the long run, this is a genius move, a strategic move to sign up all the future depositors to become OCBC account holders. Yes, get them when they are young and once they have got use to OCBC and have an account with OCBC, they will remain there. Unless OCBC mess it up with their services or starts the nonsense of imposing a banking charge again for small savers. Just one generation, OCBC will sign up all the new adults as their account holders. What a smart move. 'Greed has no shame'