Our New Banking System
Dear Valued Customer,
We are pleased to introduce our new banking system that was launched on 18 April 2017. With the new banking system, there are some changes that will affect the products and services we provide to you.
For you to better understand these changes, we have prepared a summary to highlight the key areas.
Please read it carefully.
Consolidated Statement
The new Consolidated Statement offers a comprehensive view of all your accounts maintained with us, including solely and jointly owned accounts, under the same correspondence address.
Your Consolidated Statement reflects the following accounts:
- HKD Savings and Current Accounts
- Foreign Currency Savings and Current Accounts
- HKD Time Deposits and Foreign Currency Time Deposits
- Securities Accounts
- Investment Fund Accounts
- Investment ID Accounts
- Home Loan
- ManuLife Insurance Products
Your Consolidated Statement also features a portfolio summary dashboard that gives you an at-a-glance overview of the proportions of each product category.
Separate Statement for Standalone Accounts
You will continue to receive separate statements for designated Standalone Accounts (e.g. Credit Card Account, standalone Current Account, Statement Savings Account or Standalone Investment Fund Account) that you maintain with us under separate addresses.
New Statement Date for Consolidated Statement
Your Consolidated Statement has a new statement date, which is based on your account with the nearest statement date after 18 April 2017. The new consolidated statement date applies to all accounts in the statement.
Interim Statement on 13 April 2017
You should have received a one-off Interim Statement dated on 13 April 2017 that reflects all your accounts’ standings on this date under the previous system (i.e. before the new system launch).
The new consolidated statement right after this interim statement shows your account balance and transactions from system cutoff time on 13 April 2017 to your statement date. It should be read in conjunction with the interim statement covering the last statement date up to system cutoff time on 13 April 2017. The date of “Balance Brought Forward” on your first new statement should be 13 April 2017 (instead of 18 April 2017).
Customer Segment
Each customer maintains only one customer segment in our records: DBS Account, DBS Treasures, DBS Treasures Private Client or DBS Private Bank. The highest level of customer segment assigned to you will be valid across all your accounts with us. All preferential interest rates, fees, charges, stationeries, benefits, chequebook facings and other relevant aspects of your banking services will be based on this customer segment. The detail of bank’s fees schedule and Terms and Conditions, please click here or any of our branches.
For jointly owned accounts maintained with us, the Primary and Secondary customer is determined by alphabetical order of customers’ names, as per our existing practice. All fees and stationery (such as chequebook facing, etc.) is determined by the customer segment of the Primary customer.
Total Relationship Balance (TRB)
Asset Under Management (AUM) has been renamed to Total Relationship Balance (TRB)
- TRB is calculated using the following assets that you maintain with us, including solely and jointly owned accounts:
- HKD and Foreign Currency deposits
- Market value of local and overseas securities, investment funds, bonds, and other linked or structured investment products
- Based on the rolling average of TRB, the Bank determines the Monthly Service Fee, Overdraft Protection and other banking services.
- Your rolling average of TRB starts to accumulate from 18 April 2017 onwards, which means your TRB will not be shown on the first statement after new system launch. After that, you can check your TRB by viewing your statement or via DBS iBanking.
- To minimise impact on our customers, we have exempted collection of Monthly Service Fee and grant Overdraft Protection to all customers for 3 months.
Please refer to our Bank Charges Schedule for details of the service fees.
Service Fee
Each customer belongs to one customer segment only, namely DBS Account, DBS Treasures, DBS Treasures Private Client or DBS Private Bank. These customer segments have their respective minimum requirements on Total Relationship Balance (TRB) and service fee as follows:
| Segment | Minimum Total Relationship Balance (TRB) | Service Fee |
|---|---|---|
| DBS Account | HKD200,000 (or its equivalent) | HKD100 per month |
| DBS Treasures | HKD1,000,000 (or its equivalent) | HKD200 per month |
| DBS Treasures Private Client | HKD8,000,000 (or its equivalent) | HKD400 per month |
| DBS Private Bank | USD3,000,000 (or its equivalent) | USD2,000 per annum per account entity (payable quarterly) |
We will determine the customer segment based on the highest level of your accounts. The service fee payable by you as well as the Overdraft Protection and other banking services you can enjoy will depend on your customer segment and your rolling average of TRB. Please refer to our Bank Charges Schedule for details of the service fees.
Other Product and Services
Time Deposit Account
To help you manage your time deposits, a consolidated Time Deposit Account is provided, showing time deposits in different tenors, and/or currencies. Time deposits will be consolidated based on the address, signing instruction of each of the solely or jointly owned account.
Multi-Currency Savings Account
Multi-Currency Savings Account accepts foreign currencies including CNY, USD, EUR etc. You can manage all available foreign currencies in your Multi-Currency Savings Account.
To align with international standards, “CNY” is used as the currency code for Chinese Yuan across our communications and systems.
Interest
Interest on your accounts is paid on a monthly basis. This new interest payment schedule DOES NOT apply to Time Deposits and designated investment products for which interest payment schedules have been separately specified.
Investment Services
Currency Linked Investment, Equity Linked Deposit and Structured Investment Products are placed under a new form of account called an Investment ID Account. This account allows customers to gain full access to these products via a unique Investment ID.
If you maintain any of these three products with us, an Investment ID Account number will be automatically assigned to you. After system launch, you can find your Investment ID account number via DBS iBanking, DBS digibank and DBS Phone Banking service.
Automated Banking Services
DBS digibank (formerly known as DBS mBanking)
Our DBS mBanking app has been retired from 18 April 2017 onwards and replaced by the new DBS digibank Hong Kong app. Please download DBS digibank Hong Kong app on App Store or Google Play and login with your DBS iBanking username and password to enjoy the enhanced mobile banking service.
New features include:
- Same password for DBS iBanking & DBS digibank Hong Kong for easy management (Please use your existing DBS iBanking password to log in to “DBS digibank Hong Kong”)
- Fingerprint login
- Peek balance
- Quick links
If you have forgotten your DBS iBanking password, you can reset a new password instantly via “Forgot Password” on login page.
Automated Teller Machines
You will be able to access up to 10 accounts that you maintain with us using a single ATM card, including all HKD and Multi-Currency Accounts. These accounts can be accessed through all ATM machines on the DBS and JETCO networks.
DBS Phone Banking Service
For your convenience, you will be able to use your Telephone Identity Number (TIN) to access all solely owned accounts and either-to-sign jointly owned accounts.