Money Safe

1. How does Money Safe protect me?

Money Safe secures your funds like a physical vault, where access can only be allowed upon face-to-face identity verification at a branch. The funds are locked and will give you peace of mind as they cannot be accessed digitally. This helps protect the funds from scammers performing fraudulent transfers.

2. Who is Money Safe for?

Money Safe is suitable for any individual account holders, including sole and joint name account holders: who want an extra layer of security to prevent loss of funds in bank accounts due to fraud and scam; and who are willing to lock up funds for Money Safe protection and accept that such funds will not be available for transactions (including transactions made by the account holder) unless duly released from the Money Safe protection.

Use of Money Safe is completely voluntary. You may use Money Safe based on your needs and circumstances.

3. Do I need to open a new or separate account to lock my existing funds /time deposits with Money Safe?

No, you can lock any available balances in your existing Savings, Current, Multi-Currency Savings, and / or ProSaver Accounts, as well as the full principal amount of time deposit via DBS digibank HK, DBS iBanking or a branch without opening a new or separate account.

4. Any fees and charges for using Money Safe?

No, it is free.

5. What is available balance?

Available balance refers to the balance in your account available for spending, withdrawal or transfers. It shows how much you can lock with Money Safe. Your available balance does not include any non-usable funds, including but not limited to:

• Previous amounts you have locked with Money Safe
• Transactions such as cheque deposits that have been made into your account and are currently being processed for clearance
• Funds in the account earmarked by the Bank for any reason

6. Will funds under Money Safe protection be counted as eligible new funds for time deposit or ProSaver?

As with other holding balance and earmarked amount, they cannot be counted as eligible new funds for time deposit or ProSaver. Please refer to the examples of eligible new funds here.

7. Can I apply for Money Safe for my joint account?

Yes. For joint-name accounts with “single-to-sign” arrangement, you can submit Money Safe lock requests via DBS digibank HK, DBS iBanking, or at a branch; and you can submit Money Safe unlock requests at a branch.

For joint name accounts with “joint-to-sign” arrangement, all joint account holders are required to visit a branch together to submit a Money Safe lock request or unlock request.

8. Can I close my account with Money Safe activated?

If you wish to close the account, you need to visit a branch to unlock it before proceeding with the account closure. Your unlock request will be processed within 1 working day.

9. How much can I lock and what is the recommended locked amount?

You can lock any amount up to your available balance, subject to the Bank’s record.

However, you should note that you are solely responsible for managing your accounts on an ongoing basis to ensure that there are sufficient immediately available funds in your accounts to meet your daily and other ad hoc financial needs, paying attention to the transactions you expect to conduct. The Bank will not be liable for any loss, consequence or inconvenience caused to you by insufficient funds in your accounts due to locking funds for Money Safe protection.

It is recommended to lock funds that you do not need for daily spending. Before locking the funds, you are responsible for cancelling or not setting up any investment, overdraft facility, autopay, standing instruction or cheque payment to avoid any settlement, payment or transaction being processed after Money Safe is placed.

10. I just locked some savings in my account. How do I see the amount that is available for me to use?

Simply log in to DBS digibank HK /DBS iBanking, go to the account where you have locked funds and look for the “Available Balance” under your account details. This is the amount available for you to spend, withdraw or transfer.

11. What happens to my locked ProSaver amount upon goal completion or my decision to make an early withdrawal?

Upon completion of the ProSaver goal or your early withdrawal, your locked ProSaver amount will be transferred to and remain locked in the designated account. If you wish your remaining “no lock” funds to be protected by Money Safe, simply apply in your designated accounts.

12. What happens to my locked time deposit when it matures?

Upon maturity, your locked time deposit will follow the maturity instruction you set when placing it.

• Renew Principal and Interest: Principal amount and interest will roll over and stay locked.
• Renew Principal and Transfer Interest: Principal amount will roll over and stay locked, while the interest will be credited to your designated account without Money Safe protection*.
• Transfer Principal and Interest to your designated account: Principal amount and interest will be credited to your designated account without Money Safe protection*.

13. Do I need to have an existing time deposit to lock? Or can I place a time deposit AND lock it at the same time?

Yes, you need to have an existing time deposit before you proceed to lock it via DBS digibank HK, DBS iBanking or a branch.

14. Is there any remote channel to unlock funds if I cannot go to a branch?

As the Bank is required to undertake a stringent anti-fraud-and-scam focused face-to-face verification process to identify any suspicious cases before a Money Safe protection is released, we are unable to provide any other channels for such request. Reduction or release of locked funds is only available at a branch during its business hours. You should plan ahead to allow sufficient time for such request.

15. Can I request for changing the maturity instruction for my time deposit with Money Safe protection?

Yes, you are required to visit a branch in person to first unlock the Money Safe protected time deposit before proceeding to change its maturity instruction. Since time deposits with Money Safe protection are not allowed to have their maturity instructions changed online, if you intend to change the maturity instructions for any placement, please do so before you lock it.