Recently I am experiencing some problem with my POSB ATM card and so I was thinking of changing it.
However POSB is charging $5 for any card replacements.
Not that $5 is a very big amount but I think why should the consumer make to pay for putting our money into YOUR bank and shouldn’t the ATM card be part of the bank services.
I think maybe, just maybe, the $5 charge is there to prevent people abusing the system by changing their ATM card as often as they can and also to prevent forgetful people from keeping on loosing their card.
But which idiot has nothing better to do that he want to change his ATM card every months? And losing an ATM card can be quite dangerous and I am sure nobody wants to lose their card purposely.
So how to beat the bloody system?
I just called POSB hot line. Now they limit one ATM card to each person, which you could link up to 8 accounts. (Try to make you damage the card as soon as possible with so many usages so they can earn your $5)
But when you open a new POSB Saving account, you are given a free ATM card.
So what you can do is to cancel all your bloody GIRO payment services and close your POSB saving account, return the damaged ATM card, then on the same spot, open a new POSB saving account with a new account number and this come with a new ATM card, FREE.
The only hassle is that you have to redo all your GIRO arrangement. I am considering this option, but I will not arrange for new GIRO arrangement, maybe put my money in another bank and do my GIRO from there.
I can pissed POSB off by closing this new saving account in 6months, (think this is the minimum you need to keep it open) , and open another new saving account with a new passbook and new ATM card.