Today, OCBC Bank announced that it will now let customers withdraw cash at ATMs by scanning a QR code using the OCBC Pay Anyone app.
Taken from OCBC.com (effective as of day of post) Taken from OCBC.com (effective as of day of post) Both Bonus+ and Premier Dividend+ accounts are designed to create flexibility for savers to have an option to withdraw their cash at any time without forfeiting any more than 1 month of bonus interest. The maximum placement amount for all the above Time Deposit promotions is S$999,999 or equivalent. For deposits above S$1 million, please contact us at 1800 363 3333 or visit any OCBC Bank branch. OCBC Bank has rolled out a cheque encashment service across all its next-generation ATMs at 23 branches. Since February 2020, customers have been able to encash cheques, up to a maximum of S$30,000 in a single cheque, by depositing them into the ATM to instantly get cash.
In the press release, OCBC Bank reported that while mobile banking usage has tripled, there are still 3 million cash withdrawals being made each month at OCBC Bank’s ATMs – a figure unchanged from last year.
With the new initiative, the process of cash withdrawals will be also reduced from 80 seconds to under 45 seconds.
Customers will also need to authenticate the transaction via fingerprint, ‘faceprint’, or mobile banking login credentials, “a more robust security feature than a PIN number that can be revealed or stolen”.
Mr Aditya Gupta, Head of Digital Business, Singapore and Malaysia, OCBC Bank said: “We believe this completely reimagines a core service for which customers engage with the banks and will move the needle in making QR code payments mainstream in Singapore.”
To make a QR code cash withdrawal, customers will need to:
Step 1: Click on “Withdraw cash with OCBC Pay Anyone” on ATM screen
Step 2: Log into OCBC Pay Anyone app
Step 3: Scan the QR code on the ATM screen
Step 4: Select the amount to withdraw or key in your preferred amount
Step 5: Cash is dispensed from ATM
The service is now available on all OCBC Bank ATMs except 22 new ATMs which accept both coin and cash deposits.
Dos & don'ts on PIN managment
- Do not choose a PIN that others can easily guess (e.g. birth date or telephone number).
- Do not use sequential numbers (e.g. 1,2,3,4,5,6...)
- Do memorise your PIN and do not write it down.
- Do not share your PIN with another person because it is the same as giving that individual authority to use your name in a transaction.
- Do not reveal your PIN to anyone. It should not be disclosed even if requested by an authorised OCBC Bank officer.
- Do change your PIN frequently.
Security tips when performing your ATM / CDM transactions
Ocbc Cash Deposit Bugis
- Before you approach the ATM / CDM, look around the area. If anything seems suspicious, go to a different ATM / CDM or use it at another time.
- Block the pin pad when you are entering your private PIN.
- When you have completed your transaction, put away your card, receipt and cash immediately. Look around again to check for anyone who looks suspicious.
- If you have concerns about the security of an ATM / CDM location, please contact us at 03 8317 5000 or send an email to contactus@ocbc.com.
- WARNING: All claims will be investigated and if found to be false, will be rejected. If payment had been made on the claim, it must be refunded to the Bank. All expenses incurred in the investigation and in recovering the payment will be borne by the maker of the false claim. Police report will be lodged against all false claims.