[ X-BLOG ] See this world thru’ my eyes

Read the story and drew your own conclusion

” Come save with POSB but pay $4.50 to deposit coins MY SON was happy to receive a piggy bank in the form of a can from POSB a few months ago. It was distributed in his school, together with a booklet, to encourage young children to put aside some money daily.

It took him a while to fill the 11cm-tall can to the brim.

I took him to the bank on Tuesday to deposit his savings but found out to our dismay that a charge would be imposed on the 500-plus coins which amounted to $86.60.

Except for the first 200 coins, there was a charge of $1.50 for every 100 coins, and $4.50 was deducted from his POSB account promptly.

To adults, $4.50 may seem insignificant but to a young child it is a lot.

If a child receives $1 per school day, the most he could save is 10-30 cents and he would need between 15 and 45 days to save $4.50.

It would also take him a long time to recoup that amount in the form of interest on his savings account.

My son was clearly upset. It demoralised him to know that he would be charged for making deposits in coins should he continue saving money.

I hope POSB will relook the charge and not contradict itself by first providing piggy banks to encourage savings and then charging the children for depositing their coins.”

via ST Forum