im thinking lor.. GST increases by 2%.. now this netts thingie increases another 2%.... but somehow most sellers take use of this opportunity to jack up the prices by a whole lot.. at this rate, sg gonna hit inflation very soon..
should start chio d whole block of residents buy things by bulk. imagine every weekend got 1 line of trucks arriving at d foot of d block!
Remember that NETS "vision" is to transform Singapore into a "cashless society" ?
Now we know that "cashless" actually means --> no money.
Suddenly Kong Guan Biscuit experience a spike in profits from selling their tinned biscuits...
It is a matter of sooner or later, we will be charged for internet banking transactions and atm withdrawals. End of the day, when u have no recourse..... whatever the big players impose, you have to follow.....So let's move on!! More Good Years!!
Thats why I say... Let's go buy KGB.
Savings account interest rates are ridiculously low. Factoring in inflation, might as well spend all the money or keep it in a tin.
Banks take your savings. Invest it. Earn big bucks. Returns you with? A meagre amount of interest. And they still want to levy this and that on you? It's just business greed. Pure and simple.
As consumers of banking services. If you're not happy? Pull out all your savings. Nobody is forcing you to be a consumer of their services. If 50% of singaporeans threaten to pull out, I am sure they will waive the charges.
Account keeping fees
ATM usage fees - including greatly increased fees if you use some one else's ATM
Over the counter transaction fees - apparently to encourage use of ATMs :-)
Personal accounts generally don't have fees for Internet banking (yet) but Business accounts do.
There are merchant fees on transactions, but I don't know what they are.
This is also coupled with lousy interest rates on cash deposit accounts and high interest rates on Credit Cards.
They have some sort of reverse competition scam going. When one puts up fees the others follow with increases as well :-)
A friend likes saying 'if they could work out how to charge you for making the automatic door on the front of the branch to open, they would'.
everything is going up but my pay is going down.
Think of concepts and work towards it.
I had encounter a shop telling me that if we wish to pay using NETS, they will impose a certain % surcharge on us.. Can they do so? What can we do to stop them?
I went to this particular bike shop in Bukit merah lane to pay up my bike installment fee (standard fee every month). The admin staff asked what payment i am using, I say cash. Then she start reminding me that from next month July onwards, if I wish to pay by NETS, i will have to pay a certain amt of surcharge.. can't remember how many % extra just for the surcharge.
Some of these bike only passes you the pre print receipt for the last month/payment when you came for payments. So if example we were to pay them $200 for installment fee by NETS, the shop can ask for $200 by NETS and $5 by CASH, or both by NETS. But no receipt as the receipt you took this time is last month/payment. Only next month can you collect this month receipt. By then, the receipt will sure not showing the installment fee + sur charge. Only installment fee. These shop normally know and good at chopping customer $ w/o black and white to prove.
U see they can't change the installment fee as it is fit. But then if we were to pay by NETS, extra fee incurred on the shop. The shop then add on so call sur charge or change the address to admin fee.
Then some shop/retailer might as well, make use the chance to earn abit more.
If NETS add on 1.5% on retailers, retails can add on 2% to consumer as most of us don't really count/know the % different when payment. You wouldn't bring a calculator out when you go shopping..
For me, next month i will use CASH more than NETS.
Always been uncomfortable buying things on credit thats y i dont own a credit card....prefer to pay immediately and have cash deducted to better control my finances and not risk getting into a buying frenzy....for those who have same mentality...even without NETs can still use debit card right? No extra charges and money deducted straight away...
Yesterday i bought something that is $1300 & $900... last time i'll use NETS... But yesterday i rather go the trouble of going to an ATM shop nearby the shop & just use cash... i'll try not to use NETs from now on... the bigger the amount... the less i want to use NETS.