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We Find Out How Singapore Keeps Money in the Banks Safe and Sound

Depositing money in banks is a way to secure funds and save it for a rainy day, but is it genuinely safe with online threats lurking everywhere? It is a common sense that is passed around that saving up money is best done with banks. Banks are the oldest financial institutions people use to keep the money. It is always thought as the safest place to retain our most precious.

 

A Safe Place

Banks have been around for ages. It is commonplace for people like you and me to deposit money and leave it be, safe in the banks. Banks are do get robbed from time to time. So, what happens to our funds in it? Are we robbed too? That would make the bank useless as a safe place. Usually, banks are insured to assure depositors; their monies are safe.

 

Money Protected

In Singapore, the funds deposited in bank accounts and other financial institutions are protected by insurance. Most of the banks and financial institutions subscribe to the Singapore Deposit Insurance Corporation (SDIC). These banks pay a certain amount to SDIC by the size of their organisation and risks involved. SDIC is a private corporation that insures and protects money deposited in the banks to a maximum amount of $50,000.00 per account per bank. This means, if a single person has three different bank accounts from three different banks, he or she will receive up to $150,000.00 if all three banks go down in history.

 

Online Bank Guarantee

In this day and age of digital banking and widespread online banking, some sceptics still prefer traditional over the counter banking because they feel safe. There is such a threat as it is the digitalisation era. But be assured that banks take precautionary steps to ensure every online banking transactions are secure from any digital peeping Tom. Some large banks in Singapore offer an immediate return of the money transferred out from your bank account without your knowledge. Such offer applies if you have done your part in performing safe online banking or transactions. It also applies if you report such fraud matters immediately to the bank and give full cooperation. 

 

Stay Safe Always

So, if you are sceptical about keeping money in Singapore bank accounts, now you know that it is technically safe. At the very least, if the banks go down, you could still have some money left in your hands, for you to spend or invest in other financial instruments. If digital banking fraud is another of your concerns, Singapore banks take these matters seriously and looking out for their customers are their priority. But remember, do your very best in practising safe online transactions and always alert the banks for any unusual changes in your purchases or even personal details. Stay safe online, offline and worry no more.