DBS the "people's bank" accounts for 97% of ATMs without $10 notes?

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

I refer to the article “Customers annoyed over more ATMs dispensing only $50 notes” (Straits Times, Jul 30).

Cannot tell you how many “No $10″ ATMs?

It states that “But Singapore’s biggest bank, DBS Bank, which also operates POSB and its ATMs, declined to give the number or proportion of its ATMs issuing only larger bills.”

I was rather intriqued by the above “decline to give the number”. So, I looked for clues in the article.

2 of the banks have 12 “No $10″ ATMs?

Since “Checks with the three local banks indicate that OCBC is the only bank which still issues $10 bills at all its roughly 600 ATMs.

Fewer than 2 per cent of United Overseas Bank’s (UOB) more than 600 ATMs do not issue $10 notes.

- Does it mean that only about 12 ATMs (2% of UOB’s 600) out of OCBC and UOB’s total of about 1,200 ATMs – do not issue $10 notes?

97% of “No $10″ ATMs belong to 1 bank?

As to “Deputy Prime Minister Tharman Shanmugaratnam, also Finance Minister and minister in charge of the Monetary Authority of Singapore (MAS), replied that 85 per cent of the roughly 2,700 ATMs here dispense $10 notes”

- Does it mean that about 405 ATMs (15% of 2,700) do not issue $10 notes?

Deducting UOB’s about 12 ATMs – Does it mean that about 393 (405 minus 12) ATMs belong to DBS?

If so, then does it mean that about 97% (393 divide by 405) of all the ATMs that do not issue $10 notes, belong to DBS?

The “People’s Bank”?

I find it sad that what was affectionately known as “the people’s bank”, our national savings bank – which as market watchers said at the time – was transferred to Temasek/DBS at a very low price without any substantive debate in Parliament – continues arguably, with scant regard and consideration to the fact that there are many poor and low-income people in Singapore.

For example, there are more than 200,000 who earn less than $1,000 a month, and about 400,000 who earn less than $1,200.

Why always cannot tell you?

Finally, with regard to “A spokesman for DBS, which has more than 1,100 ATMs, said some ATMs configured to dispense only $50 notes have been changed to dispense $10 and $50 notes. “For ATMs that dispense only $50 notes, we noticed that while the number of withdrawals has decreased, the overall cash withdrawn has remained at a consistent level,” she said. “This indicates that customers may be making fewer trips to withdraw the amount they require.”

- Can we be told how many ATMs exactly have been changed to dispense $10 notes too? And by the way, the decrease in the number of withdrawals may simple mean that people have gone to ATM’s that issue $10 notes.



Leong Sze Hian

http://leongszehian.com/?p=9525


Click here to view the whole thread at www.sammyboy.com.