Every bank account owner is subject to a lot of rules set out by the bank. This also includes the rule about daily limit of withdrawal and transactions.
To avoid transaction or withdrawal dismissal, it’s important to know the rules, especially if you are going to promise some sort of payment to a certain party.
Once you know your daily limit, you will be able to make sure whether the transaction surpasses the daily limit or not.
In this article you will find the answer of what is OCBC default daily limit?
Why Banks Set a Specific Limit for Withdrawal and Transaction?
You are not be the only one person that asks this question. Why do banks require its users to set a certain withdrawal and transaction limit? Aren’t those limits kind of disserving their service users (account owners)?
Turns out that banks set these limits with some underlying reasons:
- For practical reasons. This reason is related with ATM machine: if there are no withdrawal limits, then the chance of an account grabs all of the cash stored in a machine will be high. If this happens, then the bank needs to frequently refill the money. By setting withdrawal limit per account per day, then such occurrence will not happen.
- For security reasons. Turns out that behind the limit setting lies the banks’ intention to keep us safe from withdrawing too much money; especially when it comes to theft with both PIN and card stolen. By setting a certain transaction limit, the person behind the theft will not be able to get all of your money into their possession.
- Lastly, it also helps to pull you away from overspending; especially if you love to spend money as soon as your salary is paid.
What is the OCBC Default Daily Limit?
If you are an OCBC account owner, then you should have been given the information about the default limit at the time you open your account. Plus, you may have known that from your own experiences.
However, since there are lots of things in your head, the information of what is OCBC default daily limit may have gone completely. Don’t worry this article is written to remind you of the default OCBC limit:
Cash ATM Withdrawal
It ranges from S$1,000, S$3,000, and S$5,000. This information is usually beset when you are opening your account. It’s best to keep it low especially if you don’t feel the need to withdraw much money daily.
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The upper limit for daily transfer is S$5,000 (via FAST to some specific NFIs), S$100,000 (personal banking), and S$200,000 (for Premier Banking customers). However, the default is set low to S$5,000.
Changing this limit requires you to follow a certain procedure. Don’t worry, this procedure isn’t difficult to do. It can be done either through internet banking and mobile banking.
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The self-service banking process may limit your spending and withdrawal. But if you ask us what is OCBC default daily limit for direct withdrawal (meaning you withdraw the money directly by coming to the bank’s teller), then we can assure you that there is no limit for that. So, the limit is basically the current total amount of your balance.