Protect Your Savings Account 4

Protect Your Savings Account (Part 4)

Another idea on the how to protect your savings account is introduced today by Singapore-Savings-Account-Rates.blogspot.com. We hope you have been following our series of Financial Education on 'Protect Your Savings Account' so far.

Protect Your Savings Account Part 4
Limit Online Fund Transfer Ceiling

One way of preventing and protecting your cash in a savings account is to disallow online transfer of funds.

You can also choose to allow online fund transfer to a lower limit per day so that in the event of fraud or illegal transfer of money out of your bank savings account, you stand to lose less money.

When you perform online fund transfer, ensure that you key in the correct account number. Otherwise you are going to make some lucky individual very very happy if you send funds to a wrong account.

Some bank accounts add an extra layer of precaution by asking for a dynamic Internet Banking secure PIN number that the bank sends to you via handphone or your mobile device. Use the function for added protection whenever you perform interbank transfer of funds.

If you have set a higher limit for fund transfer than is necessary, it is not too late to set the limit lower today.

Thank you for reading Singapore Savings Account Rates.

The Team
Singapore Savings Account Rates