Here’s what will happen to your ANZ credit cards, personal loans, and bank accounts in Singapore when ANZ becomes DBS on 5 August 2017.
In case the rock you’ve been living under doesn’t have reliable WiFi, Australia’s fourth largest bank has decided to sell its commercial banking business in Asia.
Specifically, ANZ has sold its Retail and Wealth banking businesses in Singapore, Hong Kong, China, Taiwan and Indonesia. The entity who bought over ANZ’s Asian interests is none other than our very own DBS.
The handover is expected to take place on 5 August 2017. Here are some recommended steps to take in preparation:
- Keep a copy of your ANZ statements and account balances, going back 12 months, if possible
- Keep a copy of your ANZ online payee set-up as reference
After the handover, there are some steps you should take in order to get started on your banking relationship with DBS. Remember to:
- Activate all new DBS credit cards and security token, if any
- Login to DBS Digibank to update all recurring payments and future-dated fund transfers
I Have an ANZ Bank Account. What Will Happen to It?
After 5 August 2017, all your existing ANZ bank accounts will be transferred to your existing DBS accounts. If you are not an existing DBS customer, you will automatically receive new DBS accounts.
The following ANZ accounts will be transferred to your DBS Multi-currency Account:
- Progress Saver Account
- AUD Savings Plus Account
- Statement Savings Account (SGD/Foreign Currency)
- Wealth Multiplier Account
- Signature Priority Banking Current Account
- Current Plus Account
- Current Account (USD/SGD & Foreign Currency)
- Multi Currency Call Account
- Preferred Staff Savings Account
- Home Loan Current Account
Meanwhile, these 4 ANZ accounts will be transferred to your DBS Fixed Deposit Account:
- Instant Interest Time Deposit Account
- Conventional Time Deposit Account
- Multi Currency Term Deposit Account
- Step-up Time Deposit Account
What Will Happen To My ANZ Personal Loans?
Any existing ANZ loans will be transferred to DBS by 5 August. There may be some adjustments in the terms and benefits of your loans, although DBS has stated they will try to avoid such alterations.
If you’re an existing ANZ MoneyLine user, please note that you will be offered a new DBS Cashline account with a credit limit matching that of your existing ANZ MoneyLine account. You should start using the Cashline account after 5 August.
If you already have a DBS Cashline account, your unutilised credit limit from your ANZ MoneyLine account will be added to your DBS Cashline’s credit limit.
For more details on how the handover will affect other loan facilities, including credit line and home loans, see the DBS website.
What Will Happen To My ANZ Credit Cards?
Your ANZ credit cards will be cancelled after the transfer date. In replacement, you will be offered new DBS credit cards that closely match your ANZ ones. If you already have the same DBS card, you won’t receive a new one.
The DBS microsite has a handy tool which lets you see which DBS card will replace your existing ANZ credit card. In general, ANZ Travel Visa Signature Cards will become the DBS Altitude Visa Signature Card, while the ANZ Optimum World MasterCard will turn into the POSB Everyday Card.
What About My Outstanding Credit Card Balances?
Your ANZ card balance will be transferred to your new/existing DBS credit card.
If you already have the corresponding DBS credit card, a new account will be created for you to pay down your balance. This will help prevent you going over the limit on your DBS credit card, and incurring overdraft fees.
Will My Credit Limit Be Affected?
If you are not an existing DBS cardholder, your credit limit will be the same as your ANZ credit card account.
If you are an existing DBS cardholder, your overall credit limit will be the same as the combined credit limit of your ANZ and DBS credit cards. DBS may contact you to adjust this credit limit at a later time.
How Will My Payment Due Dates Be Affected?
Your payment due dates will be changed to follow that of your DBS cards.
Hence it is important to update your calendar and adjust your reminders to reflect your new payment due dates. This will help prevent unnecessary credit card late fees.
What About My GIRO and Recurring Payments?
If you pay your ANZ credit card bills via GIRO, the same arrangement will be transferred to your new/existing DBS card.
However, any GIRO arrangements or recurring bill payments involving other banks and institutions, will have to be set up on your new DBS card after 5 August.
The same goes for any recurring payments you currently charge to your ANZ credit cards. As all ANZ cards will be deactivated after 5 August, you will have to update any 3rd party merchants with your new/existing DBS credit cards.
What Will Happen To My Existing ANZ Rewards Points?
All your ANZ rewards points will be converted into DBS points, and retained under your account. Here’s a conversion table for your reference:
How Will My Instalment Payments On My ANZ Credit Cards Be Affected?
Any installment payment plans you have on your ANZ credit cards will be transferred to your new/existing DBS credit cards.
No changes will be made to the installment amount and tenure.
Will I Still Be Able To Use My ANZ Digital Banking Account?
Your ANZ Digital Banking Account will cease to operate after 5 August. You may use your DBS digibank account to continue to view and manage your bank account via the Internet.
You will be offered a DBS digibank account if you have an ANZ deposit or credit card account, a registered mobile number and mailing address with ANZ or DBS.
Do note that your DBS digibank account will come with a clean slate, which means you’ll have to set up your payee lists, bill payment arrangements and such, once again.
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By Alevin Chan
A Certified Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.