OCBC Bank and UOB Customers Now Enjoy Unlimited Fee-Free Cash Withdrawals on Both Banks' Shared ATM Network
Singapore, 7 April 2017 – Customers of Oversea-Chinese Banking Corporation Limited (OCBC Bank) and United Overseas Bank Limited (UOB) will enjoy unlimited, fee-free cash withdrawals at either bank’s automated teller machines (ATM) from now until 31 December 2017. This promotion, which started on 1 April 2017, is intended to increase awareness of the ATM network shared by OCBC Bank and UOB – and the availability of cross-bank cash withdrawals, funds transfers and balance inquiry services – across more than 1,200 ATMs in Singapore.
Since 1988, customers from both banks have been able to make two free cross-bank ATM cash withdrawals per month. Before the launch of the current promotion, customers were charged 30 cents for each transaction from the month’s third cross-bank cash withdrawal onwards.
Mr Dennis Tan, Head of Consumer Financial Services Singapore, OCBC Bank, said: "Although this shared ATM network service has been in place for close to 30 years, we want more of our customers to be aware of this convenience to withdraw cash, check their account balance and transfer funds. Our intention in offering this unlimited fee-free cash withdrawal promotion is to highlight the availability of these services which are accessible across our combined network of ATMs."
Ms Jacquelyn Tan, Head of Personal Financial Services (Singapore), UOB, said: "There are three things customers expect when it comes to their banking services: make it faster, simpler and more convenient. This partnership delivers on all three expectations as customers have more ATMs to choose from and do not have to worry about capping their usage to only two cross-bank ATM withdrawals per month."
In 2016, there were more than five million cross-bank transactions by customers using OCBC Bank’s and UOB’s shared ATM network. In the last 10 years, such transactions on the network have increased 30 per cent, highlighting potential customer demand for such an initiative.