DBS Multiplier Account Changes 1st May 2019

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Do not be surprised when you see a big pop up with a rabbit when you visit DBS Multiplier website. There will be a change in the Terms and Conditions Governing Accounts (Applicable to Individuals) effective 1st May 2019.

One kind member had shared in my telegram chat on what’s the main changes. It’s a public chat where all are welcome to join and discuss financial matters.

The revised Terms and Conditions can be found here.

What are the changes

  • M.1.3: Grammatical error change.
  • M.1.4 (New) No difference from what it is right now, which is you can’t simultaneously hold the Multiplier Account and be enrolled in the POSB Cashback Bonus. I suppose they are just adding it into the black and white.
  • M.1.5: (New) Additional terms to the same as M.1.4. Basically, DBS can close either your Multiplier Account or de-enroll you from the POSB Cashback Bonus if they find that you have both.
  • M.2.2: Removed the $50,000 cap stated in the previous T&Cs. Maybe it is to later match the $70,000 SDIC cover.
  • M.2.5: Added the reference to switching to the POSB Cashback Bonus for the preferential interest. Which means that if you switch before you are credited the bonus for last month, you WILL NOT receive last month’s bonus.
  • M.3.1: Added the line: “Modifications to the calendar month of which an Eligible Transactions was recorded is not allowed.” Possibly for the avoidance of doubt.

Because M.3.4 contain many clauses, I’ve highlighted only the material changes.

  • M.3.4.1: Credit card spend: Nothing substantially different except they added the clarification under point (d) that reversed transactions do not qualify under credit card spend.
  • M.3.4.2: Home loans: Added that only Singapore residential home loans qualify.
  • M.3.4.3: Insurance: Removed the clause that the policy must be after its free look period, and clarified that the Policy Sign Date will be taken as the date of purchase. They also changed that if the policy has more than one holder, only the primary policyholder will be accorded the Eligible Transaction (previously was all policyholders). Lastly, they changed that premiums after ANY modifications to the policy will no longer qualify as Eligible Transactions.
  • M.3.4.4(a): Dividends: Added that SGX dividends credited into the Multi-Currency Settlement Account qualify (I assume this include non-SGD denominated dividends?). Previously, only SGD dividends qualify.
  • M.3.4.4(c): Unit Trust RSP: Added where a monthly deduction fails, subsequent RSP deductions will cease to qualify under Eligible Transactions.
  • M.3.4.4(d): Online equity trades: Added that contra trades, sell trades, and Electronic Payment of Shares (EPS) will not qualify under Eligible Transactions.
  • M.4.2: Replaced “relating to any services available under the Multiplier Terms” with “relating to the Multiplier Account”. In practical terms, not a material change.

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Author: The Financial Guy

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