My son has one. This is a cynical post. Be warned
I think it's not a bad product. And POSB marketing is brilliant! Get the parents to request school to implement it, and parents and child get a free watch.
The thing is I felt offended IS that schools are like sheeps jumping over loops. Still let media trumpet their cashless initiative. Of course there is agenda, support government drive go cashless Ma.
But, why POSB over others? Does school
Monitoring the spending habits and balance of pocket money help kids develop better money habits? Magic ward still exists? Schools not supposed to endorse any product and services remember? Even healthy fresh milk. Now, POSB can get away with it and it's like they are doing everything a favor. Hello, u locking up these young kids with a saving account, and then the bank get to monitor the transactions, and the unspent money becomes "savings" locked up automatically.
Puppet masters, and puppet. Puppet still so proud of it.
Maybe it can be "win-win" for parents? They win big, parents take some crumbs. For others, they are sheeps slaughtered for wool and they are still neighing "Papa"
Just don't use it lorrr...
ReplyDeleteI have only 1 SG bank account .... a POSB savings account that I opened way back when I was in Pri 6 and POSB actually was part of the Post Office, and bigger post offices actually had a POSB banking counter for simple transactions!
Since SG went on ZIRP & screwed savers and retirees, I've never kept more than a few K in the bank account. Whenever my salary or dividends came in, they would be almost immediately re-directed outside of banks to earn 3%-4% in cash-like instruments. These days since I'm semi-retired, I barely keep $2K or $3K at any point in time in the POSB account.
Hi Anon,
DeleteU atre most prob right. I shouldn't be so whiny hahaha
I also only have 1 bank. But I have multiple accounts. I open it myself at sec 2 ...
DeleteSo I am right about sticky
It's a great blog about cashless service thanks for sharing the blog to know more about finance..
ReplyDeleteBank Online Account