Why is there a cheque processing fee being charged? When will this take effect?
In line with Singapore's Smart Nation initiative to enable more efficient and secure e-payment methods, Citibank will commence to charge a processing fee to customers who issue cheques denominated in SGD and USD. This will take effect from 1 November 2023.
Who will be responsible for paying the cheque processing fee?
For Citibank Consumer Banking customers and Citibank Ready Credit customers, the processing fee will be payable by issuers of the cheques denominated in SGD and USD.
Will I incur a processing fee if I deposit a cheque?
Customers who deposit a cheque into a Citibank account will not be charged. However, the bank reserves the right to review and revise the fee structure in the future.
What is the cheque processing fee I will incur for every cheque issued?
You will have to pay S$3 processing fee for every SGD-denominated cheque issued. For every USD-denominated cheque issued, the charge is US$3.
For Citibank Consumer Banking customers, you may refer to the Important Announcement section or the Citibank Pricing Guide on the Citibank Singapore website (https://www.citibank.com.sg/gcb/static/banking_info.htm?lid=SGENCBGGNFOTLBANKINGINFORMATION). Alternatively, you may refer to your September 2023 Banking Statement.
For Citibank Ready Credit customers, you may refer to Citibank Ready Credit under Banking Information > Banking Fees & Rates available on Citibank Singapore website for more information.
Will there be any waivers for certain groups of customers? For example, individuals facing difficulties transiting to alternative payment methods
Citibank is offering a rebate on cheque processing fees incurred by customers aged 60 years and above who issue cheques denominated in SGD and USD until end-2025. This rebate is not available to customers aged below 60 years. If you have difficulties transitioning to an alternative payment method, you may call CitiPhone at 6225 5225 from 8am to 8pm (Monday to Friday) for assistance on setting up your Internet banking access.
What are the alternative payment methods available to me if I do not wish to incur a cheque processing fee?
With your Citibank Online Banking account, you can transfer funds or make payments securely via Citibank Online or via our Citi Mobile® App. Our payment and transfer functions include PayNow, Local and Overseas transfers, Cards and Bill payments and more.
If you do not have an existing Citibank Online Banking account, you can download the Citi Mobile® App and click on ‘New? Get started’ OR visit www.citibank.com.sg and click on ‘First Time User’ at the left side of the page to register. Refer to this link(opens in a new tab) for more information. For further assistance, you may contact CitiPhone at 6225 5225 from 8am to 8pm (Monday to Friday).
Apart from the cheque processing fees, are there any other charges associated with the use of cheques?
Yes, there are other charges associated with the use of cheques. For Citibank Consumer Banking customers, you may refer to Citibank Pricing Guide available on Citibank Singapore website for more information.
For Citibank Ready Credit customers, you may refer to Citibank Ready Credit under Banking Fees & Rates available on Citibank Singapore website for more information.
If my account is overdrawn as a result of a cheque processing fee being levied on me, will I incur any charges?
If your account is overdrawn as a result of a cheque processing fee being levied on you, you will be subject to the prevailing overdraft fees and charges.
For Citibank Consumer Banking customers, you may refer to Citibank Pricing Guide available on Citibank Singapore website for more information.
For Citibank Ready Credit customers, you may refer to Citibank Ready Credit under Banking Fees & Rates available on Citibank Singapore website for more information.
If an issued cheque has been cleared but subsequently returned due to issues, will the cheque processing fee still apply?
Please note that the cheque processing fee will apply should a cheque be issued and cleared but subsequently returned due to issues including but not limited to insufficient funds, unmatched signature, blocked account.
When will my cheque be ready for withdrawal?
Cheque(s) deposited before the collection time will be available for withdrawal after 2pm on the next business day.
What are the cheque collection timings?
Mondays to Fridays: 1.00pm | Saturdays, Sundays & Public Holidays: No collection.
