The Great Depression, due to the stock market crash between 1929 and 1939, was one of the worst economic downturns in the history of the modern world. But, as the saying goes, ‘necessity is the mother of invention,’ it was this economic scarcity that helped create OCBC or Oversea-Chinese Banking Corporation. Known today as one of the world’s highly-rated financial institutions, OCBC was established by consolidating three banks in 1932, namely the Ho Hang Bank, the Chinese Commercial Bank, and the Oversea-Chinese Bank.
As of the present day, OCBC has more than 400 branches across the globe, including in countries such as Taiwan, Malaysia, and Singapore. The institution is well-reputed for providing some of the best financial services, not only to individual customers but also to the institutional and corporate sectors. Having said that, OCBC still has its fair share of qualms, particularly for its online banking services, investment and loan-related services, and customer service. So, if you are looking to open an account in a different bank and are planning to close your current OCBC account, then you can easily do so by following our straightforward guide.
Steps to Close Your Account
According to OCBC Singapore, there are two ways through which you can close your account. The process involves filling out and mailing an account closure form. The second option involves heading over to a nearby OCBC branch and carrying out the account closure process on the spot. However, keep in mind that for joint account holders, all account holders must be present at an OCBC branch to be able to carry out the account closure technique.
The steps for each of the aforementioned two processes have been provided below.
Closing Account via Form
- Start by heading over to the official website here, where you can find the account closure form.
- Proceed to download the form in PDF format and take a printout of the same.
- Once done, start filling out the form. Provide all the necessary information and if you have any remaining balance in your account, then you need to state instructions for transferring the amount to another bank account.
- After that, mail the form to the given address in the form and allow seven days for the customer care team to process your request.
Closing Account at Branch
- Kick-start your journey by first locating an OCBC branch near you by visiting the official website here. Scroll down to the bottom of the web page and select the option ‘All Branches’ to get the list of all the available branches in Singapore that you can visit.
- Once you have found your preferred branch, head over there with your relevant bank-related documents.
- Proceed to fill out the account closure form (same as the one mentioned previously) at the bank branch and submit the same.
- After that, wait for at least seven days for your request to be processed.
Please note that the account closure process is permanent and cannot be reinstated. So, make a proper decision before finally pulling the plug. Also, once your account is closed, be sure to destroy any issued debit/ATM card linked to the account along with your savings passbook as well.
For complaints, you can connect with the customer support via phone at 6363 3333 or +65 6363 3333 (overseas). You can even send a physical mail addressed to OCBC Bank, 65 Chulia Street, #01-00, OCBC Centre, Singapore 049513.
Overview of Products
Being a leading financial services group located in Southeast Asia, with a global presence that spans across multiple territories and countries, OCBC offers both personal and corporate banking products and services.
Consumer banking products and services include deposit accounts, loan services, wealth management, and other services such as credit cards and insurance plans. Under deposit accounts, customers can opt for savings accounts, current accounts, fixed deposits, and even foreign currency accounts. On the other hand, loans include personal loans, car loans, home loans, educational loans, and unsecured loans.
Alternatively, OCBC’s business banking products and services include commercial loan services, cash management services such as cash pooling, collection, and salary processing services, and trade finance services such as import and export financing.
In addition to the above-mentioned products and services, OCBC’s robust wealth management services include insurance and investment products. Under insurance, customers will have access to health, life, and general insurance plans. And for investment products, there are unit trusts, bonds, and investment advisory services. Additionally, other services include estate planning, retirement planning, and trust services.
OCBC is also a major player in the digital banking space, where its online and smartphone applications offer expansive features and services that include managing your account seamlessly from anywhere at any time, performing fund transfers locally or internationally, paying bills, making investments, and purchasing insurance products (including filing claims).
