Who can use this facility?
All DBS iBanking customers with their own Savings, Current or Cashline account.
Do I have to pay for using this facility?
This service will be free (with effective 04 May 2010).
Who can I pay using the iB Cheque service?
You can pay any person with a valid Singapore postal address and a valid bank account with a Singapore bank. The iB Cheque can only be deposited directly to the payee's account with a bank in Singapore, and it cannot be cashed out at the branch.
Can I pay my bills using the iB Cheque service?
Yes, the iB Cheques can be addressed to local organizations for payment of your bills. (For example, credit cards, telephone, utilities bills etc.).
How will the individual or organisation receiving the iB cheque know what it is for?
You can state the purpose of payment in the 'Comments' field when you apply for the iB Cheque . The comments entered will appear in the payment advice attached to the iB Cheque. The payment advice will also contain your name and the type of account you have used to fund your iB Cheque. Your account number will not be revealed.
How long is the iB Cheque valid for?
Each iB Cheque shall be valid for a period of two (2) months from the date printed on the iB Cheque.
What happens after the iB Cheque expires?
The cheque amount, less the non-refundable commission charge, will be refunded to the debiting account or other account with DBS Bank, and a notice of refund will be sent to you by ordinary post.
Which of my accounts can I use for issuing an iB Cheque?
You can use of any of your current, savings or Cashline accounts to purchase an iB Cheque. However, they cannot be joint-all or trust accounts.
Is there a maximum limit on the payment amount?
The maximum iB Cheque (PayEasy) daily transfer limit is set to your 3rd Party daily funds transfer limit on DBS iBanking, or up to S$10,000 whichever is lower.
The two iB Cheque (PayEasy) services (iB Cheque and online Demand Draft) will share the same limit.
When will the payment amount be debited from my account?
The amount will be debited immediately from your account upon submission, together with the commission charge.
How will the iB Cheque be delivered to the payee?
DBS will print the iB Cheque and send via Singapore Post.
How long will it take for the iB Cheque to be delivered to the payee?
It will take up to 4 working days from submission of the iB Cheque to reach the payee by ordinary post.
Can I set a future date for the creation of a iB Cheque?
This service is not available at the moment.
How secure is this facility?
The iB Cheque service adopts the same security features we have for other iBanking facilities involving funds transfer. You will need to set up and authorise every new Payee via the OTP (One Time Password) before you can send them an iB Cheque.
How can I track the status of my iB Cheque?
The status of an iB Cheque may be ascertained only after a stop payment request is received by DBS Bank. A stop payment request will not be processed if the iB Cheque is found to have been cleared and paid.
Will I be able to put a Stop Payment on my iB Cheque?
In the event that the iB Cheque purchased is lost, stolen or destroyed, you may request for payment on the iB Cheque to be stopped and the money will be credited back to your debiting account within 5 working days. You need to complete the Stop Payment Indemnity Form and provide a notarized consent of the Payee in writing. The commission charge is non-refundable. A Stop Cheque fee of S$15 will be imposed and deducted from the account stipulated in the form. Once the Stop Payment process is successful, you will be informed via mail.
If I have the physical copy of the iB Cheque, can I cancel it?
Yes, you can cancel the iB Cheque by bringing the physical copy of the iB Cheque to any DBS/POSB Branch and approaching the counter staff for assistance. We will credit the funds to your designated account. The cancellation fee is currently waived but we reserve the right to review and revise the cancellation charge from time to time by giving you at least 30 days' prior notice.
What should I do if the payee does not receive the iB Cheque?
You have three options.
In all cases, please note that the commission charge will not be refunded.
- Wait for the iB Cheque to expire as it is only valid for two months. After that, the net amount will be refunded to the designated debiting account.
- Go down to any of our DBS/POSB Branches and place a Stop Payment request as per the process described in point 18.
- You can cancel the cheque if you manage to obtain the physical copy as per the process described in point 19.