Man says it doesn't make sense to pay $1.80 to deposit 100 1-cent coins which he has 'few hundred'

A man was surprised to learn how much DBS Bank charges for coin deposits over the counter recently.

Stomper Pang said he found this out after he tried using an automated teller machine (ATM) but failed.

"On Wednesday, Oct 25, around 2.45pm, I went to the DBS branch in Towner Road which has an ATM with a coin deposit function to deposit a few hundred 1-cent coins collected over the years," recounted the Stomper.

"Unfortunately, the ATM rejected my deposit. I had no choice but to approach customer service about my intention to deposit the coins."

To his surprise, the Stomper was told that the bank charges $1.80 for every 100 coins deposited at the customer service counter and only on Tuesdays and Thursdays from 8.30am to 11.30am.

"One can imagine what it means to deposit 100 1-cent coins," he said.

It means paying $1.80 to deposit $1. So you lose 80 cents for every 100 1-cent coins you deposit.

"You end up having the bank take all your money and paying extra to make up for the bank charges. This does not make sense! It's daylight robbery by the bank!"

In any case, he could not make the deposit over the counter anyway since it was Wednesday and after 11.30am.

Coin deposit fees are waived when using the Coin Deposit Machine.

The 1-cent coins that are in circulation remain legal tender in Singapore and can continue to be used as a means of payment for goods and services, according to the Monetary Authority of Singapore.