DBS was started in 1968 and currently operates both DBS and POSB in Singapore, with more than 1100 ATMs around the country.
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I am very angry with this bank. On their official site they haven't changed the information that one of their branches moved to another location (from Great world city). In order to use bank's services I had to leave my work earlier, I spent lots of time looking for the office in the shopping mall, and when I finally found, I was told that bank had moved!!! I got lost trying to understand how to find way back, under the heavy rain I was trying to understand where an other brunch is and got completely lost.
So I didn't receive the service, I lost my working time and all these because bank workers were unable to update the info on their site.
DBS has always been my go-to bank since...forever. When I applied for ibanking, the staff were very patient, and thorough in their work. Although the process took awhile, as I was cancelling an account and making a new one, they did not show any sign of dissatisfaction, and did their job to the best of their ability.
The services provided by the bank is superb. It is always easy to find an ATM whenever I need one, and I have never experienced any problems at the ATM machines that I have used. Although there are often long queues at ATMs, I can only infer that this bank is not only my trusted choice, but that of many other fellow Singaporeans, which helps to strengthen my trust in this bank.
DBS has been in the news over a number of things- the ATM bank fraud for one. However, I have thankfully never experienced problems with DBS... not only is the service prompt despite long queues, staff are amicable and never fail to greet you with a smile, and will explain carefully various banking plans to you.
From young, I have had a bank account with DBS, and they provide really cute POSB books, with rainbows and drawings catered to the small kids, which can appeal and even teach the young ones about the importance of saving. Another bright point is that there are ATMs easily accessible at most mrt stations and shopping malls, the downside is the wait! However, no matter what other people say, I will be sticking to DBS, which has seen me through since young! (:
As far as I know, everybody that I have ever come into contact with has a DBS/POSB account. Every parent would sign up for a DBS/POSB account for their child when they want to open a bank account for them.
By far, DBS has served its consumers well. There is an ATM around every corner and a bank in almost every mature estate. Also, because majority of the population owns a DBS bank account, transfering money or whatsoever is really convenient.
However, the problem faced by many including myself is the unbearable queues whether it's at bank or ATMs. I have been trying to solve a problem with my iBanking but still havn't got a chance to because I am only free to go down on Saturdays which is when the queues are the longest. Despite having to brave inconveniences, I am and will always be a loyal supporter of DBS because of their service of excellence.
I guess I am the sort that doesn’t believe in queuing up for a long time if there isn’t a need to. Having switched from my DBS/POSB to UOB bank account, I have since forgot the feeling of standing in line for my atm services.
Contrary to what locals would have you believe, I find atms of other local banks such as UOB and OCBC very easy to find. Regardless of my location in Singapore, I have never had too much difficulty situating my UOB atm. Hence, I really do see little or no reason to stick to DBS given the long waiting time needed to access its services.
I think DBS/Posb is the most common banking service in Singapore as almost everyone in Singapore has a DBS/POSB account.
As a result, it becomes a personal banking necessity to me as it is easier to transfer money when you are buying clothes from online retailer (no waiting time) since most people uses DBS/POSB. When eating out or shopping outside, as long as the shop accept card, you will never have to worry about not having cash along. Even if cash is the preferred transaction method, you can easily find their ATM machines anywhere.
But also because it is so common, congestion is inevitable. The long queues at ATM, machines breakdown all become common as well. Often I think the longest queue is always the deposit machine and I agree that it often breakdown and can only provide updating of bankbook service instead. Queues at their branches are even worse when you can see people queuing even before the banks are opened.
I think that having a DBS/POSB account is still a must in Singapore as it is the most common transaction mean. It would be good to have accounts in other banks though, to avoid queues especially when you need services that require frequent visits to the branches.
I took taxi quite frequently due to my nature of work. At least two drivers had complained to me about DBS. They both agreed that DBS was convenient and had the most branches and ATMs in Singapore and they found the cash deposit machine a good service that really benefited the taxi drivers because at the end of their business day, they would want to deposit their earnings into the bank rather than keeping so much cash on themselves.
The complaints were related to this additional service also. After providing the service, they had not done a good job to keep this service working all the time. I had the same experience myself, the few times that I needed to use the machine, it would say that it could not take in more deposit and can only do bank book printing. I imagined the failure rate that the taxi drivers encountered would be higher if they needed to use the machine daily.
I use DBS ibanking services and I am very much satisfied with it. DBS ibanking is not just for checking your account balance but also for paying for your phone bills, car loans house loans etc. It cuts the time you need to spend queuing up. Moreover, fund transfer to you friends' bank accounts is also made easier with ibanking. I hate getting up at night to find the nearest ATM so that I can transfer money to my friends who are in need.
Furthermore, DBS ATMS are also widely situated all over Singapore. However, most ATMs in town could only dispense $50 and above. This is quite inconvenient if you are trying to control from spending more by withdrawing less.
Indeed, DBS is recognised for its security in safeguarding our money but the ATMs queues are forever so long despite whatever time you want to draw money. I can wait up till 20 minutes at night to withdraw money. Sometimes, cash deposit queues are also long and the bank book takes very long to update. My sister also always faces problems updating her bank book despite her going to the bank and getting another new bank book at least twice. Sometimes, the machines can be done as often as one every 2 months.
DBS ibanking requires the quite huge iB Secure Device and it makes it very inconvenient to bring it around while you are outside. This is unlike UOB where the OTP will be sent to your handphone.