sgwatchDOG kicks off the newly merged blog with a new section on Money. Issues like banking and insurance will be discussed here.
Instead of having multiple posts, and tying them together with tags, sgwatchDOG will try out a different approach, by using one blog post for each topic, updating that post with new info as and when needed.
One of the first big transactions that a person undertakes is opening a bank account. So it is must be quite humbling to note that protection of such accounts in case of a bank going bankrupt has only been implemented very recently.
The Singapore Deposit Insurance Corporation (SDIC) pays you money when the bank goes bust.
From the SDIC website,
"In the event a Scheme member bank or finance company fails, all of your eligible accounts with that member are aggregated and insured up to S$20,000, net of your liabilities to the member."
Instead of having multiple posts, and tying them together with tags, sgwatchDOG will try out a different approach, by using one blog post for each topic, updating that post with new info as and when needed.
One of the first big transactions that a person undertakes is opening a bank account. So it is must be quite humbling to note that protection of such accounts in case of a bank going bankrupt has only been implemented very recently.
The Singapore Deposit Insurance Corporation (SDIC) pays you money when the bank goes bust.
From the SDIC website,
"In the event a Scheme member bank or finance company fails, all of your eligible accounts with that member are aggregated and insured up to S$20,000, net of your liabilities to the member."
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