Shall I Open A Public Bank Savings Account?
October 2, 2007 – 11:51 amAfter writing my post, Withdraw PayPal to Ringgit Now Possible!, where I mentioned that my friend will be testing out PayPal’s fund transfer to his Public Bank Visa Electron card, I told him to do it only when he has USD500 in his account. Well, he does not have and will need some time to accumulate that much.
Seeing that so many people are interested to know if Public Bank Visa Electron card works in this transfer, and since I DO have this card linked to my PayPal, I wonder if I should open a Public Bank savings account to be the guinea pig. I know that it is not necessary and I can even transfer my funds to my card right now, but I don’t want to keep that much cash in my card and I do not want to withdraw my cash from my debit card via the ATM. I would rather transfer my funds from my card to my Public Bank Savings account, when I have it.
So do you think that I should get it? It sure would help in having another option to withdraw my funds. I am still interested to know the answers to my questions as posted in my earlier post. Heh… I think I will open the account soon, when I can find the time. I would rather find out answers for myself. It looks like I am collecting bank accounts at the moment!
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10 Responses to “Shall I Open A Public Bank Savings Account?”
Can we check the balance of Public Bank Visa Electron card online if we do not have a Public Bank Savings Account?
KennyP’s last blog post..Video editor, DVD burning and menu creator in a pack
By KennyP on Nov 14, 2007
Hi Kenny,
Yes, we can have internet banking even though we only have the card.
By Cyberpartygal on Nov 14, 2007
I am going to collect my PBB Visa electron card today, I need the information to decide whether I need a savings account.
Thanks for your fast reply.
KennyP’s last blog post..Video editor, DVD burning and menu creator in a pack
By KennyP on Nov 14, 2007
Hi Kenny,
No problem. I opened a savings a/c for convenience sake. I can now transfer my funds from Debit Card to Savings account via internet banking as soon as Paypal funds cleared to my card
By Cyberpartygal on Nov 14, 2007
Wow, your reply is really fast, 1 secound after my comment?
Why do we need a savings account since we could have the same facilities without it? Is there any advantages?
KennyP’s last blog post..Video editor, DVD burning and menu creator in a pack
By KennyP on Nov 14, 2007
Hi Kenny,
The advantage for me is convenience. I can check online to see my PayPal funds in my card and then I transfer to my savings account all online. I don’t have to go to the bank and withdraw via the ATM and then physically carry cash to my primary account with Maybank. Although these two branches are quite near to each other, with a Public Bank savings account, I could do this all at home, you see.
I suggest that you open a savings account as well. It’s only RM8 per year for the ATM card. But the thing is, you will need more than RM10K in the account to reap the little savings account interest.
But then the convenience makes up for this, honestly speaking.
Also, you can have ONE online account and manage your Card account plus Savings account, although these two accounts are not joined or linked up.
With a savings account, if you want to fund your Card to make purchases, you can do it online too. Otherwise, you will have to do it at the bank and follow banking hours or deposit via the Cash Deposit Machine, which is sometimes down.
One thing that I do not like about Public Bank’s internet banking is that they open around 7am and close at about 10pm lol That’s so early for me.
By Cyberpartygal on Nov 14, 2007
Hello Cyberpartygal,
Why not keep the money in the debit card? We still can enjoy the same online banking facilities with it, isn’t it?
KennyP’s last blog post..Video editor, DVD burning and menu creator in a pack
By KennyP on Nov 14, 2007
Hi Kenny,
I am not sure if you realise that a debit card is like a cash card. Sure you can keep your money in there but nobody is going to carry thousands of Ringgit in the card. You’d need to stash it somewhere for safekeeping and only transfer funds to the card when you need to make a purchase.
Of course, it also depends on your own usage; on the amount and frequency of withdrawal from PayPal.
By Cyberpartygal on Nov 14, 2007
Hello Cyberpartygal,
Ok, I got what you mean, thanks for your patient reply.
KennyP’s last blog post..Video editor, DVD burning and menu creator in a pack
By KennyP on Nov 14, 2007
Hi Kenny,
Hope you will not have a problem with withdrawing funds from PayPal.
By Cyberpartygal on Nov 14, 2007