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The former POSB Centre, headquarters of POSB in the 1980s, now known as the NTUC Trade Union House. In 1971, it was announced that the bank would become a statutory board under the Ministry of Communications. The Post Office Savings Bank Bill was passed in Parliament on 30 July 1971 and the bank ceased to be a branch of the Postal Services ...
A sweep account combines two or more accounts at a bank or a financial institution, moving funds between them in a predetermined manner. [1] Sweep accounts are useful in managing a steady cash flow between a cash account used to make scheduled payments, and an investment account where the cash is able to accrue a higher return.
It is one of the financial institutions, licensed and supervised by the Reserve Bank of Zimbabwe, the national banking regulator. [1] As of 31 December 2015, POSB had total assets valued at US$133.7 million, with $63.81 million in customer deposits and made an after-tax profit of US$7.9 million in the calendar year 2015. [2]
2. Explore other sweep program options. Some brokerage firms offer higher-yielding money market funds as an alternative settlement account option to bank cash sweeps. Fidelity offers these kinds ...
By 1976, POSB had one million depositors, while deposits crossed the S$1 billion mark. The bank was then renamed POSBank in 1990, before being acquired by DBS Bank on 16 November 1998 for S$1.6 billion (first announced on 24 July 1998), [17] [18] giving it a dominant market share with over four million customers. [19]
On Thursday, JPMorgan's (NYS: JPM) CEO made an astonishing admission: The second-largest bank in the United States plans to lose at least $2 billion on a "sloppy" and "flawed, complex, poorly ...
The bank covers the payment with an overdraft, which overdraws the account. In both cases, a fee may be charged. But with an NSF, the payment is declined, while with an overdraft, the payment is ...
A sweep investment, or sweep investment account, [1] is a secondary bank account or type of sweep account that offers additional investment options on idle funds in a primary cash or checking account.