If you have a POSB or DBS credit card, you don’t need to wait for paper statements every month to view your transactions. You can opt for e-statements instead. Electronic statements are environment-friendly as they eliminate the use of paper. The process of viewing these statements is quicker and more convenient. Moreover, you can view past statements of up to 7 years.
You can opt to receive online statements only on a monthly or quarterly basis. If you want daily, weekly, or ad-hoc statements of your credit cards, you will only receive paper-based statements. If you have terminated your accounts, you can still view the e-statements of the previous months, prior to closure of the account.
DBS/POSB uses Secure Socket Layer (SSL) as the underlying technology to encrypt all the data in your online statements. Moreover, another level of security is provided in the form of an unique User ID and PIN, which you need to access the digital statement.
The iBanking facility allows you to manage and view your preferences for credit card e-statements. Once you opt for this service, you would be receiving timely electronic statements from the next billing cycle. You will, however, stop receiving any paper statements.
iBanking also allows you to print your digital statements at any point. This is a very efficient and environment-friendly manner of tracking your credit card accounts and expenses. Besides, if you choose to opt out of the e-statement service, the bank will resume sending you paper statements from the next billing cycle, posted to your mail.
You can apply for digital statements through iBanking following a few simple steps, listed as below:
Once you opt for the electronic statement service the bank will stop sending you paper statements. You can also change the email address on which you receive notifications pertaining to your digital statement. You can do this by going to “My Profile” section and selecting “Update Personal Details”.
With iBanking you can easily view, download, or print your digital statement for the credit card accounts. It is possible for the cardholder to view monthly statements dating back to the previous 7 years. When you want to view quarterly statements on your credit card accounts, you can obtain e-statements dating back to the previous 5 years.
The following steps will guide you on how you could use your iBanking facility to view and retrieve electronic statements:
You can view your monthly online statement for the ongoing month in the month that follows, starting from the fifth of the very next month. However, you need to have transactions made through your credit card in order to receive an electronic statement.
If there aren’t any transactions in a month, online statement won’t be generated for that month, given that you have a POSB Savings or POSB MySavings accounts. However, you would still receive the year-end e-statement in the month of December, in such cases.
You will also receive email notifications on a monthly basis, in case you signed up for online statements. This notification will be sent to you, through SMS, only when your electronic statement is ready to be viewed. Through iBanking you can also set your preferred way of receiving online statement notifications.
You can get your online statement printed easily through iBanking. You can also use the online services to request the bank to send you a printed copy of the previous account statements. You can get statements printed, dating back up to 7 years. For this, you will have to submit a request to the bank. DBS/POSB will send you the copy of the statements directly to your mailing address registered with the bank.
The bank will process your request within five business days, i.e., from Monday to Friday. However, there will be charges applicable, if you opt for statements dating back over one year. This can be done by using iBanking, phone banking or Video Teller Machine (VTM).
If you wish to retrieve previous month’s statements, the following charges are applicable:
Cancellation of the digital statement service can be requested at any point through iBanking. This request is usually processed within 10 working days. You can reach DBS/POSB customer service hotline if you can’t find your electronic statement online.