Trust Bank Singapore, New Digital Bank Freebies!

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Have you applied for your Savings Account or Credit Card with Trust Bank Singapore, Singapore's digital bank backed by a unique partnership between Standard Chartered Bank, and FairPrice Group? REFERRAL CODE: BZACYE0F ( it is a number zero, not letter ) Get $35 worth of free Fairprice vouchers and other freebies by just Downloading the Trust App and Open a Savings Account online with the App, simple/easy within 10mins!: Get free $10 Fairprice E-voucher (no minimum spend at stores/online) by entering this code ( BZACYE0F ) when apply for the Savings Account. Get free 1kg Fairprice Rice voucher Get free Kopitiam Breakfast Toast Set voucher Charge one transaction to your debit card to get free Fairprice $25 voucher (no minimum spend, at stores/online). Hack: Do a funds transfer of $1 or $10 from your own bank to Trustbank savings account. Then Just add your debit card number to Grab App, authenticate with $1 charge/refunded to your saving
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CPF Special Account Hack - Are You Ready? - Part 2


CPF Special Account Hack - Are You Ready? - Part 2

Questions:

1. Should CPF Policies/Rules be written to benefit the Rich Only? To make the Rich Richer?
2. Should CPF Policies/Rules be written to benefit those who know the “loophole” only?
3. Should CPF Policies/Rules be written to benefit those who know how to exploit the “loophole” only?
4. Should “tax payers monies” be “distributed” to benefit the above “elite” group of people who know how to Hack?


Why does CPFB allow such Hacks to occur “undetected”?

A. Investing via CPFIS-SA: CPFB Rationale

“A member can choose to invest his SA savings above $40,000 under CPFIS-SA. However, all investments are subject to risk. Risk refers to the possibility of losing part/all of your investments due to financial market changes.
Assuming a member has $200,000 in his SA and uses $160,000 to invest under CPFIS-SA. Although he can liquidate his investments after reaching 55, the amount of sales proceeds he will eventually receive is uncertain and may be less than $160,000.
Depending on each member’s risk tolerance, investment time horizon, and overall financial situation, he can decide whether it is safe for him to invest under CPFIS-SA and liquidate his investments or retain the savings in his CPF accounts to earn guaranteed interest.
If he retains the savings in his CPF accounts, he can be assured that the CPF interest rate structure and computation have been carefully formulated to provide a guaranteed and reasonable overall rate of return to members at low risk.”


B. What is considered Offences relating to Investments? 

 Per CPFB website:

 Q: Will I run the risk of unknowingly breaching CPF laws while trading or investing under the CPF Investment Scheme?


A. As long as your intention is to invest for the medium to long term, and you did not siphon out any CPF savings by receiving cash for your investment transactions whether through manipulated transaction prices or cash rebates, it is unlikely that you will breach the CPF laws for manipulative transactions.

Our opinion:
1. CPFB written the above rule after they “caught” the other offences some years ago. It only covers the “known” offences. The Rule was not written wide enough to cover offences they do not know can happen. That's not how rules should be written, right?
2. No, the above rule does cover the CPF Special Account Hack exploiting the “loophole”!
It states “as long as your intention is to invest for the medium to long term”!
What is deemed “medium to long term investment”?
Medium, you can just google, can cover one to three years!
So if the member attempt the above Hack when the CPFIS/SA “investment” was done less than 1 to 3 years ago, it should be considered an offence.

C. What should CPFB do to punish these offenders?
All offenders should be punished as follows, at least:
1. Transfer the amounts they liquidated, from CPFIS/SA into SA, back to their OA.
2. Claw back all interests paid into their SA accounts.

Stay tuned for CPF Hacks that work!





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