Here's how OCBC's new money lock feature works

The feature's purpose is to be a strong defence against malware and phishing scams.

OCBC Singapore consumers will now be able to lock their funds in their OCBC bank accounts using the new OCBC Money Lock security feature.

The new feature, which will launch on 30 November, will allow OCBC customers to safeguard against unauthorised transfers.

Customers can lock funds via the OCBC Digital app or Internet Banking. Customers can lock a minimum of $10 in their accounts, and in multiples of $10, with the maximum amount being the available balance in the bank account.

Customers do not need to open a new bank account to use OCBC Money Lock. The feature is available to all new and existing OCBC current and savings accounts. Funds locked in the chosen account are aggregated with the funds that are not locked to calculate the interest to be earned. As a result, customers will not miss out on the bonus interest earned on their account balances for performing everyday banking transactions.

Lock funds cannot be unlocked using the OCBC Digital app or Internet Banking but by visiting OCBC ATMS or branches. Authentication at the OCBC ATM will require a physical ATM, debit or credit card, and PIN. 

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According to OCBC, this secure offline process adds necessary friction to prevent scammers from unlocking the funds after gaining unauthorised access to customers' bank account login credentials or mobile devices.

Customers do not need to open a new bank account to use OCBC Money Lock. The feature is available to all new and existing OCBC current and savings accounts. Funds locked in the chosen account are aggregated with the funds that are not locked to calculate the interest to be earned. As a result, customers will not miss out on the bonus interest earned on their account balances for performing everyday banking transactions.

Locked funds cannot be digitally transferred or used for the following purposes:

• Local and overseas transfers, even between a customer's own accounts
• New or existing payment arrangements e.g., GIRO, standing instructions or future-dated transfers
• Bill or credit card payments
• Fixed deposit placements or investments
• Insurance purchases or payments
• Loan or tax repayments
• ATM withdrawals or transfers

Customers will be able to transact as usual with the remaining balances in their account which have not been locked. If these remaining balances are insufficient, they must unlock their funds before carrying out their transactions.

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From 30 November 2023, customers will be able to unlock funds at OCBC ATMs located at OCBC branches which are accessible 24/7 or at any OCBC branch. By the end of December 2023, customers will be able to use all OCBC ATMs island-wide to unlock their funds.

Meanwhile, Customers residing overseas who wish to unlock funds can do so by submitting a request via the Secured Mailbox in the OCBC Digital app or Internet Banking. A customer service executive will get in touch with the customer within four working days. A stringent authentication process that follows ensures that the identity of the customer is established before the funds are unlocked.