United Overseas Bank (UOB) introduces the UOB LockAway Account, an innovative savings solution offering an additional layer of security against unauthorized digital intrusion. The account, designed for peace of mind, also enables customers to earn interest on their bank balances.
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The UOB LockAway Account takes a proactive approach by "locking away" funds from online transactions, providing protection against digital threats and deterring impulsive reactions to scams. Access is limited to UOB branches, requiring customers to present identification for verification. UOB is also exploring ATM withdrawals as an additional feature.
Ms Jacquelyn Tan, Head of Group Personal Financial Services at UOB, emphasized the account's role as a safety check against online threats, reducing the probability of fraudulent transactions.
Customers are encouraged to set up a UOB LockAway Account as a proactive step for enhanced security. The account not only provides protection against unauthorized transactions but also serves as a deterrent for impulsive fund transfers.
Customers can open UOB LockAway Accounts digitally or at UOB branches. The account has no minimum deposit or balance requirement, and no checkbooks are issued. Existing cards cannot be linked to the account.
While customers can view balances and deposit funds digitally, the UOB LockAway Account offers added interest on deposits, with rates to be announced soon. As UOB prioritizes customer security, this account represents a significant step toward a secure and tranquil banking experience.