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| Love Kuching Project Corporate Account |
FAQs about our new corporate account
Can I still donate to the old POSB savings account 188-52652-7?Yes you can, as we will not be closing this account for now during this transition period. We will still be able to access both accounts for LKP needs. However, we prefer that you donate to our new account as it is our corporate account and therefore gives you even better financial accountability for your gift.
I have a standing instruction on a monthly basis to the old POSB savings account 188-52652-7. What do I need to do now that LKP has a new account?
Currently if you have a monthly standing instruction to our POSB account it would either be for our Boarding Fund (by default) or our ER Fund. We would like you to switch your standing instruction to our new DBS corporate account 027-905975-3. (Yes, we know it's very troublesome, and we apologise for that!) You should indicate in your standing instruction details whether you are a Boarding Fund or an ER Fund donor. We are not placing a time limit on when you should switch as we will not be closing our POSB savings account yet, to minimise the inconvenience we are causing our monthly-giving cat angels. We do not want any of you to stop giving because of this hassle. Since both accounts will be active until further notice, you also do not need to worry that your funds are going nowhere, they will still be used for the cats.
Is LKP paying more bank charges for this new corporate account?
Yes, we are, for the sake of better corporate governance and financial accountability for all our donors. You can download the PDF of DBS's pricing guide for the bank charges here. Summarily, we need to maintain minimum average daily balance of $8,000, failing which the fall-below fee is $25 monthly. We need to ensure we have enough balance to cover this monthly fall-below fee, not only to make sure we don't go into overdraft, and that the bank doesn't close our account but also to maintain our credit rating. There is an annual account service fee of $40 as well. More details are in the pricing guide. This will increase our operation costs (comes out of Operations Fund), but we feel it is worth it for our cat angels' sake, and it will also improve our fundraising efforts because of the increased financial accountability that comes with a corporate bank account.
Are there more modes of donating to LKP now with this new corporate account?
Yes, you can now make cheque donations payable to "Love Kuching Project" and drop it in any POSB or DBS cheque deposit box. Our POSB savings account 188-52652-7 is actually a private joint account and therefore we did not encourage cheque donations in case any donor accidentally deposited the cheques into personal bank accounts. All other modes of donating as before: via ATM, CDM, internet and mobile banking remain the same.
How will we know when the old POSB savings account 188-52652-7 has been closed?
We will announce it on our blog in a post as well as on our social media platforms.
Any other questions? Do feel free to email us should you have any, at elaine@lovekuchingproject.org.
By the way, we don't say this enough: THANK YOU cat angels for giving to Love Kuching Project since we started our humble POSB bank account circa 2009!
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