Scam Proof Your CPF: New $50K Daily Withdrawal Limit

Scam Proof Your CPF: $50K Daily Withdrawal Limit
Images via CPF and Stock Image
  1. CPF Board to lower maximum Daily Withdrawal Limit to S$50,000 from 25 September 2024.
  2. Change aims to protect CPF members aged 55 and above from scams.
  3. Members can still withdraw larger amounts through multiple transactions or at CPF Service Centres.

Singapore’s CPF Board is taking steps to protect older members from scams by reducing online withdrawal limits.

Key Terms Simplified

  • Daily Withdrawal Limit (DWL) is the most money you can take out of your CPF account online in one day.

New Withdrawal Limits for CPF Members

According to CPF, big changes are coming for CPF members aged 55 and above.

From 25 September 2024, the most you can take out online from your CPF in one day will drop from S$200,000 to S$50,000.

This change aims to protect older members from scams.

The CPF Board said, “Lowering the maximum DWL provides a greater deterrence to scammers and can help to limit the potential losses in a scam.”

In the first half of 2024, Singapore saw over 26,000 scams.

Less than 0.1% of these scams involved CPF withdrawals.

How This Affects CPF Members

If you’re 55 or older and have set your daily withdrawal limit above S$50,000, you’ll get a notice about the change.

Your daily withdrawal limit will go down automatically.

But don’t worry, you can still take out larger amounts if you need to.

You have two options:

  • Make several smaller withdrawals over a few days
  • Book an appointment at a CPF Service Centre for larger withdrawals

The CPF Board added, “We seek CPF members’ understanding that this move aims to better protect them against scams.”

Why This Change Is Happening

Most scam victims had raised their daily limit above S$2,000 before falling for fraudulent withdrawals.

By lowering the maximum limit, the CPF Board hopes to make it harder for scammers to steal large sums quickly.

The CPF Board explained, “As scams continue to evolve, our safeguards must continuously be adjusted to ensure efficacy.”

Other Safety Measures

The CPF Board is also taking other steps to keep your money safe:

MeasureWhat It Means
PayNow updateMembers using PayNow need to do a one-time update of registered bank account with CPF for extra security.
Processing timeThis update will be subjected to a 12-hour cooling period.
CPF Withdrawal LockMembers can lock their accounts to prevent unauthorised withdrawals.

What You Need to Do

If you’re planning to make a big withdrawal after 25 September 2024, here’s what to do:

  • For amounts over S$50,000, plan to make multiple withdrawals over several days.
  • Or book an appointment at a CPF Service Centre for larger withdrawals.
  • Update your PayNow settings if you use it for CPF withdrawals.
  • Consider activating the CPF Withdrawal Lock for extra security.

Remember, these changes are meant to protect your hard-earned savings from scammers.

Your Take: Yes or No? 是或否?


Disclaimer: This article is accurate to the best of our knowledge and due diligence, but we recommend independent verification where needed.以下文章内容由人工智能自动翻译成中文,可能存在翻译错误或不准确之处。我们对此表示抱歉,若发现任何错误,欢迎读者进行反馈。若有疑问,请以英文版文章的数据为准。

Related Posts

7,100 Elderly Screened: NHGP to Expand New Frailty Programme

By end of 2025, NHGP will expand its Frailty Programme, already helping 7,100 elderly, to all its central…

XiamTheScams: Singapore’s $200K Anti-Scam Game – Play to Win!

Play “XiamTheScams”, an anti-scam game on website/Shopee from 24 Oct 2024 and learn to dodge scams while vying…

Record 8,573 HDB BTO Flats Launched in Oct 2024!

Explore the HDB BTO Flats launch in Oct 2024, offering a record 8,573 flats with grants up to…

S$6.7M Lost: 100 Hit by Bank, Govt Impersonation Scam

Scammers swindle S$6.7M from at least 100 victims in Singapore via bank and government official impersonation scam in…

Leave a Reply

Your email address will not be published. Required fields are marked *

Share via
Scroll to Top