GIRO Payment is my Last Choice.

In May last year, some 22,000 Prudential customers suffered what was referred to as a “technical glitch” causing monies to be deducted in error from thousands of bank accounts. Even though the error was discovered and rectified within 24-hours, it clearly highlights the risk to the consumer in signing up for GIRO. Since many seniors grew up in the age of GIRO and have come to accept that as part of our normal financial life in Singapore, I think it is time we give GIRO a hard look. With all the payment systems available today, GIRO would be at the bottom of my list! Here’s why.

Given the options and choices that are available today for online banking and digital payment, consumers should really look at other options that offer them better control over their personal bank accounts — and not sign away their rights to third party billing organizations to debit their bank account with little real time control over what happens next. There is a lot of innovation happening in payment systems that offers much greater control and real time transparency to the consumer. To me, that why the GIRO system that was started in 1984, is my last choice.

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