Long queues for new notes ahead of Chinese New Year

The Straits Times2023-01-05

SINGAPORE - A long queue, comprising mostly seniors who want to get their hands on new notes ahead of Chinese New Year, formed at two pop-up ATMs at Ci Yuan Community Club in Hougang on Thursday. The...

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A long queue, comprising mostly seniors who want to get their hands on new notes ahead of Chinese New Year, formed at two pop-up ATMs at Ci Yuan Community Club in Hougang on Thursday. \nThe...</p>\n\n<a href=\"https://www.straitstimes.com/singapore/long-queues-for-new-notes-ahead-of-chinese-new-year\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0516422952.EUR","symbol_name":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","start_time":0,"source_url":"https://www.straitstimes.com/singapore/long-queues-for-new-notes-ahead-of-chinese-new-year","article_id":"2301280759","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"https://www.straitstimes.com/singapore/long-queues-for-new-notes-ahead-of-chinese-new-year","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2301280759","pubTimestamp":1672901291,"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"SINGAPORE - 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A long queue, comprising mostly seniors who want to get their hands on new notes ahead of Chinese New Year, formed at two pop-up ATMs at Ci Yuan Community Club in Hougang on Thursday. \nThe majority of people there opted for new notes instead of used notes that are fit-for-gifting, which local banks are issuing for the first time for the festive period this year in a bid to reduce carbon emissions generated from issuing new notes.\nAs at 10am, about 60 people were queueing for the new notes, while 14 people waited in line to get fit-for-gifting notes. \n\n\n\nHousewife Florence Tang, who was first in line to get the new notes from POSB pop-up ATMs at Ci Yuan, said she prefers the new notes due to tradition. \n“It has always been tradition for us to give new notes during Chinese New Year, because new notes signifies a new start to the new year,” said the 60-year-old, who began queueing from 8.15am. \nThe pop-up ATMs operate from Wednesday till Jan 20 between 10am and 10pm daily, as well as on Jan 21 from 10am to 1pm.\n\n\n\n\nNew and fit-for-gifting notes can be withdrawn without any prior booking at pop-up ATMs offered by DBS and selected UOB ATMs. \n\nThere are 72 POSB pop-up ATMs disbursing fit-for-gifting and new notes, up from the 64 ATMs in 2022. UOB has 17 ATMs dispensing new and fit-for-gifting notes, up from seven ATMs in 2022.\nDBS and UOB will also provide $2 and $10 in larger quantities, as well as $50 notes, for withdrawal from selected pop-up and branch ATMs. Walk-in exchanges at DBS, OCBC and UOB branches are available for those aged 60 and above and people with disabilities. \nHousewife Jenny Tan was among those who queued for new notes at the community club.\n\n\n\n“It has always been a tradition to give new notes to people during Chinese New Year. It will be strange to give people old or used notes,” said the 57-year-old. \nBut Miss Yvonne Leong, 44, who is self-employed, decided to try the new option. She said: “There is no harm trying fit-for-gifting notes, because they seem quite new. I feel these notes are acceptable to give during Chinese New Year.”\n\n\n\n\n\n\n \n\n\nMembers of the public forming an L-shaped queue to withdraw new (left ATMs) and fit-for-gifting (right ATMs) notes at Ci Yuan Community Club on Jan 5, 2023.  ST PHOTO: KEVIN LIM\n\n\n\n \n\n\nLikewise, sales merchandiser Winna Ho said she finds the note acceptable for the festive season. “It doesn’t matter because the value of the money is the same regardless of whether they are new or used notes,” said the 48-year-old. \nFit-for-gifting notes are notes that are generally clean and of suitable quality for recirculation, including for festive gifting.\nThe condition of these notes has been verified by banknote processing machines. The notes are similar in quality to those dispensed by ATMs.\nFrom Wednesday, the public can make appointments to exchange their cash for fit-for-gifting or new notes for Chinese New Year. Those who wish to do so must pre-book through DBS Bank, OCBC Bank and UOB online reservation systems to minimise the likelihood of overcrowding at bank branches. \nUOB’s first reservation window period opened on Wednesday, with collection from Jan 10 to Jan 14.\n\n\n\n\n\n\n \n\n\nPeople queueing outside the UOB outlet at HDB hub on Jan 5, 2023.  ST PHOTO: CHONG JUN LIANG\n\n\n\n \n\n\nThe bank’s managing director of group channels and digitalisation, Mr Benny Chan, said booking slots for new notes and fit-for-gifting notes exchange at its branches were fully booked by about 8.30am and 12.40pm, respectively, on Wednesday. \nOCBC Bank’s head of branch service and risk management, Ms Jean Oh, said the bank’s booking window from Jan 10 to Jan 13 opened at 8am on Wednesday. As at 11am, 25 per cent of the available slots have been taken up. Most of the slots that have been taken up are for new notes. \nThe booking window for this first tranche will close on Jan 7 or when all slots have been taken up, said Ms Oh. \n“For walk-in for elderly and those with disabilities, our branches have met their quota of available new and fit-for-gifting notes today. A quota will be set aside each day,” she added, without revealing further details. \n\n\n\n\n\n\n \n\n\nQueues forming up at 9.45am outside the OCBC branch at HDB hub, ahead of the outlet’s opening at 11am, on Jan 5, 2023. ST PHOTO: CHONG JUN LIANG\n\n\n\n \n\n\nThe Monetary Authority of Singapore had previously encouraged people to adopt more environmentally friendly options, as issuing new notes to meet the demand for festive gifting generates unnecessary carbon emissions and is a waste of resources.\nApart from fit-for-gifting notes, people are also urged to use digital red packets, or e-hongbao.\nThe central bank will also cease the issuance of good-as-new $2 notes from the upcoming Chinese New Year. These notes were issued during Chinese New Year and deposited back to MAS shortly thereafter by the banks.\n\n\n\n\n\nMore On This Topic\n\n \n\nGive digital red packets or fit-for-gifting notes this CNY to avoid harming the environment\n\n\n\n \n\nOld habits die hard? Why still give out physical hongbao and new notes?","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2301280759"}