How can I safeguard my deposits with Money Lock?

About Money Lock

Money Lock is a security feature designed to safeguard your funds against fraudulent activities. It enables you to “lock up” a portion of your Mari Savings Account (excluding funds held in Mari Fixed Deposit(s)) account balance. This prevents unauthorized movement of your money in the event your MariBank account is compromised by scammers.

Advantages of Money Lock

• Enhanced Protection: This feature provides an extra layer of defense against scams. By locking the funds, you safeguard your money from unauthorized transfers, even if fraudsters obtain your banking credentials or device.
• Earn Interest: The funds placed under Money Lock continue to accrue interest at the Mari Savings Account's prevailing interest rate. You benefit from enhanced security while you grow your earnings.
• Personalized Control: You have the flexibility to decide how much funds to lock up in your account. Do ensure you have sufficient funds unlocked for daily expenses and transfers.

How to Activate Money Lock?

Activating Money Lock is simple and can be done directly via the MariBank app:

Step 1: Select the amount of funds you wish to lock.

Step 2: Once confirmed, this amount of funds will be locked and unavailable for transfers.

Please note that locked funds remain in your account but cannot be used for payments. Any attempts to use the locked funds will be automatically declined.

How to Unlock Your Funds?

To unlock your funds, you must initiate the process via the MariBank app:

Step 1: Once you click “Unlock Funds” — all your locked funds will be selected automatically.

Step 2: Conduct SingPass Verification to authenticate your identity to unlock the funds

Processing Times for Money Lock

Locking of funds is immediate. Unlocking your funds will involve a 12-hour cooling period, and in some cases, require additional verification.

Can I lock part of my money, or must it be the whole amount?

You can choose to lock any amount in your account, whether it's a portion or your entire balance. However, when you unlock funds, the full amount you locked in previously will be unlocked at once.

How Money Lock Affects Your Payments

Locked funds cannot be used for existing payment arrangements, such as eGIRO, credit card repayments, or loan repayments.

While you can lock any amount, please ensure you retain enough Available Balance to prevent late fees and charges, as your locked money won't be available for use until you unlock it.

Is Money Lock Compulsory?

Money Lock is optional. Nevertheless, to protect your funds against scam, it is recommended as an extra layer of protection.

Are my funds in Money Lock insured by the Deposit Insurance Scheme?

Yes. Your deposits in the Mari Savings Account, including those secured by Money Lock and held in Mari Fixed Deposit(s), are insured up to S$100,000 in aggregate per depositor by the Singapore Deposit Insurance Corporation (SDIC) in Singapore.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.