| 1: | Who are eligible and how can I use the Phone Banking Services to bid for the COE Open Bidding ?
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| | | Ans: This service is currently available for OCBC personal customers,who wish to bid for a COE for their own use. All you need is a bank account (any SGD Savings or Current accounts), your Phone Code and TPIN. |
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| 2: | How can I apply for a Phone Code and TPIN?
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| | | Ans: All you need to do is to complete the Phone Banking Services Form, tick the box "Apply for Phone Banking Services" and mail it to Oversea Chinese Banking Corporation Ltd, Account Services (eBanking), Bras Basah Post Office, Locked bag Service No. 8, Singapore 911886.
Alternatively, if you have an ATM card, you can apply for a Phone Code & TPIN immediately through our ATMs.
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| 3: | What should I do if I have lost or forgotten my TPIN?
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| | | Ans: Complete the Phone Banking Services Form, tick the box "Re-issue Phone Banking Services" and mail it to Oversea Chinese Banking Corporation Ltd, Account Services (eBanking), Bras Basah Post Office, Locked bag Service No. 8, Singapore 911886.
Alternatively, if you have an ATM card, you can request for another TPIN immediately through our ATMs. You will be prompted to key in your new 6 digit TPIN on the spot.
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| 4: | With my Phone Code and TPIN, how can I proceed to bid for my COE?
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| | | Ans: Dial 1800-363 3333 to OCBC PhoneBank.
After keying in your language selection.
Press 1 for Account Information, Fund Transfer and Other Account Related services.
Enter your PhoneCode.
Enter your 6 digit TPIN.
Press 6 for COE Bidding Menu.
Press 2 for Bidding and follow the step by step instruction chart.
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| 5: | What are the features of the open bidding system?
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| | | Ans:
| Open Bidding System |
| Bid Period |
1st and 3rd Monday of the
month |
| Bid Deposit |
$200 for
motorcycles; $10,000 for all other vehicles |
| Reserve Price (maximum bid
amount bidder is willing to pay) |
Bidder submits his bid by
indicating his reserve price through the system.
System will automatically revise by adding $1
each time and submit the bid up to the limit of
the reserve price. If the current COE price is
higher than reserve price, then bidder is out of
the running unless he revises his reserve price
upwards. Reserve price can only be revised
upwards. Bidder is also not allowed to withdraw
his bid if the reserve price is equal or higher
than the current COE price |
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| 6: | How do I bid under the open bidding system?
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| | | Ans: Bidders must have sufficient funds in their accounts to meet the payment of bid deposit. Upon successful submission of the bids to the system, OCBC will deduct the bid deposits and administration fee / commission charges from the bidders' bank account.
For this service, a commission charge of $2 will be levied for each bid submitted and $2 for each subsequent revision made on the reserve price.
With effect from 1st October 2007, the commission charge will be revised to $10 for each bid submitted and $10 for each subsequent bid revision made.
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| 7: | What is the minimum Reserve Price?
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| | | Ans: The minimum reserve price is $1.
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| 8: | How would I know if my bid is successful during the bidding exercise?
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| | | Ans: You can check the status of your bids anytime until 2 days after the close of the bidding exercise via OCBC PhoneBank by selecting option 1 - Enquiry, from the COE Bidding Menu
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| 9: | How do I know if my bid is being processed?
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| | | Ans: When the system receives your submission, you will receive a confirmation that your bid has been received for processing. You will also be given an acknowledgement code for every successful bid submission/revision. You are advised not to release this acknowledgement code to other persons as it is used by the system to identify the bidder for subsequent bid revision.
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| 10: | How will the bids for the open bidding system be ranked?
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| | | Ans: The bidding process for the open bidding system will be similar to that of an open auction. Under the open bidding system, the bidder will submit a bid by indicating his reserve price- Bid amount (or the maximum bid amount that he is willing to pay) through the system. The system will then automatically revise and submit his bid upwards at $1 increment subject to the limit of his reserve price.
His bid is considered out-bid when the prevailing or current COE price exceeds his reserve price. However, he can revise his reserve price upwards to keep his bid in the running. A bidder will not be allowed to withdraw his bid. The reserve price can only be revised upwards, but not downwards.
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| 11: | What is the bid deposit payable under the open bidding system?
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| | | Ans: Under the open bidding system, bidders need only pay a fixed lump sum deposit of $200 for Category D (motorcycles) and $10,000 for Categories A, B, C and E (open).
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| 12: | Do I have to top up my bid deposit if I revise my reserve price upwards?
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| | | Ans: No. Under the open bidding system, the bid deposit is fixed at $200 for motorcycles and $10,000 for all other vehicles, regardless of the reserve price. Hence, there is no need to top up your bid deposit whenever you revise your reserve price. For your convenience, the bid deposit will be deducted from your bank account when you submit your bid. In the event that there is insufficient funds in your account, your bid will be rejected.
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| 13: | When will the funds for bid deposits be deducted from my bank account?
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| | | Ans: The bid deposit will be deducted from your bank account at the point of submission of the bid application.
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| 14: | If I am unsuccessful in my bid, when will the funds be credited back into my bank account?
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| | | Ans: The bid deposit will be credited to your bank account one working day after the confirmation/announcement of the bidding results.
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| 15: | What is an acknowledgement code?
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| | | Ans: An acknowledgement code is a six-digit number that will be issued by the system for every bid submission/revision. The bidder will have to key in this acknowledgement code for subsequent bid revision.
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| 16: | Where can I find more details on COE Open Bidding? |
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| 17: | Are there any fees or charges for this service? |
| | | Ans: A commission charge of $2 will be levied for each bid submitted and $2 for each subsequent bid revision made on the reserve price.
With effect from 1st October 2007, the commission charge will be revised to $10 for each bid submitted and $10 for each subsequent bid revision made. |
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