What should I take note of when closing POSBkids Account?

Hello now that I (23F) am going to start work, I want to close my posbkids account, and possibly open a multiplier account. But I've used this posbkids account for more than 15 years, I am not sure of the exhaustive list of where I used this account number (from internships to govt payouts and also stashaway, but probably more that I dont remember). What happens if organisations transfer the money into this kids account after I've closed it and how can I ensure this doesn't happen?

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Rachelle Lye

16 Aug 2020

Digital Marketing at Fintech

Hey there,

I totally relate, I actually recently closed my own POSB Kids Account as well HAHHAHA. Here are some things to take note of:

Open an alternative bank account first (in your case, perhaps the DBS Multiplier)
Update your SingPass Bank Details (I forgot and my GST voucher got BOUNCED LOL, they mailed me the cheque so it's fine HAHHAAH)
Update your DBS PayLah and PayNow details (I changed my PayLah but forgot to change my PayNow LOL, only found out when my friends couldn't PayNow me)
Email and update the respective organisations' HR/Finance department to ensure things flow more smoothly. If the organisations do transfer money into the account, they will receive a notification that it failed.
I found this link for changing bank details with Stashaway.

Hope this helps! And all the best for starting your new job ya! :)

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YT

15 Aug 2020

Usually when a payment or transaction fails, there will be notification by the other party. From there, you can update your bank details with the organisation.

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