Bank accounts are most likely the first "big-ticket" product or service that a consumer signs up. So it is good to know the liabilities and rights of a consumer in such a contractual relationship.
First place to start is the Financial Institutions Directory on the Monetary Authority of Singapore (MAS) webpage. You should only consider a dealing with a bank if their name is on the list.
The other list that you should check out is MAS's Investor Alert List. This is sort of like a blacklist of dodgy financial institutions.
What's next? Let's use the basic savings deposit as an example. The Association of Banks in Singapore (ABS) has a nice PDF guide on this.
MAS also has a PDF guide on how to read your bank statement.
The Singapore Deposit Insurance Corporation, a new entity, is a new protection scheme for consumers.
In the event a Scheme member bank or finance company fails, all of your eligible accounts with that member are aggregated and insured up to S$20,000, net of your liabilities to the member.
Moneys held in bank deposits under the CPF Investment Scheme are separately insured up to S$20,000.
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