Cancel Easicredit: The Right Way

How to cancel Easicredit and stop paying annual fees in singapore

What Easicredit is and why you might want to cancel

Easicredit is a revolving credit facility operated by OCBC Bank, designed to give Singapore residents flexible access to borrowed funds. The service charges an annual fee of SGD 120 (waived in your first year if you earn SGD 30,000 or more), plus interest on any amount you actually borrow. Many customers sign up attracted by promotional fee waivers and cashback offers, then discover the annual charge continues year after year, or they simply no longer need the credit line.

If you're paying for a service you no longer use, or you've found better credit terms elsewhere, cancelling is your right. Tocancel is here to walk you through the process step by step, so you stop paying and avoid common traps that catch most people off guard.

Common reasons to cancel Easicredit

You might cancel because you no longer need the revolving credit facility, you want to eliminate annual banking fees, you've found a cheaper credit product, or you're simply tightening your monthly budget. Whatever your reason, the process is straightforward once you know what steps to take and which protections apply to you.

Why cancelling now matters

Every month you delay costs you money in annual fees and potential interest charges. Your SGD 120 annual fee alone justifies acting today, and Tocancel's guide ensures you close the account cleanly without leaving standing instructions active or being tied to renewal fees you didn't authorise.

Your consumer rights when cancelling Easicredit

Singapore's Consumer Protection (Fair Trading) Act gives you concrete legal rights when you cancel financial services like Easicredit.

What the consumer protection (Fair trading) act protects you

Under Singapore's Consumer Protection (Fair Trading) Act, OCBC must honour your cancellation request made in good faith, provide clear confirmation within a reasonable timeframe, and stop all charges once you formally close the facility. You have the right to request a full breakdown of any fees charged before cancellation, and to challenge charges you believe are unfair or applied in error. Your legal position is strong: OCBC cannot refuse cancellation or continue charging after you've given written notice of closure.

If OCBC refuses to cancel or continues charging after you've requested closure, you can escalate your complaint to the Monetary Authority of Singapore (MAS) or the Financial Industry Disputes Resolution Centre (FIDREC). These bodies enforce fair dealings in financial services and can compel OCBC to act.

Your right to cancel standing instructions independently

Critically, you have the absolute right to cancel any standing instructions (GIRO, standing orders, or autopay arrangements) linked to Easicredit at any time, separate from account closure itself. This protection is independent: you can stop payment flows immediately even if account closure takes a few business days. This means your bank balance is protected from the moment you cancel the standing instruction, not when OCBC formally closes the account.

How to cancel Easicredit by phone

Calling OCBC directly is the fastest and most reliable cancellation method, giving you immediate confirmation and a reference number you can use if disputes arise later.

The step-by-step phone cancellation process

1. Call OCBC customer service on +65 6363 3333 (available 24 hours, 7 days a week).
   • Have your NRIC or passport number, registered mobile number, and Easicredit account number ready before you call.
   • Call during business hours (Monday to Friday, 8am to 6pm) if you need to discuss fees, standing instructions, or outstanding balances in detail; the line is always staffed, but peak hours are typically 9am to 12pm and 2pm to 5pm.
2. When the agent answers, state clearly and directly: "I want to cancel my Easicredit account and close the facility effective immediately."
   • Avoid vague language like "I'd like to explore my options" - directness prevents being transferred or upsold on alternative products.
3. Confirm with the agent that your account will be marked for closure and no new credit draws are permitted from that date forward.
   • Pro tip: Ask the agent to confirm the exact date the facility will be locked - this is your protection against accidental usage or unexpected interest charges.
4. Request the agent email you a written confirmation of cancellation to your registered email address, and ask for a reference number.
   • Warning: Do not end the call without a reference number. This is your proof of cancellation if disputes arise later.
5. Before hanging up, ask: "Will my standing instruction be cancelled, or do I need to cancel that separately?"
   • Many customers are caught out because the account closure and the standing instruction cancellation are processed separately - confirm which one OCBC will handle.
6. If OCBC says they cannot cancel or asks you to visit a branch, stay calm and ask to speak to a supervisor. Your right to cancel is non-negotiable under consumer protection law.

What to do after the phone call

After you hang up, take action within 24 hours to protect yourself. Write a follow-up email to OCBC confirming the cancellation (send it to the email address on your statement or call back to get the correct address), include the reference number the agent gave you, and request written confirmation of account closure within 5 business days. This email creates a documented trail if OCBC later claims it never received your cancellation request.

How to cancel Easicredit by letter or email

If you prefer a written record or cannot reach OCBC by phone, cancelling by registered letter or email creates undeniable proof of your cancellation request.

The written cancellation method

1. Compose a cancellation letter or email with the following information:
   • Your full name, NRIC number, and Easicredit account number.
   • A clear statement: "I hereby request cancellation of my Easicredit account effective immediately."
   • The date you are submitting the request.
   • Your registered contact number and email address.
   • A request for written confirmation of closure within 5 business days.
2. For email cancellation, send to OCBC's customer service inbox (found on your statement or OCBC's official website) and request a read receipt.
   • Subject line: "Easicredit Account Cancellation Request - [Your Name] - [Account Number]"
3. For registered letter, address it to OCBC's Singapore head office and send via registered mail so you have proof of delivery.
   • Keep the registered mail receipt as your evidence.
4. Keep a copy of your letter or a screenshot of your email for your records - this is your proof if OCBC later disputes receiving the request.
5. Follow up by phone 5 business days later if you haven't received written confirmation. Reference your email date or registered mail receipt number.

Understanding Easicredit fees and what you'll stop paying

When you cancel Easicredit, you stop paying these charges, provided you close the account before the next renewal date.

What happens after you cancel Easicredit

Once you've submitted your cancellation request, understanding the timeline and what to expect protects you from confusion and missed steps.

The cancellation timeline

OCBC typically processes Easicredit cancellations within 3 to 5 business days from the date you request closure. During this period, your credit facility remains locked (no new draws permitted), but you may still be able to repay any outstanding balance. After 5 business days, OCBC should send you written confirmation that the account is closed and the facility is terminated.

Your standing instruction and automatic payments

If you had a standing instruction set up to pay Easicredit automatically, confirm separately with OCBC or your bank that this has been cancelled. Do not assume account closure automatically cancels the standing instruction - many customers report continued deductions weeks after account closure because the payment order was never formally cancelled. Contact your bank directly and request written confirmation that the standing instruction has been stopped.

Outstanding balances and what you still owe

Cancellation does not erase any balance you owe on the Easicredit facility. If you have borrowed money, you must repay that amount in full. Interest will continue to accrue on any outstanding balance until you clear it completely. Contact OCBC to ask for a final settlement figure and arrange repayment before or immediately after closure, so you avoid prolonged interest charges.

Common mistakes to avoid when cancelling Easicredit

Cancelling a credit facility can feel confusing, and it's easy to miss a step that later costs you money or delays the closure.

Mistake 1: assuming the standing instruction is cancelled automatically

Many people close their Easicredit account but forget that the standing instruction (GIRO or standing order) continues to exist at their bank. OCBC may close the account, but your bank continues sending payments until you formally cancel the standing instruction on your bank's side. Contact your bank separately and cancel the standing instruction by account number or reference code to stop the payments permanently.

Mistake 2: cancelling without confirming the renewal date

If you cancel just before your annual renewal date (usually the same month your account opened), OCBC may charge the SGD 120 annual fee first, then process the cancellation. Ask the agent when your renewal date is, and time your cancellation at least 5 business days before that date to avoid a final unwanted charge.

Mistake 3: not getting a reference number or written confirmation

If you cancel by phone and don't record the agent's name, the date, and a reference number, you have no proof if OCBC later claims it never received your request. Always insist on a reference number before hanging up, and follow up with an email confirmation within 24 hours. Tocancel recommends treating this written trail as non-negotiable - it's your insurance policy.

Mistake 4: leaving an outstanding balance unresolved

Closing your account does not eliminate what you owe. If you have an outstanding balance and ignore it, OCBC will continue charging interest, and the debt may be referred to a collections agency, damaging your credit score. Settle or make arrangements to repay any borrowed amount before or immediately after closure.

Mistake 5: not checking your statements for 30 days after closure

Even after Easicredit confirms closure, review your bank statement and credit card statements for the next 30 days to ensure no unexpected charges appear. If you spot a charge after closure, contact OCBC immediately with your reference number and demand a refund.

How to escalate if OCBC refuses to cancel

If OCBC refuses your cancellation request or claims you cannot cancel Easicredit, your consumer rights give you clear escalation paths.

Step 1: escalate to OCBC management

If a phone agent refuses cancellation, ask to speak to a supervisor. Explain that you have made a clear cancellation request and that the Consumer Protection (Fair Trading) Act gives you the right to cancel. Request the supervisor's name and the date, and ask for escalation to the complaints department if necessary.

Step 2: file a complaint with FIDREC

The Financial Industry Disputes Resolution Centre (FIDREC) is Singapore's independent ombudsman for financial disputes. If OCBC refuses to honour your cancellation request or continues charging after you've cancelled, you can lodge a complaint with FIDREC for free. FIDREC will investigate and can order OCBC to refund unfair charges or honour the cancellation. Submit your complaint online at fidrec.com.sg with copies of your cancellation request and OCBC's response.

Step 3: escalate to the monetary authority of singapore (MAS)

If FIDREC's outcome is unsatisfactory, or if OCBC refuses to comply with a FIDREC determination, you can report the issue to the Monetary Authority of Singapore (MAS). MAS enforces financial regulations in Singapore and can take enforcement action against OCBC if it has violated consumer protection rules. File a report at mas.gov.sg.

Cancellation checklist for Easicredit

Use this checklist to ensure you've completed every step and protected yourself from missed charges or disputes.

Reviews and experiences from consumers who cancelled Easicredit

Consumers who successfully cancelled Easicredit report that the process is straightforward when they call OCBC directly and insist on a reference number. The most common feedback is that standing instructions were not cancelled automatically, leading to surprise deductions weeks after account closure - this is why Tocancel emphasises contacting your bank separately.

Satisfaction with cancellation typically depends on whether the customer confirmed the standing instruction was stopped and whether they checked their statements afterwards. Those who followed these steps report clean, quick cancellations; those who skipped them often discovered unwanted charges later.

Key takeaways and next steps

Cancelling Easicredit is your right under Singapore's Consumer Protection (Fair Trading) Act, and the process takes just one phone call. Call OCBC on +65 6363 3333, state your cancellation clearly, record the reference number, confirm the standing instruction status, and send a follow-up email within 24 hours. Cancel any standing instruction through your bank separately, and monitor your statements for 30 days to catch any unexpected charges.

If OCBC refuses cancellation or continues charging after closure, escalate to FIDREC (fidrec.com.sg) or the Monetary Authority of Singapore (mas.gov.sg). You are in control of this process, and Tocancel has helped thousands of consumers cancel unwanted financial services and recover unfair charges by following these exact steps. Act today to stop paying for a service you no longer use - your savings start now.

Easicredit cancellation contact information

OCBC customer service phone: +65 6363 3333 (24 hours, 7 days)

OCBC complaints and escalation: Available via phone during business hours or email via OCBC's official website

FIDREC (financial disputes): fidrec.com.sg or +65 6222 2333

Monetary Authority of Singapore (MAS): mas.gov.sg

For more guidance on cancelling financial services and understanding your consumer rights across Singapore, visit Tocancel.com - your trusted resource for cancellations, refunds, and consumer empowerment. Tocancel's library includes cancellation guides for dozens of Singapore services, dispute templates, and consumer protection advice.