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Banksters?

Discussion in 'General Investing Discussion' started by sparker, 23rd Apr, 2007.

  1. sparker

    sparker New Member

    Joined:
    17th Mar, 2007
    Posts:
    3
    Location:
    Mackay
    Well This is a pet hate subject of mine-Banks! Yesterday, using the internet I transferred several thousand dollars to another persons account. The money dissappears from my account instantly, but 24 hours later, it still isn't showing in my friends account. There must be thousands of such transfers every day, often within the same bank. I wondered who has the money for that "transfer" time? Who gets the interest?

    Then there is the charge for checking a transaction.
    "There will be a $20 fee for checking but if the bank is wrong there will be no charge".
    I say, "Should'nt that be ...if the bank is wrong then you pay me a $20 charge"....laughter from the banksters.

    Anyone else have some banksterism to share?
     
  2. tasmo

    tasmo Well-Known Member

    Joined:
    2nd Jun, 2006
    Posts:
    47
    Location:
    Canberra, ACT
    Sparker,
    You say you made the transfer yesterday, well that was Sunday, and although the internet runs 24 hours every day, inter-bank transfers only occur on business days/nights (Monday-Friday). Your transfer has been recorded by the internet application into a transaction account that will most likely be processed tonight by a batch program.

    So if you miss the 6pm cut-off on Friday which most banks have, don't bother transferring on the internet until Monday.

    I think banks electronic transfers by the internet are an excellent service which I use frequently.

    Cheers
     
  3. sparker

    sparker New Member

    Joined:
    17th Mar, 2007
    Posts:
    3
    Location:
    Mackay
    So why doesn't the bank leave it in my account accruing interest on my money until they are able to transfer it? Who gets the interest under this system?
     
  4. bundy1964

    bundy1964 Well-Known Member

    Joined:
    22nd Dec, 2006
    Posts:
    351
    Location:
    Adelaide, SA
    The bank of course who else!
     
  5. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Banks aren't breaking record profits for nothing after all :)

    We're still arguing with Macq bank over a dishonour fee of some $80 for a signed cheque that they believe wasn't my husband's signature. Even upon clarification, we haven't had that fee reimbursed. Sometimes just going through the loopholes required to get action taken is so much trouble....
     
  6. Simon

    Simon Well-Known Member

    Joined:
    17th Sep, 2005
    Posts:
    520
    Location:
    Newcastle
    Ring the Banking Ombudsman. He will record the complaint and give you a magic number to call the bank on. This gets a person who can do whatever it takes to get the Ombudsman complaint closed.

    It esp works amazingly well for Telecommunications problems (diff ombudsman TIO). I had Telstra recently give us $600 worth of phones and credit because their repair service was too slow. The Telstra shop guy couldn't believe his ears when he was told what to give me. Also used it for ISP problems.
     
  7. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Will do if we get no joy with the next phonecall. Thanks for the tip Simon!!
     
  8. GavinC

    GavinC Active Member

    Joined:
    11th Apr, 2007
    Posts:
    27
    Location:
    London
    In the UK it takes 3 days to transfer money between banks. That's 3 business days, not a weekend, transferred over the internet. on the plus side there are no fees, but you really do get what you pay for.