Banking Nonsense

JC

<blockquote class="ipsBlockquote" data-author="Hooroo" data-cid="587725" data-time="1465876143">
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Westpac is my hatiest bank.
 
All the separate Horse bank accounts are with Westpac and they just seem so behind on the tech front.
 
Eventually I will set up new horses with Kiwibank but haven't found the time to do so yet
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</blockquote>
 
Do they have special ATMs for the hooves?

Nepia

<blockquote class="ipsBlockquote" data-author="phoenetia" data-cid="587735" data-time="1465876766">
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FWIW I have done instant cash transfers and withdrawals numerous times. Sometimes just using the phone app, othertimes at the counter.
I've not seen a situation where the money wasn't available (I'm not disputing your experience, just sharing my own).
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</blockquote>
Actually physically going in and depositing cash is the only way I've found to guarantee money showing in an account straight away ... but that kind of defeats the purpose.
 
How about to test it you transfer $50 to my account from your phone ... ;)

JC

<blockquote class="ipsBlockquote" data-author="taniwharugby" data-cid="587731" data-time="1465876522">
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I can make a payment on Monday morning from ASB to clear my ANZ credit card and the payment hits my CC account assume at midnight Tuesday.
 
Cardless cash...interesting.
 
What does annoy me is why it takes longer for a credit card payment at say a supermarket takes longer to process after you push ok than it does for pay wave...wasn't a fan of it when it came out now I think the places that don't have it are a bit budget haha 
 
Transactions are instant in NZ, well on my accounts at ASB & ANZ and when I was with Kiwibank they were too.
 
ASB takes 21 work days to release the cash from a foreign cheque to me, whereas ANZ do so immediately, but charge me $5 for it, while ASB charge a few cents.
</div>
</blockquote>
That's because Paywave is a Visa product. The banks can put the transaction through instantly because the liability is Visa's, not the bank's.

Baron Silas Greenback

On a side note... I wrote a good portion of the original security software for paywave when I worked for Visa Europe. I didnt use it until I was sure they had probably rewritten my code.

taniwharugby

<blockquote class="ipsBlockquote" data-author="JC" data-cid="587750" data-time="1465877959">
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That's because Paywave is a Visa product. The banks can put the transaction through instantly because the liability is Visa's, not the bank's.
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Are we talking the same thing? Although if we are I guess that makes sense...still annoying :)
 
By longer I mean the time for the transactions while I am standing there not having to have chit chat with the 15 yr old serving me!
 
I insert the card, push credit, enter my pin and then it can take 10-12 seconds before it says to remove my card, whereas Paywave I hold my card there and it is done.

JC

Yes we are talking about the same thing TR. When you use the chip and PIN you go through all the bank's security processes to verify that the card is being used by you. If you use PayWave if anything goes wrong Visa picks up th tab and reimburses your account just like they would if you use a credit card or if you use your EFTPOS card as a Visa card online etc. so the banks don't bother with the security checks as that is now Visa's problem. It goes straight to the available balance check, which is much faster. 
PayWave is a great product. Banks like it because Visa's tools do all the heavy lifting and Visa takes the security related risks. Customers should love it too because the protections are just like they would be with a credit card.

mooshld

<blockquote class="ipsBlockquote" data-author="Hooroo" data-cid="587725" data-time="1465876143">
<div>
Westpac is my hatiest bank.
 
All the separate Horse bank accounts are with Westpac and they just seem so behind on the tech front.
 
Eventually I will set up new horses with Kiwibank but haven't found the time to do so yet
</div>
</blockquote>
 
Sorry Horses have their own bank accounts? 
 
You lean something new every day it seems.

Godder

<blockquote class="ipsBlockquote" data-author="No Quarter" data-cid="587614" data-time="1465856576">
<div>
Negative, they mean they process the payment that night as long as it is before 10PM. After 10PM... then the following night. E.G. ANZ -> Westpac at 10AM will go through overnight. BNZ -> Westpac at 10AM will go through by midday.
</div>
</blockquote>
 
<a data-ipb='nomediaparse' href='https://help.anz.co.nz/app/answers/detail/a_id/133'>https://help.anz.co.nz/app/answers/detail/a_id/133</a> : 
 
 
<blockquote class="ipsBlockquote">
Payments set up before 10:00pm on a business day to be made on the same day:
If you set up a payment before 10pm on a business day to be made that day, we'll send that payment during the day, usually within a couple of hours. When the payment is received will depend on when the other bank or financial institution deposits it to the recipient's account.
We withdraw the money for the payment immediately, so you can't change or delete the payment once you've confirmed it.
</blockquote>
 
 
Also, my sister banks with ANZ, and she said her payments normally go through to other banks within 2 hours.

NTA

Are you both talking about Australia? Or New Zealand?

Smudge

<blockquote class="ipsBlockquote" data-author="mooshld" data-cid="587807" data-time="1465888382">
<div>
Sorry Horses have their own bank accounts? 
 
You lean something new every day it seems. 
</div>
</blockquote>
 
You should have seen them trying to fill out a withdrawal slip back in the day.
 
 
Seriously though, with all the associated expenses for racehorses, I can understand why Hooroo has separate accounts for all of them. Especially if you've got different owners for each horse.

Hooroo

Exactly. That way it's also easier to track winnings etc from races for distribution purposes.

Chris B.

<blockquote class="ipsBlockquote" data-author="Smudge" data-cid="587721" data-time="1465875930">
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So I emailed Westpac, they came up with their bullshit excuse of making sure payments to me aren't dishonoured by the banks of the payee, and then told me they're taking off the $200 limit anyway seeing as I asked. 
</div>
</blockquote>
 
When I worked for the National Bank 30 years ago, the making sure payments aren't dishonoured by the bank of the payee, was definitely a valid reason.
 
However, in those days most deposits were made physically, were likely to be cheques, and the bank manager couldn't tell what they were until the physical deposit slip was returned from Databank.
 
These days, you'd think most deposits would be able to be instantaneously cleared..

The Silver Fern

Banking Nonsense