internet banking and public holidays

Discussion in 'NZ Computing' started by cowboyz, Jan 3, 2004.

  1. cowboyz

    cowboyz Guest

    I brought this dvdr on auction and tried to transfer funds and it will not
    pay until monday. Now, what is up with that?

    Why is it bank transfers can't go through on public holidays or weekends?
    What intervention is required by whoever has to be at work for a bank
    transfer to take place? I would have thought that it would be easy as
    software going .. IF A>B then PAY else REJECT. Doesn't seem to me that any
    intervention on bank staff is required at all?

    Any thoughts?

    My gumble for the day.
    cowboyz, Jan 3, 2004
    #1
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  2. Are you transfering between different banks?

    My understanding is, in the case of the ASB at least, that transfers are
    immediate if they are to other ASB customers, irrespective of the time.

    I agree, it is not acceptable.

    The Other Guy

    "cowboyz" <> wrote in message
    news:bt5hv0$svp$...
    > I brought this dvdr on auction and tried to transfer funds and it will not
    > pay until monday. Now, what is up with that?
    >
    > Why is it bank transfers can't go through on public holidays or weekends?
    > What intervention is required by whoever has to be at work for a bank
    > transfer to take place? I would have thought that it would be easy as
    > software going .. IF A>B then PAY else REJECT. Doesn't seem to me that

    any
    > intervention on bank staff is required at all?
    >
    > Any thoughts?
    >
    > My gumble for the day.
    >
    >
    >
    The Other Guy, Jan 3, 2004
    #2
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  3. cowboyz

    Lennier Guest

    On Sat, 03 Jan 2004 17:54:59 +1300, cowboyz wrote:

    > Why is it bank transfers can't go through on public holidays or weekends?
    > What intervention is required by whoever has to be at work for a bank
    > transfer to take place? I would have thought that it would be easy as
    > software going .. IF A>B then PAY else REJECT. Doesn't seem to me that
    > any intervention on bank staff is required at all?


    Perhaps it's because the staff are on holiday, and perhaps it is because
    inter-bank transfers are still being done by tape transfer.

    Perhaps it is because banks want to keep the use of your money for as long
    as possible.

    Perhaps it is because the banks don't feel any need to improve the quality
    of a service that they don't receive ANY benefit from.

    Perhaps the banks simply cannot be bothered.

    Lennier
    Lennier, Jan 3, 2004
    #3
  4. In article <pan.2004.01.03.05.54.02.169985@TRACKER>, Lennier <> wrote:
    >On Sat, 03 Jan 2004 17:54:59 +1300, cowboyz wrote:

    *SNIP*
    >Perhaps it is because the banks don't feel any need to improve the quality
    >of a service that they don't receive ANY benefit from.
    >

    *SNIP*

    Don't receive any benefit from my arse. Internet banking is by far the
    most economic way for banks to provide their services. It's cheaper
    than phone banking, and much, much cheaper than meat-space services.

    --
    Matthew Poole Auckland, New Zealand
    "Veni, vidi, velcro...
    I came, I saw, I stuck around"

    My real e-mail is mattATp00leDOTnet
    Matthew Poole, Jan 3, 2004
    #4
  5. cowboyz

    GraB Guest

    On Sat, 3 Jan 2004 17:54:59 +1300, "cowboyz" <> wrote:

    >I brought this dvdr on auction and tried to transfer funds and it will not
    >pay until monday. Now, what is up with that?
    >
    >Why is it bank transfers can't go through on public holidays or weekends?
    >What intervention is required by whoever has to be at work for a bank
    >transfer to take place? I would have thought that it would be easy as
    >software going .. IF A>B then PAY else REJECT. Doesn't seem to me that any
    >intervention on bank staff is required at all?
    >
    >Any thoughts?
    >
    >My gumble for the day.
    >
    >

    I went to pay a bill online at ANZ on the bill's due date and found
    this message:

    Due to the New Year's holidays, Automatic Payments and Internet
    Banking transfers due to be processed during the period of 1st January
    to 5th January will be processed from 2:30pm on 5th January 2004.

    That means my bill will be paid late. Damn.
    GraB, Jan 3, 2004
    #5
  6. cowboyz

    cowboyz Guest

    GraB wrote:
    > On Sat, 3 Jan 2004 17:54:59 +1300, "cowboyz" <> wrote:
    >
    >> I brought this dvdr on auction and tried to transfer funds and it
    >> will not pay until monday. Now, what is up with that?
    >>
    >> Why is it bank transfers can't go through on public holidays or
    >> weekends? What intervention is required by whoever has to be at work
    >> for a bank transfer to take place? I would have thought that it
    >> would be easy as software going .. IF A>B then PAY else REJECT.
    >> Doesn't seem to me that any intervention on bank staff is required
    >> at all?
    >>
    >> Any thoughts?
    >>
    >> My gumble for the day.
    >>
    >>

    > I went to pay a bill online at ANZ on the bill's due date and found
    > this message:
    >
    > Due to the New Year's holidays, Automatic Payments and Internet
    > Banking transfers due to be processed during the period of 1st January
    > to 5th January will be processed from 2:30pm on 5th January 2004.
    >
    > That means my bill will be paid late. Damn.




    I recently changed to National (starting to wonder why)

    I opened the account with a nil balance cause I was walking past. Gave me
    a cheque book.
    Came home and paid worker $300.
    Jumped on net and transferred $5000 from TSB to National.
    Worker Banked cheque to his account following day.
    They managed to bounce the cheque?!?!?!?

    How???

    They were not very co-operative and told me not to write cheques when the
    funds weren't there. (so much for cheques in the mail)

    I thought that life would get easier with internet banking. Thinking not.
    cowboyz, Jan 3, 2004
    #6
  7. cowboyz

    C Guest

    On Sat, 3 Jan 2004 20:58:21 +1300, "cowboyz" <> wrote:

    >GraB wrote:
    >> On Sat, 3 Jan 2004 17:54:59 +1300, "cowboyz" <> wrote:
    >>
    >>> I brought this dvdr on auction and tried to transfer funds and it
    >>> will not pay until monday. Now, what is up with that?
    >>>
    >>> Why is it bank transfers can't go through on public holidays or
    >>> weekends? What intervention is required by whoever has to be at work
    >>> for a bank transfer to take place? I would have thought that it
    >>> would be easy as software going .. IF A>B then PAY else REJECT.
    >>> Doesn't seem to me that any intervention on bank staff is required
    >>> at all?
    >>>
    >>> Any thoughts?
    >>>
    >>> My gumble for the day.
    >>>
    >>>

    >> I went to pay a bill online at ANZ on the bill's due date and found
    >> this message:
    >>
    >> Due to the New Year's holidays, Automatic Payments and Internet
    >> Banking transfers due to be processed during the period of 1st January
    >> to 5th January will be processed from 2:30pm on 5th January 2004.
    >>
    >> That means my bill will be paid late. Damn.

    >
    >
    >
    >I recently changed to National (starting to wonder why)
    >
    >I opened the account with a nil balance cause I was walking past. Gave me
    >a cheque book.
    >Came home and paid worker $300.
    >Jumped on net and transferred $5000 from TSB to National.
    >Worker Banked cheque to his account following day.
    >They managed to bounce the cheque?!?!?!?
    >
    >How???
    >
    >They were not very co-operative and told me not to write cheques when the
    >funds weren't there. (so much for cheques in the mail)
    >
    >I thought that life would get easier with internet banking. Thinking not.


    That's odd. National Bank treats electronic deposits as cleared funds.

    Check your bank statement - did your $5,000 transfer from the TSB show
    up on the same day as the $300 withdrawal?
    C, Jan 3, 2004
    #7
  8. cowboyz

    pete Guest

    "C" <> wrote in message
    news:...
    > On Sat, 3 Jan 2004 20:58:21 +1300, "cowboyz" <> wrote:
    >
    > >GraB wrote:
    > >> On Sat, 3 Jan 2004 17:54:59 +1300, "cowboyz" <> wrote:
    > >>
    > >>> I brought this dvdr on auction and tried to transfer funds and it
    > >>> will not pay until monday. Now, what is up with that?
    > >>>
    > >>> Why is it bank transfers can't go through on public holidays or
    > >>> weekends? What intervention is required by whoever has to be at work
    > >>> for a bank transfer to take place? I would have thought that it
    > >>> would be easy as software going .. IF A>B then PAY else REJECT.
    > >>> Doesn't seem to me that any intervention on bank staff is required
    > >>> at all?
    > >>>
    > >>> Any thoughts?
    > >>>
    > >>> My gumble for the day.
    > >>>
    > >>>
    > >> I went to pay a bill online at ANZ on the bill's due date and found
    > >> this message:
    > >>
    > >> Due to the New Year's holidays, Automatic Payments and Internet
    > >> Banking transfers due to be processed during the period of 1st January
    > >> to 5th January will be processed from 2:30pm on 5th January 2004.
    > >>
    > >> That means my bill will be paid late. Damn.

    > >
    > >
    > >
    > >I recently changed to National (starting to wonder why)
    > >
    > >I opened the account with a nil balance cause I was walking past. Gave

    me
    > >a cheque book.
    > >Came home and paid worker $300.
    > >Jumped on net and transferred $5000 from TSB to National.
    > >Worker Banked cheque to his account following day.
    > >They managed to bounce the cheque?!?!?!?
    > >
    > >How???
    > >
    > >They were not very co-operative and told me not to write cheques when the
    > >funds weren't there. (so much for cheques in the mail)
    > >
    > >I thought that life would get easier with internet banking. Thinking

    not.
    >
    > That's odd. National Bank treats electronic deposits as cleared funds.
    >
    > Check your bank statement - did your $5,000 transfer from the TSB show
    > up on the same day as the $300 withdrawal?


    I made an EFT-POS payment at Mitre 10 yesterday (Friday). Checked the bank
    account online today (Saturday) and it shows as debited to my account
    05/01/04 (Monday). Also National Bank.
    pete, Jan 3, 2004
    #8
  9. cowboyz

    Lennier Guest

    On Sat, 03 Jan 2004 20:58:21 +1300, cowboyz wrote:

    > They were not very co-operative and told me not to write cheques when the
    > funds weren't there.


    Fair comment.

    If funds are not actually IN the account, then you shouldn't attempt
    to draw against the account.

    Lennier
    Lennier, Jan 3, 2004
    #9
  10. cowboyz

    cowboyz Guest


    >> I thought that life would get easier with internet banking.
    >> Thinking not.

    >
    > That's odd. National Bank treats electronic deposits as cleared funds.
    >
    > Check your bank statement - did your $5,000 transfer from the TSB show
    > up on the same day as the $300 withdrawal?


    Yep. shows up as withdraw first. then deposit then $25 bank charge for
    dishonoured cheque. Pissed me off. I could have brought a pack of smoke
    with that $25.
    cowboyz, Jan 3, 2004
    #10
  11. cowboyz

    cowboyz Guest

    Lennier wrote:
    > On Sat, 03 Jan 2004 20:58:21 +1300, cowboyz wrote:
    >
    >> They were not very co-operative and told me not to write cheques
    >> when the funds weren't there.

    >
    > Fair comment.
    >
    > If funds are not actually IN the account, then you shouldn't attempt
    > to draw against the account.
    >
    > Lennier


    Yes yes we know we know... But with all *their* promotion of internet
    banking and how I can do everything online "at the click of a button"
    (remembering it was them (national bank) who sold me on internet banking to
    make my business "more efficient" I really wasn't thinking there was any way
    that there would be a problem. It is all good taking the high ground and
    saying that you shouldn't draw on non-existant funds but in real life things
    just don't work out that way. In any case, if I can send an email in 4
    seconds to the other side of the world I don't see why banks can't transfer
    funds in 12 hours.

    It is not only the $25 they charge me (which is just a pissoff) but also
    that Mr Worker was relying on money to buy presents or food or whatever he
    wants to spend his money on. I felt kinda bad for him really.
    cowboyz, Jan 3, 2004
    #11
  12. cowboyz

    Jason M Guest

    On Sun, 4 Jan 2004 08:12:28 +1300, "cowboyz" <> wrote:

    >
    >>> I thought that life would get easier with internet banking.
    >>> Thinking not.

    >>
    >> That's odd. National Bank treats electronic deposits as cleared funds.
    >>
    >> Check your bank statement - did your $5,000 transfer from the TSB show
    >> up on the same day as the $300 withdrawal?

    >
    >Yep. shows up as withdraw first. then deposit then $25 bank charge for
    >dishonoured cheque. Pissed me off. I could have brought a pack of smoke
    >with that $25.


    If all the transactions occurred on the same day you should not incur
    a penalty.
    Go to someone important at the National Bank and ask them what their
    policy is for transactions on the same day. Tell him/her that we are
    discussing this on the internet and they'd better refund the $25 to
    you and apologise or else they will lose huge numbers of customers
    because banks are often discussed here and people ask for
    recommendations for good banks, and so far they are not one.

    You should also phone the Banking Ombudsman.
    Jason M, Jan 3, 2004
    #12
  13. cowboyz

    Stuart Guest

    "Lennier" <> wrote in message
    news:pan.2004.01.03.05.54.02.169985@TRACKER...
    > On Sat, 03 Jan 2004 17:54:59 +1300, cowboyz wrote:
    >
    > > Why is it bank transfers can't go through on public holidays or

    weekends?
    > > What intervention is required by whoever has to be at work for a bank
    > > transfer to take place? I would have thought that it would be easy as
    > > software going .. IF A>B then PAY else REJECT. Doesn't seem to me that
    > > any intervention on bank staff is required at all?

    >
    > Perhaps it's because the staff are on holiday, and perhaps it is because
    > inter-bank transfers are still being done by tape transfer.


    I would think it's because they'd check the name of the account the money's
    going into is the same as what you said. Perhaps the majority of cases could
    be quickly done by a computer, but I'd feel happier knowing that if I
    screwed up the account number by a digit the money would still go in the
    right person's account because a bank clerk corrected my mistake.

    Stuart
    Stuart, Jan 3, 2004
    #13
  14. cowboyz

    MarkH Guest

    "cowboyz" <> wrote in news:bt74if$7cc$:

    > Lennier wrote:
    >> On Sat, 03 Jan 2004 20:58:21 +1300, cowboyz wrote:
    >>
    >>> They were not very co-operative and told me not to write cheques
    >>> when the funds weren't there.

    >>
    >> Fair comment.
    >>
    >> If funds are not actually IN the account, then you shouldn't attempt
    >> to draw against the account.
    >>
    >> Lennier

    >
    > Yes yes we know we know... But with all *their* promotion of
    > internet banking and how I can do everything online "at the click of a
    > button" (remembering it was them (national bank) who sold me on
    > internet banking to make my business "more efficient" I really wasn't
    > thinking there was any way that there would be a problem. It is all
    > good taking the high ground and saying that you shouldn't draw on
    > non-existant funds but in real life things just don't work out that
    > way. In any case, if I can send an email in 4 seconds to the other
    > side of the world I don't see why banks can't transfer funds in 12
    > hours.
    >
    > It is not only the $25 they charge me (which is just a pissoff) but
    > also that Mr Worker was relying on money to buy presents or food or
    > whatever he wants to spend his money on. I felt kinda bad for him
    > really.


    Was this a cash cheque? If Mr Worker went in to the bank and tried to cash
    it before the electronic transaction had been processed, then it would make
    sense that the bank would have to dishonour it.

    OTOH
    If it was being banked into an account with the usual 5 day clearance time
    then the cheque should not have been bounced.

    It’s only if the cheque is being cleared then and there that they need to
    bounce it.


    --
    Mark Heyes (New Zealand)
    See my pics at http://homepages.ihug.co.nz/~markh/
    "There are 10 types of people, those that
    understand binary and those that don't"
    MarkH, Jan 3, 2004
    #14
  15. cowboyz

    Lennier Guest

    On Sun, 04 Jan 2004 08:12:28 +1300, cowboyz wrote:

    > I could have brought a pack of smoke
    > with that $25.


    Why don't you just rollup some newspaper - it'll produce just as much
    smoke for you - and considerably cheaper!

    Lennier
    Lennier, Jan 3, 2004
    #15
  16. cowboyz

    Lennier Guest

    On Sun, 04 Jan 2004 11:21:52 +1300, Stuart wrote:

    > I would think it's because they'd check the name of the account the
    > money's going into is the same as what you said.


    The name of the Account doesn't matter - so long as the number is correct.

    They should be check-digiting the numbers at the time of accepting the
    transaction.

    Lennier
    Lennier, Jan 3, 2004
    #16
  17. cowboyz

    Lebowski Guest

    "Lennier" <> wrote in message
    news:pan.2004.01.03.23.32.34.159711@TRACKER...
    > On Sun, 04 Jan 2004 08:12:28 +1300, cowboyz wrote:
    >
    > > I could have brought a pack of smoke
    > > with that $25.

    >
    > Why don't you just rollup some newspaper - it'll produce just as much
    > smoke for you - and considerably cheaper!
    >
    > Lennier
    >


    Was he referring to a tinnie, or a share in an ounce?
    Lebowski, Jan 4, 2004
    #17
  18. cowboyz

    cowboyz Guest

    Stuart wrote:
    > "Lennier" <> wrote in message
    > news:pan.2004.01.03.05.54.02.169985@TRACKER...
    >> On Sat, 03 Jan 2004 17:54:59 +1300, cowboyz wrote:
    >>
    >>> Why is it bank transfers can't go through on public holidays or
    >>> weekends? What intervention is required by whoever has to be at
    >>> work for a bank transfer to take place? I would have thought that
    >>> it would be easy as software going .. IF A>B then PAY else REJECT.
    >>> Doesn't seem to me that any intervention on bank staff is required
    >>> at all?

    >>
    >> Perhaps it's because the staff are on holiday, and perhaps it is
    >> because inter-bank transfers are still being done by tape transfer.

    >
    > I would think it's because they'd check the name of the account the
    > money's going into is the same as what you said. Perhaps the majority
    > of cases could be quickly done by a computer, but I'd feel happier
    > knowing that if I screwed up the account number by a digit the money
    > would still go in the right person's account because a bank clerk
    > corrected my mistake.
    >
    > Stuart


    If you can't type in an account number without error then maybe internet
    banking is not for you. What is the point of having modern technology when
    it has to be double checked by Mr or Mrs Human. I'd be willing to bet a
    clerk would transpose a number earlier than a computer would.
    cowboyz, Jan 4, 2004
    #18
  19. cowboyz

    cowboyz Guest

    MarkH wrote:
    > "cowboyz" <> wrote in news:bt74if$7cc$:
    >
    >> Lennier wrote:
    >>> On Sat, 03 Jan 2004 20:58:21 +1300, cowboyz wrote:
    >>>
    >>>> They were not very co-operative and told me not to write cheques
    >>>> when the funds weren't there.
    >>>
    >>> Fair comment.
    >>>
    >>> If funds are not actually IN the account, then you shouldn't attempt
    >>> to draw against the account.
    >>>
    >>> Lennier

    >>
    >> Yes yes we know we know... But with all *their* promotion of
    >> internet banking and how I can do everything online "at the click of
    >> a button" (remembering it was them (national bank) who sold me on
    >> internet banking to make my business "more efficient" I really wasn't
    >> thinking there was any way that there would be a problem. It is all
    >> good taking the high ground and saying that you shouldn't draw on
    >> non-existant funds but in real life things just don't work out that
    >> way. In any case, if I can send an email in 4 seconds to the other
    >> side of the world I don't see why banks can't transfer funds in 12
    >> hours.
    >>
    >> It is not only the $25 they charge me (which is just a pissoff) but
    >> also that Mr Worker was relying on money to buy presents or food or
    >> whatever he wants to spend his money on. I felt kinda bad for him
    >> really.

    >
    > Was this a cash cheque? If Mr Worker went in to the bank and tried
    > to cash it before the electronic transaction had been processed, then
    > it would make sense that the bank would have to dishonour it.
    >

    It was a cash cheque but it was deposited into Mr Workers account. Not
    tried to cash it over the counter.

    > OTOH
    > If it was being banked into an account with the usual 5 day clearance
    > time then the cheque should not have been bounced.


    My thoughts exactly. The 5 day clearance is a myth me thinks.

    >
    > It's only if the cheque is being cleared then and there that they
    > need to bounce it.
    cowboyz, Jan 4, 2004
    #19
  20. cowboyz

    cowboyz Guest

    Lennier wrote:
    > On Sun, 04 Jan 2004 08:12:28 +1300, cowboyz wrote:
    >
    >> I could have brought a pack of smoke
    >> with that $25.

    >
    > Why don't you just rollup some newspaper - it'll produce just as much
    > smoke for you - and considerably cheaper!
    >
    > Lennier


    I smoke cause it makes all the stupid people around me seem smarter.
    cowboyz, Jan 4, 2004
    #20
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