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| Thread ID: 116332 | 2011-02-27 20:56:00 | On-line Banking | bk T (215) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1181886 | 2011-02-27 20:56:00 | When I transfer some money (payment) to another account, my bank deducts the amount straight away but when someone transfers some money to me, it takes 2 - 3 working days to complete the transaction. This is how my bank (ASB Bank) works. What about other banks? If it's just a small sum of money, no big deal; but if it's a huge amount, it matters. |
bk T (215) | ||
| 1181887 | 2011-02-27 21:04:00 | 2-3 working days is very unusual - most domestic electronic transactions are processed overnight on every working day, and should show up in the destination account the following morning. What kind of transaction is this? Are you trying to do something strange that might be causing the extra clearance time? |
Erayd (23) | ||
| 1181888 | 2011-02-27 21:06:00 | If you are transfering to/from an ASB account it happens within a few minutes. IIRC, I did a westpac to ASB transfer, it too was immediate. I know Nation will only process payments at night. But they too "deduct" the money as soon as you set up the payment. |
Cato (6936) | ||
| 1181889 | 2011-02-27 21:12:00 | The money is deducted from your account immediately only logically, the balance is reduced, but the money is not physically moved until midnight(-ish). Since interest is calculated daily (midnight to midnight), you shouldn't be disadvantaged. If the other account is an ASB account also, since ASB run an online, real-time system, the other party should receive the transfer immediately. If the other party is with an old-style trading bank, then they should receive the transfer the next business day. I understand from talking to friends that this issue only appears to exist between ASB and everyone else (ANZ to BNZ transfers, for example, are overnight). ASB must have some special interchange system in place. |
johcar (6283) | ||
| 1181890 | 2011-02-27 21:13:00 | Over the weekend it can take 2-3 days but should be overnight for weekdays. It annoys me that nothing goes through on weekends. Even worse with banking cheques - three days? Do they have people hired who manually check every transaction or is their system just ridiculously slow? | Siobhan Keogh (16063) | ||
| 1181891 | 2011-02-27 21:13:00 | 2-3 working days is very unusual - most domestic electronic transactions are processed overnight on every working day, and should show up in the destination account the following morning. What kind of transaction is this? Are you trying to do something strange that might be causing the extra clearance time? Just a normal transaction - buying and selling. When I buy something, the money is deducted straight away from my account. Sold a used PC to a friend last Friday and that he has transferred the money to my account that afternoon but the money hasn't came through. Is < $300.00 (yes, it's LESS THAN THREE HUNDRED DOLLARS) simple online transaction considered as something strange????? Shouldn't it be instant? |
bk T (215) | ||
| 1181892 | 2011-02-27 21:19:00 | Inter-bank transfers are not instant, but let's not get in to why (becuase they should do it, imo, they're just slack). It will be processed overnight. If you do the transfer after the banks cutoff period for processing that night, it will be processed the next night. I've found BNZ and national especially bad for this - in many cases we've found BNZ unable to manage transfers between two BNZ accounts on the same day, yet ASB to ASB is always under 30minutes. | inphinity (7274) | ||
| 1181893 | 2011-02-27 21:19:00 | It could only be instant if all banks shared a common interface. They don't (and it's worse overseas), that's why Databank was set up. | johcar (6283) | ||
| 1181894 | 2011-02-27 21:21:00 | Yeah, I know, but imo it's time we moved past that ;) But, for many reasons both technical and non, that's a while off. | inphinity (7274) | ||
| 1181895 | 2011-02-27 21:22:00 | We have had quite a few payments from TradeMe auctions and have found that it is usually 2 to 3 days, but if cash is deposited into your account it shows almost immediately. When banking cheques it needs to physically go to the bank that issued the cheque so that they can check the signature, hence the delay. Having said that about cheques, I understand that they don't look very carefully at signatures and some people have had cheques honoured with a Donald Duck signature. Seems as though online banking is more secure. |
Roscoe (6288) | ||
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