Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Buying anything on Amazon? Please use the Geekzone Amazon aff link.




1332 posts

Uber Geek
+1 received by user: 152
Inactive user


Topic # 105878 12-Jul-2012 19:59 Send private message

I couldn't find a similar thread to this and can't believe it went under the radar. This is something I have been wanting for years

http://www.stuff.co.nz/technology/6684409/Money-transactions-to-become-quicker

I first noticed it a few weeks ago and called the bank assuming it was an error. The girl on the other end of the phone had no idea why my payment went through in just over two hours rather than the normal overnight time frame.

So, what does everyone think of the greatest step in progress since DSL?

View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2
2908 posts

Uber Geek
+1 received by user: 92

Trusted

  Reply # 654837 13-Jul-2012 00:14 Send private message

Yep, I hated having to wait overnight for interbank transfers so this was a welcome change.

gzt

4842 posts

Uber Geek
+1 received by user: 296

Subscriber

  Reply # 654894 13-Jul-2012 09:17 Send private message

About time. It says something that the Reserve Bank made them all do the project.

More transparency for banking fees would be nice as well.

Itemising fees separately (instead of burying them as line items in the statement) would do a lot to promote competition in this area.

3105 posts

Uber Geek
+1 received by user: 37

Trusted

  Reply # 654896 13-Jul-2012 09:27 Send private message

I noticed this a few days back when somebody who had won my auction on TradeMe paid into my ASB account in the middle of the day. I'm pretty sure they were with another bank, so I was surprised to receive the money so quickly.

Excellent news!





144 posts

Master Geek
+1 received by user: 7

Subscriber

  Reply # 654900 13-Jul-2012 09:33 Send private message

Absolutely about time!

 More transparency for banking fees would be nice as well.


+1



1332 posts

Uber Geek
+1 received by user: 152
Inactive user


  Reply # 654957 13-Jul-2012 11:08 Send private message

I'm not sure how banks are not transparent when it comes to fees. They are all on their site listed and free for anyone to see. Even if they weren't you can always call them on their free telephone number and ask at almost any time of the day.

2567 posts

Uber Geek
+1 received by user: 261

Trusted
Subscriber

  Reply # 655325 14-Jul-2012 01:54 Send private message

Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.



1332 posts

Uber Geek
+1 received by user: 152
Inactive user


  Reply # 656835 17-Jul-2012 08:26 Send private message

Kyanar: Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.


As far as I understood the change, each bank had to process a minimum of five times a day. I doubt your bank holds on to the cash until 10:00pm unless you transfer it out after 8:00pm.

2567 posts

Uber Geek
+1 received by user: 261

Trusted
Subscriber

  Reply # 656837 17-Jul-2012 08:39 Send private message

1080p:
Kyanar: Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.


As far as I understood the change, each bank had to process a minimum of five times a day. I doubt your bank holds on to the cash until 10:00pm unless you transfer it out after 8:00pm.


They do.  All transactions are processed once a day at 10pm, Monday to Friday.  No exceptions.  Unless you opt for an irrevocable instant transfer, which is intended to be used for house sale settlements not trade me sales.

20382 posts

Uber Geek
+1 received by user: 1927

Moderator
Trusted
Biddle Corp
Subscriber

  Reply # 656845 17-Jul-2012 08:48 Send private message

Kyanar: Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.


It's also worth remembering that just because a payment is sent to a bank during the day, it doesn't mean it will instantly be available as cleared funds to the end party.

2567 posts

Uber Geek
+1 received by user: 261

Trusted
Subscriber

  Reply # 656846 17-Jul-2012 08:50 Send private message

sbiddle: 
It's also worth remembering that just because a payment is sent to a bank during the day, it doesn't mean it will instantly be available as cleared funds to the end party.

Agreed, but it's kind of a moot point if they won't even send it.

5357 posts

Uber Geek
+1 received by user: 877


  Reply # 656853 17-Jul-2012 09:06 Send private message

If you have ever banked in the USA you start to appreciate how fantastic our banking system actually is.

812 posts

Ultimate Geek
+1 received by user: 45

Subscriber

  Reply # 656858 17-Jul-2012 09:16 Send private message

Kyanar:

All transactions are processed once a day at 10pm, Monday to Friday.  No exceptions.  Unless you opt for an irrevocable instant transfer, which is intended to be used for house sale settlements not trade me sales.


I also thought that that had changed and payments were processed faster. There's an article about it here

1802 posts

Uber Geek
+1 received by user: 84


  Reply # 656867 17-Jul-2012 09:34 Send private message

NonprayingMantis: If you have ever banked in the USA you start to appreciate how fantastic our banking system actually is.

+1

2567 posts

Uber Geek
+1 received by user: 261

Trusted
Subscriber

  Reply # 656964 17-Jul-2012 12:01 Send private message

dolsen: 
I also thought that that had changed and payments were processed faster. There's an article about it here


Er yes, that's what this thread says.  However not all banks are doing this.  Mine still holds all transactions to 10PM.

812 posts

Ultimate Geek
+1 received by user: 45

Subscriber

  Reply # 656971 17-Jul-2012 12:17 Send private message

Kyanar:
dolsen: 
I also thought that that had changed and payments were processed faster. There's an article about it here


Er yes, that's what this thread says.  However not all banks are doing this.  Mine still holds all transactions to 10PM.


Yeah, I read the content of 1 post in isolation and came to an incorrect assumption. Which bank is your "dinosaur bank"?

 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic




Twitter »
Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





Trending now »

Hot discussions in our forums right now:

Bad lower back.
Created by TimA, last reply by TimA on 29-Jan-2015 14:04 (73 replies)
Pages... 3 4 5


Am I going down? App for the fearful of flying.
Created by networkn, last reply by Sideface on 29-Jan-2015 23:07 (47 replies)
Pages... 2 3 4


I have had enough of Vodafone Customer Service... which ISP is for me?
Created by andrewinwlg, last reply by michaelmurfy on 28-Jan-2015 20:10 (23 replies)
Pages... 2


Police Speed Campaign - Summer 2014/2015
Created by nzkiwiman, last reply by blakamin on 29-Jan-2015 19:10 (143 replies)
Pages... 8 9 10


New to VDSL and wondering if I can change where the modem connects in the house
Created by Valcor, last reply by quickymart on 29-Jan-2015 20:59 (17 replies)
Pages... 2


AdBlockers on Geekzone
Created by freitasm, last reply by wally22 on 29-Jan-2015 09:55 (69 replies)
Pages... 3 4 5


Spark customers get Lightbox free for 12 months
Created by freitasm, last reply by ARK on 27-Jan-2015 16:35 (137 replies)
Pages... 8 9 10


Windows 10 News - 22 Jan
Created by Regs, last reply by joker97 on 29-Jan-2015 07:10 (131 replies)
Pages... 7 8 9



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.