Banking Accounts Oddity

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Forums › Finance and wealth management › Banking Accounts Oddity

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1789 posts

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#3076760 16-May-2023 11:55

PolicyGuy:

richms:

The machines are made for a global market, so until the US abandons checks, we will have the button with its abbreviaion on it so that noone gets upset about how it is spelled.

Who knows what machines we will have for payments in 2084 when the US finally moves on from a paper promise of money as a method of trade.

2084?
As soon as that?

It could be sooner, but they will have to pass legislation to no remove pennies from the economy first.....

tweake

2391 posts

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#3076761 16-May-2023 11:59

Rickles:

ANOTHER oddity I just noticed is that the PayWave/Tap 'N Go limit is now $200 .... when did that happen?

It used to be $80 and i think raised to $100 during the pandemic lock-down thingie, but do not recall banks advising of this new limit.

pretty sure that was all pandemic so people didn't have to use uncleaned keypads.

richms

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#3076767 16-May-2023 13:04

Its $200 for a physical card, but I have done 1000s with my phone and not been asked for a pin.

Richard rich.ms

rugrat

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#3076773 16-May-2023 13:16

With the payWave, My parents lost over $5000 with a stolen credit card, most of it through payWave. ANZ does not have a payWave block option only like some other banks. If limit was $80 without PIN I believe a lot less would’ve been lost.

Found out then limit was $200, went to that from Covid and the limit never went down. Bank has refunded money and person that stole card has been caught, and stood down from their job pending court case so will expect they will lose their job as well.

I lost credit card with BNZ and didn’t lose a cent, as had payWave blocked,(still works with Apple pay when blocked, just blocks physical card) plus noticed in about two hours from losing it. Credit card stolen from parents was one not being used, they noticed from paper statements so took a month to notice.

Another oddity is if you use fast cash in an ATM machine with a credit card. I got caught out as used ANZ machine and it took it from my credit card as cash advance. When contacted BNZ they told me fast cash with a credit card can only come from a bank account if I use a BNZ machine. They refunded interest, fees as goodwill measure, but I don’t trust fast cash on any machine any more so select the account every time now. Seems rubbish to me that the same button can take money from different account depending on whose machine you use.

rugrat

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#3076774 16-May-2023 13:19

richms:

Its $200 for a physical card, but I have done 1000s with my phone and not been asked for a pin.

You need to unlock your phone first, so in a way that is a pin. It’s a lot more secure then using with physical card.

Rickles

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#3076778 16-May-2023 13:40

@rugrat ... a few years ago when in Australia my wife 'misplaced' credit card, so the ability (BNZ) to suspend its use was great ... at that time PayWave was $100 so a bit worried if in wrong hands.

The FastCash option is a bit harrowing, so as you say stick to selecting the appropriate account ESPECIALLY if you have your accounts linked to the credit card and think FastCash is one of those instead!

boosacnoodle

963 posts

Ultimate Geek

#3076787 16-May-2023 14:02

richms:

ASB.

And any card can access any suffix at an ATM which I hate, because that means if my low balance account for the card is skimmed then they could in theory go raid the accounts with money in them.

ASB lets you switch on and off ATM access at will in the app. When I was with ASB, I used to always leave it disabled until the (seldom) time that I was going to use it at the ATM.

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richms

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#3076789 16-May-2023 14:05

boosacnoodle:

richms:

ASB.

And any card can access any suffix at an ATM which I hate, because that means if my low balance account for the card is skimmed then they could in theory go raid the accounts with money in them.

ASB lets you switch on and off ATM access at will in the app. When I was with ASB, I used to always leave it disabled until the (seldom) time that I was going to use it at the ATM.

Yeah, not keen on that as the most likly time I will need it is if something happens to the phone. I would prefer it if the ASB atms would only allow access to the suffixes connected to the buttons and not all of them, so if I am skimmed the worst I am out is what is in the check account and the $500 OD on it, and the others are safe. Some of the parking machines look sketchy as anything at the best of times and in the dark dingyness of carparks who knows what could have been done to them.

Richard rich.ms

boosacnoodle

963 posts

Ultimate Geek

#3076793 16-May-2023 14:09

rugrat:

With the payWave, My parents lost over $5000 with a stolen credit card, most of it through payWave.

This is why you use a credit card - it's the banks money, so they can handle the dispute with the merchants.

Anytime you use a debit card you are risking your personal funds with the banks discretion.

rugrat

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#3076801 16-May-2023 14:43

boosacnoodle:

rugrat:

With the payWave, My parents lost over $5000 with a stolen credit card, most of it through payWave.

This is why you use a credit card - it's the banks money, so they can handle the dispute with the merchants.

Anytime you use a debit card you are risking your personal funds with the banks discretion.

It was a credit card. If merchants lose out on stolen credit cards, think the acceptance of cards would drop off massively.

Debit cards have their place and can link to a low account balance for payWave and other credit card transactions, the credit card can have a limit in the big thousands.

The only thing at banks discretion is if customer hasn’t followed rules, like revealed PIN intentionally, not notified as soon as realised something wrong. If customer has used POli payment system, that may be an out for the bank as well.

neb

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#3076863 16-May-2023 15:18

rugrat:
Another oddity is if you use fast cash in an ATM machine

After entering your PIN number while looking at the LCD display I assume?

neb

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#3076868 16-May-2023 15:25

rugrat:
It was a credit card. If merchants lose out on stolen credit cards, think the acceptance of cards would drop off massively.

Uhh, merchants do lose out on credit card fraud since the banks will shift liability to them if at all possible [*]. It can even be a profit centre for the bank if they hit the merchants with a chargeback fee as well. It's a mess of moral hazards, although NZ banks are vastly better than US banks in this area and will often absorb costs in order to look, well, less like US banks.

[*] Liability shifting is a complex topic so treat this as a generalisation because I don't want to type two pages of text.

rugrat

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#3076876 16-May-2023 15:47

neb:
rugrat:

It was a credit card. If merchants lose out on stolen credit cards, think the acceptance of cards would drop off massively.

Uhh, merchants do lose out on credit card fraud since the banks will shift liability to them if at all possible [*]. It can even be a profit centre for the bank if they hit the merchants with a chargeback fee as well. It's a mess of moral hazards, although NZ banks are vastly better than US banks in this area and will often absorb costs in order to look, well, less like US banks. [*] Liability shifting is a complex topic so treat this as a generalisation because I don't want to type two pages of text.

I’d expect card present transactions that are approved by terminal would be safer for a merchant, then an online one.

Online would be a lot more variables for how it would go. Just how I would expect it.

I don’t know for fact, but if card present, approved transactions have high risk of being reversed by bank seems a crazy situation to me.

rugrat

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#3076879 16-May-2023 16:00

neb:
rugrat:

Another oddity is if you use fast cash in an ATM machine

After entering your PIN number while looking at the LCD display I assume?

Yes, after entering PIN. It does reduce button press’s, but as can’t have high confidence in what account it is coming from, and can result in cash advance fees, interest if drawn from credit card account, the risk isn’t worth it of using that option.

mattwnz

20164 posts

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#3076956 16-May-2023 23:44

boosacnoodle:

rugrat:

With the payWave, My parents lost over $5000 with a stolen credit card, most of it through payWave.

This is why you use a credit card - it's the banks money, so they can handle the dispute with the merchants.

Anytime you use a debit card you are risking your personal funds with the banks discretion.

I am guessing banks get their % cut of the transaction still, unlike with eftpos, so win win for banks. No wonder banks are giving people free debit cards. They are useful for low value things online where you don't necessarily need protection..

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