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.
Please note this sub-forum does not provide professional finance advice. You should seek advice from a licensed financial advisor. If investing please consider our affiliate links for new accounts: Sharesies or Hatch. To post in this sub-forum you must have made 100 posts or have Trust status or have completed our ID Verification



Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4 | 5 | 6
Affiliate link
 
 
 

Affiliate link: Norton 360 antivirus provides enhanced security for your connected devices, a secure VPN for online privacy, Password Manager, Firewall, SafeCam, PC Cloud Backup, Dark Web Monitoring, Parental Control, and more. An all-in-one cybersecurity solution backed by 100% Virus Protection Promise and 60 Day Money Back Guarantee.
Rikkitic
Awrrr
15456 posts

Uber Geek

Lifetime subscriber

  #1728158 1-Mar-2017 09:56
Send private message

michaelmurfy: 

This looks to be a direct credit recovery to me... There is strict guidelines to follow in the world of banking when it comes to this sort of thing and a very specific team who handles it - I'll tell you now if this was a regular staff member who phoned up the company it can be grounds for dismissal due to serious misconduct. The processes are there to protect against privacy, fraud and many other regulatory requirements as outlined by the reserve bank.

So @lNomNoml it isn't shocking, it is to protect customers from things I can't specifically talk about however customers will never see it this way. There is a reason for everything even if it doesn't make logical sense.

Anyway good to see a direct credit recovery resolved it in the end.

 

With all of that in mind, could the banks still not have a mechanism for this kind of situation? With the best will in the world, people do make mistakes. This is the kind of mistake that can happen all too easily, and as someone here pointed out, customers are not the only ones who can make it. Even Geekzone has 2-factor authentication. Surely banks could do the same for transfers. Why is it so difficult to just verify that the account holder name matches the account number?

 

 





Plesse igmore amd axxept applogies in adbance fir anu typos

 


 


DravidDavid
1907 posts

Uber Geek


  #1728178 1-Mar-2017 10:24
Send private message

Glad it all got resolved!  I had a similar incident a few years ago where my partner deposited in to the correct account number with an invalid suffix.  Luckily the money left the account and came right back the next morning.  But ever since I've been ultra careful about direct bank transfers and double checking.  If I get the bank number by text, I usually tell the person that if it's wrong, it's on them!


trig42
5340 posts

Uber Geek

ID Verified
Subscriber

  #1728197 1-Mar-2017 10:49
Send private message

DravidDavid:

 

Glad it all got resolved!  I had a similar incident a few years ago where my partner deposited in to the correct account number with an invalid suffix.  Luckily the money left the account and came right back the next morning.  But ever since I've been ultra careful about direct bank transfers and double checking.  If I get the bank number by text, I usually tell the person that if it's wrong, it's on them!

 

 

Kiwibank's iOS app has a handy feature that copies the account name and number into the clipboard of the phone for exactly this reason. Very handy if I need to text my account number to someone..




harlansmart

307 posts

Ultimate Geek


  #1728208 1-Mar-2017 11:14
Send private message

We'd contacted both banks directly, both on the phone, via email to personal contacts at both banks & also in person to both banks. Both banks knew we were making 1c deposits with special contact details in the reference fields etc Both banks knew we had a thread here. We did not chose 'Direct Credit Recovery' which had no guarantees of success, and a fee almost as great as the $125 that was missing.

 

 

PaulBags: I thought you were trying to contact the business directly, but this looks like the bank sorted it? So did they charge a fee in the end?

 

 

 

 

 

 

 

 

 

'Direct Credit Recovery’ was not requested. The BNZ would have had to have performed this, officially contacting ANZ whatnot. With 'Direct Credit Recovery there is ‘No Guarantee’ of a successful result. BNZ charge NZD75. 'Direct Credit Recovery’. That (could) have been throwing another NZD75 of ‘good money’ after bad. As a very very last resort, 'Direct Credit Recovery’ might have been actioned however it is very good this point was not reached i.e. 'Pay us $75 and only then we might or might not get back the $125'.

 

 

 

Frankly, 'Direct Credit Recovery’ felt like a bit of a 'hold-up' - ANZ already had all information available to them, that the BNZ could have ever supplied them in 'Direct Credit Recovery'. BNZ had all the information as we had been into the BNZ, with our computer, and had supplied them all of the information as we had it, screen grabs, names and numbers & identifications whatnot, after-all, we are here, too, both ANZ & BNZ Business Account Holders, and had visited our 0193 Newmarket Branch, where the $125 was apparently 'missing'.

 

 

 

michaelmurfy:This looks to be a direct credit recovery to me... There is strict guidelines to follow in the world of banking when it comes to this sort of thing and a very specific team who handles it - I'll tell you now if this was a regular staff member who phoned up the company it can be grounds for dismissal due to serious misconduct. The processes are there to protect against privacy, fraud and many other regulatory requirements as outlined by the reserve bank.

So @lNomNoml it isn't shocking, it is to protect customers from things I can't specifically talk about however customers will never see it this way. There is a reason for everything even if it doesn't make logical sense. 

Anyway good to see a direct credit recovery resolved it in the end.

 

 

 

 

 

 

 

- We had made multiple 1c deposits to the erroneous account, with our details in the reference.

 

 

 

- Just before I received the email from BNZ the 2 account holders making the deposits received 'Blocked Calls', I haven't asked but possibly also the account holder the money was supposed to go to received a blocked call too.

 

 

 

- Personal contacts, one at very highest levels of operations at BNZ were aware of our situation and the thread.

 

 

 

- A 1c deposit was only possible from within the Newmarket 0193 bank, it was not possible to make they 1c deposit from another ANZ branch. It wasn't possible to pay the erroneous account unless one did an over the counter transaction from within the Newmarket 0193 Branch, what does this suggest, possibly the erroneous account where the $125 mistakingly went to was a ANZ Internal account not a ordinary account like members of the public have?

 

 

 

- Being curious, as to exactly, what forces precisely brought about the sucess we've asked for an explanation & will update here

 

 

 

 

 

 

 

 

 




 

 


kiwifidget
"Cookie"
2633 posts

Uber Geek

Lifetime subscriber

  #1728219 1-Mar-2017 11:45
Send private message

Interesting parallel in todays news where a woman in England got charged with theft after picking up and keeping GBP20 she found on the ground.

 

http://www.nzherald.co.nz/world/news/article.cfm?c_id=2&objectid=11809625

 

It would seem if you erroneously receive money that's OK, but if you keep it, that's theft.





Delete cookies?! Are you insane?!


Pumpedd
1759 posts

Uber Geek
Inactive user


  #1728230 1-Mar-2017 12:07
Send private message

This has to happen  a lot...I know I have often got it wrong until my check picks up my error before I complete transaction..especially on smartphone keyboards.


joff_nz
446 posts

Ultimate Geek


  #1728255 1-Mar-2017 12:31
Send private message

Wow, it's not often I feel bad for banks but it seems like you've wasted more than $125 of their time to fix your mistake, instead of you following the proper process. 




tchart
2115 posts

Uber Geek

ID Verified
Trusted

  #1728264 1-Mar-2017 12:49
Send private message

joff_nz:

Wow, it's not often I feel bad for banks but it seems like you've wasted more than $125 of their time to fix your mistake, instead of you following the proper process. 



Cost of business.

While they are not there to do you favours they offer a service for which we pay through interest or fees (eg setting up a new mortgage). I would see resolving this bad deposit as BAU. Seriously it would take someone 5 or 10 minutes to sort out.

joff_nz
446 posts

Ultimate Geek


  #1728266 1-Mar-2017 12:52
Send private message

Not really a 'Cost of business' if it's a chargeable service.

tchart
2115 posts

Uber Geek

ID Verified
Trusted

  #1728273 1-Mar-2017 13:04
Send private message

joff_nz: Not really a 'Cost of business' if it's a chargeable service.


Yes but what I'm saying is that it shouldn't be a chargeable service unless it's needs to be escalated (eg if it was a large sum or the other bank isn't cooperating).

It should've gone like this;

Client->Bank A I've made a deposit into an incorrect account,OK
Bank A->Bank B We've got a customer who made a bad deposit can you check with your customer,OK
Bank B->Bank A Ok we've spoken to them and they are happy, we'll reverse the deposit, THX
Bank A->Client Sorted, THX

High fives all round!

$125 is a lot of money for some people. It's not ethical to charge $75 to recover said money if it was put in the wrong account.

floydbloke
2806 posts

Uber Geek

ID Verified

#1728284 1-Mar-2017 13:18
Send private message

joff_nz: Not really a 'Cost of business' if it's a chargeable service.

 

 

 

Is that you, Anthony Healy? tongue-out





So many people complaining about yogurt these days....it's becoming a culture.

 

 


joff_nz
446 posts

Ultimate Geek


  #1728292 1-Mar-2017 13:29
Send private message

floydbloke:

 

joff_nz: Not really a 'Cost of business' if it's a chargeable service.

 

 

 

Is that you, Anthony Healy? tongue-out

 

 

 

 

If only I had his resources


Wheelbarrow01
1214 posts

Uber Geek

Trusted
Chorus

  #1728293 1-Mar-2017 13:33
Send private message

I know of a horror story which i think I commented about on GZ at the time it happened. My work colleague was renting off friends of hers and due to some extremely poor accounting on their friends' part, they never checked that rent was being received (for about 18 months from memory). When they finally did realise that they had received no rent, my colleague called their bank to find that their rent money had been going to a similar bank account number, but with two of the numbers transposed around the wrong way.

 

Subsequent investigations revealed that the recipient was a beneficiary who, once the windfall was discovered, would go to the ATM every day the rent was deposited, and would withdraw all of it immediately. It did end up at court where the beneficiary was ordered to pay it back at $10 a week. The money had been squandered so there was no other way to recover the debt.

 

My colleague had to take out a personal loan to pay their friend/landlord back immediately (around $20k from memory), and the $10/week being paid by the recipient doesn't even cover the interest the victim is paying on the loan. It will only take 45 years for my colleague to get her money back in full (minus interest costs).

 

A harsh lesson. The landlord should have some culpability here. Surely they should have noticed a lot sooner - at tax time for starters....


joff_nz
446 posts

Ultimate Geek


  #1728295 1-Mar-2017 13:35
Send private message

tchart:
joff_nz: Not really a 'Cost of business' if it's a chargeable service.


Yes but what I'm saying is that it shouldn't be a chargeable service unless it's needs to be escalated (eg if it was a large sum or the other bank isn't cooperating).

It should've gone like this;

Client->Bank A I've made a deposit into an incorrect account,OK
Bank A->Bank B We've got a customer who made a bad deposit can you check with your customer,OK
Bank B->Bank A Ok we've spoken to them and they are happy, we'll reverse the deposit, THX
Bank A->Client Sorted, THX

High fives all round!

$125 is a lot of money for some people. It's not ethical to charge $75 to recover said money if it was put in the wrong account.

 

 

 

I see what you're saying, but I think you're underestimating the effort. 

 

 

 

Have you ever worked in a role where you have to make outbound calls to customers not expecting your contact? I have, and it's labour intensive - the last project I was involved in had success rates of around 1 in 3 that actually answered. There's also an amount of record keeping to be done, audit controls, all this stuff takes time. There's also the risk the banks take of getting involved in disputes. If the receiver said they were supposed to receive that money, what then?

 

 

 

 

 

The banks in this case have a process, with important and defined controls, which cost time (money). They have a set charge for this time, and I find it painful when people will happily use someone else's time (money) instead of paying the cost of their own mistake. 

 

 

 

 

 

Edit; I'll probably not reply to this thread past here, I have my own rules about disagreements on the internet & have probably broken them already. 

 

 


tchart
2115 posts

Uber Geek

ID Verified
Trusted

  #1728316 1-Mar-2017 13:47
Send private message

joff_nz:

 

 

 

Edit; I'll probably not reply to this thread past here, I have my own rules about disagreements on the internet & have probably broken them already. 

 

 

@joff_nz, apologies, I'm not trying to start an argument, I get your point. I think the fundamental flaw here is with the banks and the fact that there are no check and balances between account name/number (which has been brought up in the thread).


1 | 2 | 3 | 4 | 5 | 6
Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic





News and reviews »

D-Link G415 4G Smart Router Review
Posted 27-Jun-2022 17:24


New Zealand Video Game Sales Reaches $540 Million
Posted 26-Jun-2022 14:49


Github Copilot Generally Available to All Developers
Posted 26-Jun-2022 14:37


Logitech G Introduces the New Astro A10 Headset
Posted 26-Jun-2022 14:20


Fitbit introduces Sleep Profiles
Posted 26-Jun-2022 14:11


Synology Introduces FlashStation FS3410
Posted 26-Jun-2022 14:04


Intel Arc A380 Graphics First Available in China
Posted 15-Jun-2022 17:08


JBL Introduces PartyBox Encore Essential Speaker
Posted 15-Jun-2022 17:05


New TVNZ+ streaming brand launches
Posted 13-Jun-2022 08:35


Chromecast With Google TV Review
Posted 10-Jun-2022 17:10


Xbox Gaming on Your Samsung Smart TV No Console Required
Posted 10-Jun-2022 00:01


Xbox Cloud Gaming Now Available in New Zealand
Posted 10-Jun-2022 00:01


HP Envy Inspire 7900e Review
Posted 9-Jun-2022 20:31


Philips Hue Starter Kit Review
Posted 4-Jun-2022 11:10


Sony Expands Its Wireless Speaker X-series Range
Posted 4-Jun-2022 10:25









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.