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Kyanar
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  #2498394 4-Jun-2020 17:04
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antonknee:

 

Interesting, great to have that 'confirmed'.

 

Can't imagine there are that many people out there with the super premium cards - surely not worth it paying so much on every transaction, just so you can possibly pay less on a few transactions?

 

 

Hah. Haha. You do realise banks have been deliberately upgrading everyone under the sun to "Platinum" (and higher) whenever they can get away with it? Those are all Premium cards, with around 1.90% interchange.


ANglEAUT

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  #2498571 4-Jun-2020 21:58
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Stu1: I don’t really see the point of open banking , there are multiple intraday payment files in a day right up to 1030Pm .  ...

 

It's not just about the intraday payments. It's about exposing the data in a more modern way; to other banks, to the customer, to other financial institutions, to any other app / system that I want to use to track my bank balance, my spending, my investments, my debts.

 

It would be really nice to see on a single dashboard

 

  • my bank account balances for multiple banks
  • my Kiwisaver balance
  • any personal loans I might have
  • any stock market investments ala Sharesies, HatchInvest, Celsius ...

 





Please keep this GZ community vibrant by contributing in a constructive & respectful manner.


 
 
 
 


Handle9
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  #2498577 4-Jun-2020 22:13
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itxtme:

 

Is it really though?  A colleague had a conversation with a bank in regards to DD access outside of the "normal" method a month or two back.  During that conversation the colleague brought up open banking and the banker suggested that it was all for show and not something they were genuinely trying to do.  Guessing banks dont want their lunches cut [until the last possible moment before being legislated to]

 

 

Banks engaging in obfuscation and FUD to keep their profits up? Surely not!

 

The only thing I will say is that as crap as the New Zealand banks are they are far better than banks in the middle east. 


antonknee
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  #2498578 4-Jun-2020 22:25
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Kyanar:

 

antonknee:

 

Interesting, great to have that 'confirmed'.

 

Can't imagine there are that many people out there with the super premium cards - surely not worth it paying so much on every transaction, just so you can possibly pay less on a few transactions?

 

 

Hah. Haha. You do realise banks have been deliberately upgrading everyone under the sun to "Platinum" (and higher) whenever they can get away with it? Those are all Premium cards, with around 1.90% interchange.

 

 

Yes I do. But a standard card is around 1.65% per Westpac and BNZ websites - so hardly a major difference. Or am I reading it wrong?





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michaelmurfy
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  #2498622 5-Jun-2020 00:57
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Handle9:

 

itxtme:

 

Is it really though?  A colleague had a conversation with a bank in regards to DD access outside of the "normal" method a month or two back.  During that conversation the colleague brought up open banking and the banker suggested that it was all for show and not something they were genuinely trying to do.  Guessing banks dont want their lunches cut [until the last possible moment before being legislated to]

 

 

Banks engaging in obfuscation and FUD to keep their profits up? Surely not!

 

The only thing I will say is that as crap as the New Zealand banks are they are far better than banks in the middle east. 

 

@Handle9 + @itxtme - Right. Stopping you both now before you go too far. Yes, it is happening. Yes, it is real. No, I am not going to talk about what is going on behind the scenes and don't bring up the profits side of thing again as I know just how much money is being invested (it is massive) and again - I won't discuss any further here as it is not my place to.

 

There is quite a bit of work to be done and if you want to open the can of worms this is all going on at the same time as BS11 for all banks. It isn't as simple as opening up an API and going "here you go". Banks are dealing with real money and real risk so have to get it right the first time. That is all.





Handle9
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  #2498623 5-Jun-2020 01:08
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In what way is distrusting an Australian owned bank going too far? All the evidence is to the contrary that they behave in a predatory way to boost their own profits.

 

I appreciate you work there and there is no one saying you are lying or that you are personally engaging practices that could be considered unethical. This is not a personal attack on you.

 

There is a huge amount of evidence that the organisation you work for has engaged in those sort of practices. It acknowledged that it was to a royal commission. Those are facts, not opinions.

 

https://en.wikipedia.org/wiki/Royal_Commission_into_Misconduct_in_the_Banking,_Superannuation_and_Financial_Services_Industry


michaelmurfy
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  #2498625 5-Jun-2020 01:42
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Handle9:

 

In what way is distrusting an Australian owned bank going too far? All the evidence is to the contrary that they behave in a predatory way to boost their own profits.

 

That is your opinion and way off topic, that is how it is going too far. Also to add - Most banks (and companies, in general) operate separately from their overseas counterparts. I know in my particular workspace this holds true but as we share the same name as the Australian side, any news affects both. As staff we've had customer abuse also even though the NZ side had nothing at all to do with it (or in my case, didn't even know about it as I don't follow the news that closely).

 

By your logic - Chorus, Spark, Vodafone, 2degrees and any large corporate behave in a predatory way to boost their own profits. Because that is the picture the media paints with any large company. It isn't just restricted to Banks, or "Aussie Owned Banks" as I've even seen news about Kiwibank also in the same light. You never read news of the good that comes out of such companies such as, recently, the money being spent with assisting customers affected by COVID-19.

 

Anyway, back on topic.





 
 
 
 


Handle9
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  #2498626 5-Jun-2020 02:07
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michaelmurfy:

 

Handle9:

 

In what way is distrusting an Australian owned bank going too far? All the evidence is to the contrary that they behave in a predatory way to boost their own profits.

 

That is your opinion and way off topic, that is how it is going too far. Also to add - Most banks (and companies, in general) operate separately from their overseas counterparts. I know in my particular workspace this holds true but as we share the same name as the Australian side, any news affects both. As staff we've had customer abuse also even though the NZ side had nothing at all to do with it (or in my case, didn't even know about it as I don't follow the news that closely).

 

By your logic - Chorus, Spark, Vodafone, 2degrees and any large corporate behave in a predatory way to boost their own profits. Because that is the picture the media paints with any large company. It isn't just restricted to Banks, or "Aussie Owned Banks" as I've even seen news about Kiwibank also in the same light. You never read news of the good that comes out of such companies such as, recently, the money being spent with assisting customers affected by COVID-19.

 

Anyway, back on topic.

 

 

My 15 years working in a really large corporate (many times the size of the AU NZ banks), and dealing with large corporates,  tells me that that large corporates shouldn't be trusted. The organisation I worked for copped a truly massive fine from the SEC which nearly destroyed the company. The management was incentivised to behave poorly so they did.

 

Staff are promoted and rewarded in business for delivering profit, not for looking after people. Telecom (and all telcos really) was a classic example - FUD was a business strategy.

 

The banking sector should be trusted the least as it is the most capitalist business there is. Time and time again bankers and financial organisations rip people, and governments, off because it is in their interest to do so. Expecting a different form of behaviour is naive and not consistent with the evidence.

 

It is unfortunate that staff that get abused - the people who get your money out of the bank don't deserve the abuse but the organisations do. 

 

I trust people, I don't trust companies.

 

Anyway I'm done on that one, I'll stop now :)


Kyanar
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  #2498812 5-Jun-2020 10:30
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antonknee:

 

Yes I do. But a standard card is around 1.65% per Westpac and BNZ websites - so hardly a major difference. Or am I reading it wrong?

 

 

Individually no. In aggregate, it makes a big difference. 0.25% of $1 is 0.25c. But 0.25% of $1,000,000 is $2,500.


antonknee
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  #2498846 5-Jun-2020 11:17
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On the topic of open banking, it would allow cool things like Jude which is a project that appears to have died unfortunately. This was/is a chatbot that helps you manage your money including spending analysis and moving money around. A neat idea and one I could see myself using.

 

On the topic of banks being evil - the NZ subsidiaries of the AU banks legally have to operate very separately I believe. Fine to be concerned about how good/bad it is most of our banks are AU owned, or even concerned about the culture of the banks, but really unfair to tar them with the same brush IMO.





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ronw
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  #2498852 5-Jun-2020 11:32
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As I understand it and are open to correction, but if the Australian banks in Australia get into trouble financially, they can perform the so called 'haircut' on deposits in their NZ subsidary where they can shave a percentage off the deposits to help the Australian domiciled bank.

 

That alone would be enough to discourage me from using them.  While a NZ owned bank may have similar provisions it is one thing to  lose money to prop up a NZ bank and another altogether to prop up an Aussie bank.

 

 

 

 

 

antonknee:

 

On the topic of banks being evil - the NZ subsidiaries of the AU banks legally have to operate very separately I believe. Fine to be concerned about how good/bad it is most of our banks are AU owned, or even concerned about the culture of the banks, but really unfair to tar them with the same brush IMO.

 





Nokia 7 Plus
Nexus 6P 32Gb
Nexus 6 Phone
Nexus 5 Phone
Nexus 7 2013 Tablet
Samsung TAB A 8"
Samsung TAB A 10"

 

& many Windows laptops, Desktops etc

 

 

 


solaybro
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  #2498868 5-Jun-2020 12:05
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antonknee:

 

On the topic of open banking, it would allow cool things like Jude which is a project that appears to have died unfortunately. This was/is a chatbot that helps you manage your money including spending analysis and moving money around. A neat idea and one I could see myself using.

 

 

 

 

Jude isn't dead. The developer posts about it regularly on Linkedin.








antonknee
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  #2498916 5-Jun-2020 12:27
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solaybro:

 

antonknee:

 

On the topic of open banking, it would allow cool things like Jude which is a project that appears to have died unfortunately. This was/is a chatbot that helps you manage your money including spending analysis and moving money around. A neat idea and one I could see myself using.

 

 

 

 

Jude isn't dead. The developer posts about it regularly on Linkedin.

 

 

So he does, I just assumed as there hadn't been any blog posts for 18 months - 2 years. Glad to see this is still alive and kicking.





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Kyanar
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  #2499955 7-Jun-2020 02:54
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ronw:

 

As I understand it and are open to correction, but if the Australian banks in Australia get into trouble financially, they can perform the so called 'haircut' on deposits in their NZ subsidary where they can shave a percentage off the deposits to help the Australian domiciled bank.

 

 

That is a myth. Australian banks do not even have legal authority to shave funds off retail deposit accounts of their own direct customers, let alone customers of subsidiary companies that are independently administered and subject to completely different legislative authority.


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