Banking Accounts Oddity

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Forums › Finance and wealth management › Banking Accounts Oddity

Rickles

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#304537 13-May-2023 10:08

Someone just pointed out to me that EFTPOS terminals as well as many online banking screens still show accounts as Cheque and Savings.

Since cheques are no longer in use in NZ, why haven't they come up with another name? 😁

Historical naming convenience I suppose.

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#3075767 13-May-2023 10:30

yes its historic naming. even when i changed banks and did away with cheques, i asked them specifically to make it a "cheque account" just for the name.

Delorean

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#3075776 13-May-2023 10:47

When I was a senior manager in the bank a few years ago they were throwing around the new descriptions to be Primary and Secondary (PRM & SEC) as the logic options

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richms

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#3075779 13-May-2023 10:58

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.

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neb

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#3075791 13-May-2023 13:36

Delorean: When I was a senior manager in the bank a few years ago they were throwing around the new descriptions to be Primary and Secondary (PRM & SEC) as the logic options

Even then, what would primary and secondary be? Looking past ASB's UI refresh mania where no account is allowed to have the same name for more than two years in a row, there's really only one account that EFTPOS payments come out of even if its name keeps changing.

nzkc

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#3075803 13-May-2023 14:44

Delorean: When I was a senior manager in the bank a few years ago they were throwing around the new descriptions to be Primary and Secondary (PRM & SEC) as the logic options

What stupid names. Surprised they didnt adopt them!

General (or Main) and Savings would be fine.

richms

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#3075822 13-May-2023 15:51

Also why cant I change what accounts the buttons are connected to myself in the app or online banking. It seems absurd that it has to be done by the bank.

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Aaron2222

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#3075878 13-May-2023 17:55

richms:

Also why cant I change what accounts the buttons are connected to myself in the app or online banking. It seems absurd that it has to be done by the bank.

Which bank are you with? Kiwibank allows it to be changed via Internet Banking.

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PolicyGuy

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#3075885 13-May-2023 18:15

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?

Wheelbarrow01

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Chorus

#3075890 13-May-2023 18:26

Aaron2222:

richms:

Also why cant I change what accounts the buttons are connected to myself in the app or online banking. It seems absurd that it has to be done by the bank.

Which bank are you with? Kiwibank allows it to be changed via Internet Banking.

I'm pretty sure I also changed mine in the BNZ app.

rugrat

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#3075898 13-May-2023 19:44

Yep, with BNZ I have CHQ, and SAV linked to same account so doesn’t matter which button I press. Can change what buttons do in under a minute on banking applic if wish to.

Have two accounts from cheque days, easier to keep it, but by having both buttons linked to account that has most money don’t have to worry about pressing wrong button.

richms

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#3075903 13-May-2023 20:07

Aaron2222:

richms:

Also why cant I change what accounts the buttons are connected to myself in the app or online banking. It seems absurd that it has to be done by the bank.

Which bank are you with? Kiwibank allows it to be changed via Internet Banking.

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.

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eracode

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#3075912 13-May-2023 21:09

Inside banks, a ‘cheque account’ is generally referred to as a ‘current account’.

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neb

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#3075919 13-May-2023 21:56

richms:
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 seems to have only one level for doing things, "everything all the time". Setting up an automatic payment to come from a personal savings account also makes it visible to every other account I've got even though I only ever want to make the payment from the one account I set it up for. There's no Chinese Wall separating anything, it's completely flat with everything visible to everything else.

if there's ever any kind of breach the attackers will have a field day because of the complete absence of compartmentalisation.

richms

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#3075921 13-May-2023 22:03

neb:
richms:

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 seems to have only one level for doing things, "everything all the time". Setting up an automatic payment to come from a personal savings account also makes it visible to every other account I've got even though I only ever want to make the payment from the one account I set it up for. There's no Chinese Wall separating anything, it's completely flat with everything visible to everything else. if there's ever any kind of breach the attackers will have a field day because of the complete absence of compartmentalisation.

Yeah I have paid the wrong mercury energy account on numerous occasions because of the stupidness of the app and payment screens listing payees from all accounts, yet when I go to delete them I have to go into fastnet and find which account number has the payeet I want to delete on it.

Richard rich.ms

Rickles

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#3076757 16-May-2023 11:45

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.

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