When no cheques how do you purchase over $10,000 items

Forums › Off topic › When no cheques how do you purchase over $10,000 items

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#2483180 13-May-2020 21:24

I am with the ANZ. Being of advanced years I have been mortgage-free for a number of years. I recently purchased a new home and was able to pay a $35k transfer via Internet Banking, then to transfer $750,000+ to my lawyers trust account as a pre-arranged transfer also through Internet Banking. For the second transfer I was on the phone to the bank, they created the transaction for me to preview with Internet Banking and I then pushed the 'submit' button on, all while on the phone to them. The important feature was that I could review both the amount and the from/to account numbers as part of a normal IB payment (ie on my monitor).

So, with a bit of pre-arrangement with your bank, anything is possible.

I have a Serious Saver account that will never again have so many zeros in the 'balance available' amount.

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#2483183 13-May-2020 21:30

OldGeek:

I am with the ANZ. Being of advanced years I have been mortgage-free for a number of years. I recently purchased a new home and was able to pay a $35k transfer via Internet Banking, then to transfer $750,000+ to my lawyers trust account as a pre-arranged transfer also through Internet Banking. For the second transfer I was on the phone to the bank, they created the transaction for me to preview with Internet Banking and I then pushed the 'submit' button on, all while on the phone to them. The important feature was that I could review both the amount and the from/to account numbers as part of a normal IB payment (ie on my monitor).

So, with a bit of pre-arrangement with your bank, anything is possible.

I have a Serious Saver account that will never again have so many zeros in the 'balance available' amount.

the zero's just shift behind the decimal point :P

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#2483291 14-May-2020 03:49

Any cash transaction - in or out - with a bank in excess of $10,000 has to be recorded and reported to the Police by the bank under the Anti-Money Laundering laws. It’s illegal for the bank staff member to advise you or warn you that the transaction is being reported. This doesn’t mean you can’t use $10k+ cash for a legit purpose - but it also makes it potentially difficult for the recipient.

I believe a series of transactions of less than $10k but totalling more than $10k may also need to reported if the bank is aware of it - so you can’t get around the law by doing a number of transactions of $9,950.

The law was extended to lawyers, accountants, real estate agents and the TAB in 2018.

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SirHumphreyAppleby

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#2483336 14-May-2020 07:26

No matter what the solution, I absolutely refuse to let the banks take any fees for doing so. Cheques have worked perfectly well for decades and current trends are entirely motivated by profit.

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#2483339 14-May-2020 07:44

SirHumphreyAppleby:

No matter what the solution, I absolutely refuse to let the banks take any fees for doing so. Cheques have worked perfectly well for decades and current trends are entirely motivated by profit.

Right - and we should never have got rid of carrier pigeons, faxes, 78 rpm records and floppy discs - things that worked perfectly well for a time too.

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gbwelly

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#2483346 14-May-2020 07:58

I don't mind personal cheques getting the axe, but I think they should retain bank cheques. There are a lot of geekzone forum members with enough wealth to exclusively buy their cars through dealers, but for plebs like me waiting for funds to clear between different banks makes private purchase of vehicles potentially risky.

Either the seller has to decide, "ok, I'll let this guy drive off with my car, I'm sure the money will come through tomorrow" or the buyer needs to decide "OK, I'll send this person a stack of money, I'm sure he'll turn up with the car tomorrow after it goes through"

Last one I sold, the person came with over 10K in cash. That can't be a better system than a bank cheque?

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#2483349 14-May-2020 08:03

SirHumphreyAppleby:

No matter what the solution, I absolutely refuse to let the banks take any fees for doing so. Cheques have worked perfectly well for decades and current trends are entirely motivated by profit.

They're also a massive source of fraud too. I'm almost forty and have never owned a cheque book.

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#2483356 14-May-2020 08:21

SirHumphreyAppleby:

No matter what the solution, I absolutely refuse to let the banks take any fees for doing so. Cheques have worked perfectly well for decades and current trends are entirely motivated by profit.

So you don't believe that cheques ever cost you or anyone else anything?

And you don't think that the massive infrastructure and staffing costs should be in any way covered by the very customers who use said staff and infrastructure?

Cool.

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#2483357 14-May-2020 08:21

mudguard:

They're also a massive source of fraud too. I'm almost forty and have never owned a cheque book.

I believe they are captured by AML rules and rather than go through a disclosure process, it's easier to just insist on internet banking for these things.

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#2483361 14-May-2020 08:27

GV27:

mudguard:

They're also a massive source of fraud too. I'm almost forty and have never owned a cheque book.

I believe they are captured by AML rules and rather than go through a disclosure process, it's easier to just insist on internet banking for these things.

Do you mean that you believe cheques are captured by AML rules - i.e. that cheque transactions of more than $10k need to be reported - like cash?

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Handsomedan

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#2483365 14-May-2020 08:33

Cheques are an artifact of the past.

You don't even need a chequebook to create a cheque for payment...it can be on a piece of parchment/napkin/old rag, anything.

As long as the rules are followed for what goes on said cheque, then it's legal.

With that in mind, it's fair to say that in my 25 years in Corporate and Institutional banking, I never saw a non-cheque cheque get presented.

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SirHumphreyAppleby

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#2483367 14-May-2020 08:37

Handsomedan:

So you don't believe that cheques ever cost you or anyone else anything?

And you don't think that the massive infrastructure and staffing costs should be in any way covered by the very customers who use said staff and infrastructure?

Of course cheques cost money. Getting rid of them allows banks to slash costs which will not be passed on to customers. ASB a few years ago stopped accepting cash via the Fast Deposit boxes, then months later removed the service altogether. Given cheques are still handled by the branches, along with other tactics such as automatically opting people out of paper statements and charging $0.20 for a verification text that costs a fraction of that, it's clear these changes are driven by profit, not practicality.

There is currently no substitute for cheques, especially for large purchases and business transactions. Even if the bank's savings were passed on to customers, the additional staffing cost to businesses, having to login to Internet banking to perform comparatively time-consuming one-off transactions, or waiting in line for manual transactions or to use ATMs, or making phone calls or visiting the bank to approve a transaction above whatever the bank arbitrarily decides is an acceptable limit, far exceeds those costs.

If you're happy to pay fees for alternative payment methods, go ahead.

qwertee

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#2483370 14-May-2020 08:43

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Don't know about BNZ but I know with ANZ you can increase the maximum one off payment amount to different limits up to $250k

ASB limit is $100k under Fastnet Classic

I am with Westpac. They unlocked the limit temporarily and did the online transfer at the bank.

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#2483373 14-May-2020 08:43

@SirHumphreyAppleby Banks fees have dropped massively over the years I remember paying 20 cents per EFTPOS transaction and have a fee of $10 per month for having a bank account

SirHumphreyAppleby

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#2483377 14-May-2020 08:53

Linux:

@SirHumphreyAppleby Banks fees have dropped massively over the years I remember paying 20 cents per EFTPOS transaction and have a fee of $10 per month for having a bank account

I've never paid base account fees or transaction fees, only credit card fees.

When EFTPOS fees were a thing, I simply paid by cash and later credit card. I couldn't tell you the last time I used my EFTPOS card anywhere other than PB Tech (fees for credit cards) or Samwoo (no credit under $~20).

Those cents add up.

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