How do bill payments work?

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#424449 5-Jan-2011 22:55

nate:
timmmay: Transfers should be done in real time, 24/7.

Amen.

It happens (for me anyway) if I do an ASB-ASB transfer, why can't it happen for ASB-Kiwibank?

Also, cheques should clear after one day as well.

No checks should just die the death they deserve.

Richard rich.ms

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#424451 5-Jan-2011 22:59

richms:
nate:
timmmay: Transfers should be done in real time, 24/7.

Amen.

It happens (for me anyway) if I do an ASB-ASB transfer, why can't it happen for ASB-Kiwibank?

Also, cheques should clear after one day as well.

No checks should just die the death they deserve.

Oh I'd love to get a checkbook just so if I get bad service somewhere, I can pull that out and spend forever while they try find a staff member who knows how to process them and annoy everyone. But I haven't seen someone pay by check in years

nate

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#424467 5-Jan-2011 23:21

richms: No checks should just die the death they deserve.

Couldn't agree more, however, some businesses/people prefer to use cheques where they can get away with it.

richms

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#424470 5-Jan-2011 23:22

Nowhere will take checks tho. Some will take business checks but I have no idea how verify the person signing is authorized to sign for that check book or if it needs 2 to sign etc. Best to avoid them totally ;)

Richard rich.ms

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#424473 5-Jan-2011 23:25

richms: Nowhere will take checks tho. Some will take business checks but I have no idea how verify the person signing is authorized to sign for that check book or if it needs 2 to sign etc. Best to avoid them totally ;)

I thought they take them to the bank and the bank deals with the signatures and stuff?

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#424481 5-Jan-2011 23:44

tardtasticx:
richms: Nowhere will take checks tho. Some will take business checks but I have no idea how verify the person signing is authorized to sign for that check book or if it needs 2 to sign etc. Best to avoid them totally ;)

I thought they take them to the bank and the bank deals with the signatures and stuff?

Yeah, thats once the person has taken the stuff, so if its all wrong then you are stuffed, and sometimes it doesnt come back from the bank for ages if it shouldnt have been written by the person. IMO, too risky to accept any checks.

Its bad enough with internet banking and the dodgey reversing national bank ones that happen occasionally.

Richard rich.ms

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#424486 5-Jan-2011 23:50

I get a few cheques a year, usually when a parent is paying for something for their kids. You deposit them in the bank and they take a week to clear.

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tombrownzz

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#424490 5-Jan-2011 23:59

Ok it's about midnight can everyone log into their internet banking and try to do something and see if it works or not. I just tried to add a bill payment payee and asb net banking wouldn't let me because it's in 'nightly processing mode'.

Any banks in nz let you do anything on internet banking 24/7?

tardtasticx

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#424491 6-Jan-2011 00:19

tombrownzz: Ok it's about midnight can everyone log into their internet banking and try to do something and see if it works or not. I just tried to add a bill payment payee and asb net banking wouldn't let me because it's in 'nightly processing mode'.

Any banks in nz let you do anything on internet banking 24/7?

Well my Orcon payment just got deducted from my Westpac account. But a $70 deposit done yesterday morning hasn't come through yet.

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#424529 6-Jan-2011 07:56

richms:
nate:
timmmay: Transfers should be done in real time, 24/7.

Amen.

It happens (for me anyway) if I do an ASB-ASB transfer, why can't it happen for ASB-Kiwibank?

Also, cheques should clear after one day as well.

No checks should just die the death they deserve.

There is already talk in the banking industry of pulling the plug on them entirely within the next 5 or so years.

wreck90

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#424536 6-Jan-2011 09:01

Cheques are good for the old people who cannot use computers . Not everyone has access to the internet either.

I'd like to see GST invoices built into statement record data. eg, if I buy a tv from farmers then I can go to my online banking and print off the invoice. This is so much more efficient than saving bits of paper.

Then, you can download the statements to your pc, and if digitally signed you can email to a retailer as proof of purchase if you need to claim a warranty repair.

Storage is cheap is it not?

I'd pay for such a service.

Also, payment reference fields are ridiculously short and you cannot even enter a formatted date as the system does not allow them.

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#424539 6-Jan-2011 09:08

Changing field lengths would be a huge project, as a massive amount of software would have it hard coded and would need to be changed. Even the best case of a configuration change is still a huge job, given how many systems would need to be changed, most with a compile, test, release, deploy cycle.

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#424595 6-Jan-2011 11:45

wreck90: Cheques are good for the old people who cannot use computers . Not everyone has access to the internet either.

I'd like to see GST invoices built into statement record data. eg, if I buy a tv from farmers then I can go to my online banking and print off the invoice. This is so much more efficient than saving bits of paper.

Then, you can download the statements to your pc, and if digitally signed you can email to a retailer as proof of purchase if you need to claim a warranty repair.

Storage is cheap is it not?

I'd pay for such a service.

Also, payment reference fields are ridiculously short and you cannot even enter a formatted date as the system does not allow them.

Hell no! Its bad enough making a digital trail of when and where you have spent money with eftpos, no way I want a centralized place with what I have bought being built up as well.

Reference fields are for just that, a reference, not for epic novels, you put the invoice or whatever number in it. I dont see a need for anymore. The breaking into 3 fields when they just get lumped together on the statement is a bit annoying, particually when idiot trademe buyers start putting their username in one and it ends with some numbers so it joins onto the auction number, or put the auction number in all 3 fields making one massive number.

Richard rich.ms

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#434931 3-Feb-2011 16:34

sbiddle:
richms: No checks should just die the death they deserve.

There is already talk in the banking industry of pulling the plug on them entirely within the next 5 or so years.

Note there's a change coming (reported on CW, someone posted in another thread and I asked to follow up here).

kyhwana2

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#434932 3-Feb-2011 16:38

freitasm:
I am not saying payments shouldn't be processed real-time. I am just saying if you don't know how the financial transactions work, you should inform yourself to make sure everything goes smoothly.

This is true, but what if you need to wire someone some cash for <x> in an emergency? If they had needed it on the sunday or monday over new years, then they wouldn't have gotten it till thursday and they would've been boned.

They really need to fix this, there's no good reason why they can't process stuff EVERY night. (Or is there? Running outdated systems/software from the 70s doesn't count!)

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