Electronic Transactions Becoming Faster

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1080p

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#105878 12-Jul-2012 19:59

I couldn't find a similar thread to this and can't believe it went under the radar. This is something I have been wanting for years

http://www.stuff.co.nz/technology/6684409/Money-transactions-to-become-quicker

I first noticed it a few weeks ago and called the bank assuming it was an error. The girl on the other end of the phone had no idea why my payment went through in just over two hours rather than the normal overnight time frame.

So, what does everyone think of the greatest step in progress since DSL?

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#654837 13-Jul-2012 00:14

Yep, I hated having to wait overnight for interbank transfers so this was a welcome change.

gzt

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#654894 13-Jul-2012 09:17

About time. It says something that the Reserve Bank made them all do the project.

More transparency for banking fees would be nice as well.

Itemising fees separately (instead of burying them as line items in the statement) would do a lot to promote competition in this area.

grant_k

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#654896 13-Jul-2012 09:27

I noticed this a few days back when somebody who had won my auction on TradeMe paid into my ASB account in the middle of the day. I'm pretty sure they were with another bank, so I was surprised to receive the money so quickly.

Excellent news!

nutbugs

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#654900 13-Jul-2012 09:33

Absolutely about time!

More transparency for banking fees would be nice as well.

1080p

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#654957 13-Jul-2012 11:08

I'm not sure how banks are not transparent when it comes to fees. They are all on their site listed and free for anyone to see. Even if they weren't you can always call them on their free telephone number and ask at almost any time of the day.

Kyanar

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#655325 14-Jul-2012 01:54

Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.

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1080p

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#656835 17-Jul-2012 08:26

Kyanar: Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.

As far as I understood the change, each bank had to process a minimum of five times a day. I doubt your bank holds on to the cash until 10:00pm unless you transfer it out after 8:00pm.

Kyanar

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#656837 17-Jul-2012 08:39

1080p:
Kyanar: Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.

As far as I understood the change, each bank had to process a minimum of five times a day. I doubt your bank holds on to the cash until 10:00pm unless you transfer it out after 8:00pm.

They do. All transactions are processed once a day at 10pm, Monday to Friday. No exceptions. Unless you opt for an irrevocable instant transfer, which is intended to be used for house sale settlements not trade me sales.

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#656845 17-Jul-2012 08:48

Kyanar: Now if only we could get the dinosaurs to stop holding payments "until 10pm tonight", ostensibly so you can cancel them.

It's also worth remembering that just because a payment is sent to a bank during the day, it doesn't mean it will instantly be available as cleared funds to the end party.

Kyanar

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#656846 17-Jul-2012 08:50

sbiddle:
It's also worth remembering that just because a payment is sent to a bank during the day, it doesn't mean it will instantly be available as cleared funds to the end party.

Agreed, but it's kind of a moot point if they won't even send it.

NonprayingMantis

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#656853 17-Jul-2012 09:06

If you have ever banked in the USA you start to appreciate how fantastic our banking system actually is.

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#656858 17-Jul-2012 09:16

Kyanar:

All transactions are processed once a day at 10pm, Monday to Friday. No exceptions. Unless you opt for an irrevocable instant transfer, which is intended to be used for house sale settlements not trade me sales.

I also thought that that had changed and payments were processed faster. There's an article about it here

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#656867 17-Jul-2012 09:34

NonprayingMantis: If you have ever banked in the USA you start to appreciate how fantastic our banking system actually is.

Kyanar

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#656964 17-Jul-2012 12:01

dolsen:
I also thought that that had changed and payments were processed faster. There's an article about it here

Er yes, that's what this thread says. However not all banks are doing this. Mine still holds all transactions to 10PM.

dolsen

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#656971 17-Jul-2012 12:17

Kyanar:
dolsen:
I also thought that that had changed and payments were processed faster. There's an article about it here

Er yes, that's what this thread says. However not all banks are doing this. Mine still holds all transactions to 10PM.

Yeah, I read the content of 1 post in isolation and came to an incorrect assumption. Which bank is your "dinosaur bank"?

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