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  Reply # 1213304 13-Jan-2015 17:41
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Geektastic:
ajobbins:
KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.


How does it control that? If I own $5 and send it to you, it's the same $5 not an additional $5. I can't really see how making you wait for something controls the supply: if I take the $5 in cash and hand it to you it's instant and they have no control - but same $5...!


Fractional reserve banking system. Think bank runs etc as an example




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  Reply # 1214643 14-Jan-2015 11:33
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When I had a real credit card with National Bank, a funds transfer via online banking from one account (cheque account) to the Visa card would take overnight to clear.
This was from 2001-2012 when I closed the account and moved to just using a debit card

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  Reply # 1214841 14-Jan-2015 14:23
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With a visa debit card with kiwi bank, a couple of times I was charged a few cents in interest.

I was never over drawn. After it happened the third time I decided to enquire what was going on.

What it was, I was putting money in on the 12th New Zealand date. Then doing a purchase in the US on it, but in the US the date was the 11th. So I was getting charged interest cause the money was being spent on the 11th, and not showing as going in until the 12th.

Told to wait a day before doing US transcaction to avoid interest charges, even though account never over drawn lol.

So being charged interest because limitation in the way visa processes transcations.

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  Reply # 1214849 14-Jan-2015 14:37
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If you used a proper credit card that would be a non issue. But it sounds like kiwibank is broken if they use local time on transactions when calculating interest.




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  Reply # 1214864 14-Jan-2015 14:57
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rugrat: Told to wait a day before doing US transcaction to avoid interest charges, even though account never over drawn lol.

So being charged interest because limitation in the way visa processes transcations.


That sounds to be like a limitation of Kiwibank's system and maybe it's not respecting timezones. VISA don't extend you credit or charge you interest, the bank does. They are the ones who work out interest and business rules for transactions, not VISA.




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