Banking Nonsense
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<p>I worked for a small direct debit company from 2000-2005 and we processed files manually - that was the reason we didn't debit (customers) or credit (clients) on weekends. Because we had checks and balances that needed human eyes for a small company, and sometimes had to run it a tad late to ensure we picked up any last-minute requests.</p>
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<p>It was worse with Amex and Diners: 20 records per page, with disclaimers top and bottom, that had to be signed and FAXED to their respective processing houses.</p>
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<p>You'll note most direct debit products don't work on weekends or public holidays, because they want someone to actually push the button a lot of times. Gives them someone ("computer error" my arse) to blame.</p> -
<p>commbank have that thing through the app where you can transfer to another person's commbank account instantly by tapping your phones together, it's awesome. </p>
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<p>but, i agree, in general, banks are fluffybunnies. </p> -
<p>Australia was one of the very first in the world to have what's known as Real-Time Gross Settlement of any kind, back in the 1990s. Australian banks net their obligations to each other at the end of each business day and settle them by moving funds at 9am each morning. So all the ANZ count up all the money they owe to accounts held with Westpac and deduct receipts due to them from Westpac (e.g. for settlement of securities trades) and move the difference through a batch process called (from memory) RITS. The weekend delay is simply because Friday's payments are moved on Monday morning.</p>
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<p>Not moving the funds between accounts on the same day (or even instantaneously) is a choice that your bank is making. The reason they don't do it is because there is substantial income to be made in keeping it "idle" for as long as possible. All the credit balances can be invested intra-day, or used to fund their positions with the central bank that they might otherwise have to borrow (at an actual cost) to cover. There's no reason for clients to put up with it but be warned, if they change the way they do things they'll probably pass the costs involved back onto you the customer through increased margins or ( as in the UK) actual operating fees for current accounts.</p> -
<p>Thanks JC - I have some understanding of the IT side of things, but good to know why it's set up like this from the business POV.</p>
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<blockquote class="ipsBlockquote" data-author="JC" data-cid="587400" data-time="1465789173">
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<p>Australia was one of the very first in the world to have what's known as Real-Time Gross Settlement of any kind, back in the 1990s. </p>
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<p>And we did that because our banking sector was (relatively) small and uncomplicated in terms of number of products. When you look at the US banking system - mainly due to the sheer number of institutions - implementing standards-based transactions is more difficult.</p>
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<p>New Zealand is now well ahead of us on the electronic banking side only in part due to the smaller population. Mostly, NZ institutions (and not just banks) see the benefits of serving customers with a minimum of cash transactions and the associated logistics that creates. Also a better nationwide telecoms network and the appetite to take advantage of it.</p>
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<p>I think I said while I was on holiday, the only place I really <em>needed</em> cash was at a little cafe in Foxton Beach where they didn't have Credit facilities and I was out of cash.</p>
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<p>Oh and Siam: don't use a non-ANZ ATM unless you want to pop a vein :)</p> -
<blockquote class="ipsBlockquote" data-author="NTA" data-cid="587431" data-time="1465799999">
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<p>LOL. Wasn't that bad. Summer, plenty of sun, the windmill was cool, and the beach was great. Broke up the drive from Whanganui to Welly nicely.</p>
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<p>It could be a really nice little spot, the beach is nice but horrible to launch boats on, Its got more than its share of gang issues <a data-ipb='nomediaparse' href='http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence'>http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence</a></p>
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<p>The windmill is a pretty cool tourist stop, apparently there some sort of town tradition for couples to break in and bonk in the other tourist attraction which is horse drawn tram. It was driving the old coot who runs it nuts because they had no money to up the security.</p> -
<p>I worked on the Faster Payments Process in the UK basically legislation that made it mandatory for transactions between banks of a certain size to take place instantaneously. We had a target of under 7 seconds with any of the partners and would normally perform it under 1.</p>
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<p>Then I moved to France. 2 days is standard. If your lucky.</p>
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<p>Mooshld </p> -
<blockquote class="ipsBlockquote" data-author="jegga" data-cid="587464" data-time="1465805947">
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<p>It could be a really nice little spot, the beach is nice but horrible to launch boats on, Its got more than its share of gang issues <a data-ipb='nomediaparse' href='http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence'>http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence</a></p>
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<p>Well, we weren't there during night time hours. </p>
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<p>Fuck that was a good trip. Long days of sun (until we got to ChCh) and plenty of shit to see with the family. Awesome food and locally brewed beer. Must get back...</p> -
Just checked ANZ's website - they process payments to other banks on the same day as long as the payment is made before 10pm, so that's all of the major trading banks here. Kiwibank also process hourly. Not sure about the smaller banks, but there's no reason not to. This doesn't apply on weekends, but some banks transfer within themselves on weekends as well. <br><br>
Cash deposits are also instant. -
<blockquote class="ipsBlockquote" data-author="Godder" data-cid="587514" data-time="1465812791"><p>Just checked ANZ's website - they process payments to other banks on the same day as long as the payment is made before 10pm, so that's all of the major trading banks here. Kiwibank also process hourly. Not sure about the smaller banks, but there's no reason not to. This doesn't apply on weekends, but some banks transfer within themselves on weekends as well. <br>
Cash deposits are also instant.</p></blockquote>
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Sure but a delay between 2 ANZ accounts from the same branch is pretty pisspoor for 2016 I would have thought -
<blockquote class="ipsBlockquote" data-author="Siam" data-cid="587523" data-time="1465813792"><p>
Sure but a delay between 2 ANZ accounts from the same branch is pretty pisspoor for 2016 I would have thought</p></blockquote>
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ANZ to ANZ is instant here. Apparently the Australian parent is a bit behind its NZ counterpart... -
<blockquote class="ipsBlockquote" data-author="Godder" data-cid="587514" data-time="1465812791">
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<p>Just checked ANZ's website - they process payments to other banks on the same day as long as the payment is made before 10pm, so that's all of the major trading banks here. Kiwibank also process hourly. Not sure about the smaller banks, but there's no reason not to. This doesn't apply on weekends, but some banks transfer within themselves on weekends as well.<br><br>
Cash deposits are also instant.</p>
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<p>Negative, they mean they process the payment that night as long as it is before 10PM. After 10PM... then the following night. E.G. ANZ -> Westpac at 10AM will go through overnight. BNZ -> Westpac at 10AM will go through by midday.</p> -
<p>I was with ANZ, I left them due to a change in financing requirements rather than being disgruntled with ANZ and went to CBA.</p>
<p>I wasn't expecting to see such a dramatic difference between the two.</p>
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<p>Transfers between any CBA accounts is instant.</p>
<p>CBA offers an excellent iphone app that gives you the ability to send money via phone numbers (CBA Account Holders only), cardless cash collections from ATMs, fingerprint authentication, and near real time transaction updates (I see my in-store purchases hit my Credit Card account on my iphone within a second which wasn't possible at the time with ANZ).</p>
<p>CBAs online webservice is also much better than ANZs (better functionality, availability and performance).</p>
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<p>CBAs biggest downfall is its awards program (only because I am with Frequent Flyers).</p>