Bankwest Transaction account [General Discussion]

[hossein_au]

Dear Mr. Rick93,

Reference: Bankwest QANTAS Transaction Account xx_xx_xx_.

" I write to you regarding the activity conducted on your Bankwest QANTAS Transaction Account, opened on xx October 2014. At that time you were provided with the terms and conditions of the account and advised of the Bank's rights in relation to closing your account.

Pursuant to clause 23.1 of the Bankwest Investment and Transaction Accounts Terms and Conditions "Closing the account" please be advised, the Bank gives notice that we will be closing your Bankwest QANTAS Transaction Account xx_xx_xx_ on the 18th. December 2014.

It is recommended, if not already held, that you establish an account at an alternative bank before this date. You should also make arrangements for any direct credit or debit payments relating to this account be redirected to your alternative account.

The decision to take this action means you will no longer have access to the Bankwest QANTAS Rewards Program after this date".

Yours sincerely,
Ian Sivwright
Executive Manager - Product Delivery

I am not sure if this is pursuant to your case, or even relevant to you with the current credit history practices in Australia, but if it was me I would close my account voluntarily before the deadline because I do not want something like involuntary account closure to end up on my credit history. Just saying...

 

[hossein_au]

They do have the right to close the account... But do they have the right to stop points earning from the date of the letter?

Maybe I am reading their letter wrong, but I read it that point earning will cease on the date of account closure, not the date of the letter.

 

[N860CR]

Maybe I am reading their letter wrong, but I read it that point earning will cease on the date of account closure, not the date of the letter.

Hmm... On second reading you may be correct. It's an odd statement though. One would assume that with no account one would not have access to its rewards program!

 

[hossein_au]

Hmm... On second reading you may be correct. It's an odd statement though. One would assume that with no account one would not have access to its rewards program!

It is stating the obvious, but I guess it is stated merely for legal completeness?? I don't know, just in case there are pending transaction on that date, or something?

 

[Rick93]

I'm sure, as a 'debit' card, this account was not referred to Veda et al.

Just wait til they check my transaction history on Monday morning ....

Did over 1,100 transactions today.

More to come tomorrow.

Question is ...

Will I be entitled to THOSE points ???

 

[QF WP]

If they credit them to you, then the answer is yes. That would mean they process those transactions and they don't foresee what you have done today and leave the transactions pending??

If they do AND they allow the transfer of the points accrued to your QFF account, then you'll consider that a win.

Reminiscent of the Amex transactions promo a couple of years ago...

 

[N860CR]

I have to ask... How on earth did you do 1100 transactions. I don't think even an automated macro could do that!

 

[Rick93]

Three Coles and one Woolies.

Found a really fast machine at a Coles I hadn't been to before.

Get kept going back.

Took about three hours all up. Was able to do up to around 80 transactions each time without 'crashing' the machine.

( and I got a few half priced items at Coles as well !! )

 

[hossein_au]

I'm sure, as a 'debit' card, this account was not referred to Veda et al.

Just wait til they check my transaction history on Monday morning ....

Did over 1,100 transactions today.

More to come tomorrow.

Question is ...

Will I be entitled to THOSE points ???

I presume any institution (financial or otherwise) can push stuff to your report. Pulling reports is probably a different story and may even need your consent (buying a mobile phone on a plan, for example).

Again, I'm not sure how it is done here in Australia, but in the State paying a, say, gas bill late WILL end up on your report.

 

[Aussie_flyer]

I'm sure, as a 'debit' card, this account was not referred to Veda et al.

Just wait til they check my transaction history on Monday morning ....

Did over 1,100 transactions today.

More to come tomorrow.

Question is ...

Will I be entitled to THOSE points ???

Are you 21 yrs old as indicated by your user name. .. out of interest?

 

[burmans]

I am not sure if this is pursuant to your case, or even relevant to you with the current credit history practices in Australia, but if it was me I would close my account voluntarily before the deadline because I do not want something like involuntary account closure to end up on my credit history. Just saying...

It's a debit account, not a credit account so it won't be on your credit history. That's your own funds you are drawing against, not the banks!

 

[hossein_au]

It's a debit account, not a credit account so it won't be on your credit history. That's your own funds you are drawing against, not the banks!

This is true when you open a debit account. But I presume any financial institution can put anything pertaining to one's financial history on one's credit history.

 

[TomVexille]

I presume any institution (financial or otherwise) can push stuff to your report. Pulling reports is probably a different story and may even need your consent (buying a mobile phone on a plan, for example).

Again, I'm not sure how it is done here in Australia, but in the State paying a, say, gas bill late WILL end up on your report.

As I understand the credit reporting system here, you can have credit enquiries (loans, credit cards, any postpaid bills), defaults, current open facilities and public record information.

I don't think a transaction account will be able to make an impact on one's credit file.

 

[woodborer]

Will I be entitled to THOSE points ???

Maybe not according to point 7 of the Rewards terms:

If your Account is closed or access to it is cancelled, all Qantas Points accrued in the month of closure will be forfeited.

 

[neon_crossing]

But I presume....

I think this is your problem right there.

What do you base this on?

 

[lang_13]

i do not think that this can end up on a credit report... a quick glance at the relevant website indicates that only certain information relating to a person's credit history can be reported

http://www.oaic.gov.au/images/documents/privacy/applying-privacy-law/privacy-codes/CR_code_v1.2.pdf

 

[QF WP]

Bankwest Transaction account 10K QFF promo [Back on offer till Oct 31]

Maybe not according to point 7 of the Rewards terms:

Nice pick up woodborer. That's going to pop some bubbles - all that last minute stuff for nought

 

[hossein_au]

I think this is your problem right there.

What do you base this on?

My experience in the US. How closely the Australian system is aligned with its US counterpart is open to debate, hence "I presume..."

 

[hossein_au]

i do not think that this can end up on a credit report... a quick glance at the relevant website indicates that only certain information relating to a person's credit history can be reported

http://www.oaic.gov.au/images/documents/privacy/applying-privacy-law/privacy-codes/CR_code_v1.2.pdf

And you think if one runs afoul of a bank's T&Cs to the extent that it results in closure of one's account is not, or should not, related to one's credit history??!! I am not sure how closely your definition of credit history matches the regulations here in the land of Oz, but it definitely is vastly different to the definition used in more established markets such as in the US.

Please note I am not advocating one definition over another, I am merely pointing out that your average, common-sense, definition may or may not be the one used by the law. I have not studied the regulations in detail, hence I wrote "I presume...". Also, in my original post I wrote "I am not sure if this is pursuant to your case , or even relevant to you with the current credit history practices in Australia, but if it was me I would...". Please ignore if your understanding of the letter of the law is different; I have been known to be wrong, just ask my ex!

 

[markis10]

Bankwest Transaction account 10K QFF promo [Back on offer till Oct 31]

This is true when you open a debit account. But I presume any financial institution can put anything pertaining to one's financial history on one's credit history.

No, you must give consent and that consent is specifically related to the product the application is being made for. Only court judgements appear outside of that framework.