Earn points on Bank Transfers

[ChrisMars]

You have to be joking right? Slowing down the movement of money is the banking system's bread and butter. Millions of accounts with trillions of $$$ in them, if you can make that money disappear to the owner overnight and not pay interest on it, that's a big cost saving while you use the money to lend it to another bank short term. Do that same thing millions of times every single day and it adds up.

Easy tiger,
Looking on the internet, I didin t find some clear evidence that it is a scheme to increase revenue. Seem like it s more many layer of security, checking and audit (which comes at a cost) that are the reasons of slow transfer. Now if you have some ref I would happily read it, please share.

 

[Pele]

You must be joking!

Legoman is spot on. They slow the process as it is to their advantage. Having the process work as it was designed would mean they make less money out of it.

Exact same concept for eSim's for mobile phones- carriers are perfectly capable of providing them to customers on their networks however they never advertise or push them. Reason is because it makes it alarmingly easy for customers to switch to another carrier and hence they lose revenue.

If your looking for some solid reading material over the weekend regarding the integrity of banks in Australia do a google search for 'Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry'. Eat your heart out cobber!

 

[Legoman]

Easy tiger,
Looking on the internet, I didin t find some clear evidence that it is a scheme to increase revenue. Seem like it s more many layer of security, checking and audit (which comes at a cost) that are the reasons of slow transfer. Now if you have some ref I would happily read it, please share.

Well of course. Everything is dressed up as being more security and privacy. Before security and privacy it was health & safety. The new buzzword salad excuse for everything now is ESG It really doesn't matter what the excuse is, just as long as the account holder buys it.

 

[aikman]

I have had a 100% Osko success rate using the NAB mobile app to transfer to Citibank. I've seen no evidence of NAB slowing down my transfers.

 

[Legoman]

Exact same concept for eSim's for mobile phones- carriers are perfectly capable of providing them to customers on their networks however they never advertise or push them. Reason is because it makes it alarmingly easy for customers to switch to another carrier and hence they lose revenue.

Exactly. I've suffered this same frustration too. Universal eSIMs would be one helluva lot cheaper for the telco, more convenient and quicker for the customer, much more ESG compliant because of the lack of packaging and unnecessary plastic production to create/stock/market/sell physical SIMs, but the telcos won't implement them? Why?

This is not some right wing conspiracy theory nonsense. It's pure profiteering and economics. The telcos have looked at it and decided the advantages of eSIM are too much in favour of the customers and not enough in their favour. eSIMs transfer too much power to the customer as opposed to the telco, so why would they push something that's going to make it much easier and quicker for their customers to jump ship to their competitors when a cheaper deal comes along? Answer: they won't. It's exactly the same with banks. Why should they make it a lot easier for account holders to chop and change who holds their money when a competitor bank offers a 5bp greater interest rate?

Why do you think every bank in the land has made it a condition that you must open a transaction account with a card that you don't want, and you must use that card at least 5 times every month as a condition before they will pay you their advertised savings interest rate on their attached savings account? Because banks want money to be as sticky as possible and encouraging account holders to see them as a one-stop shop for all their banking needs is one way of doing that. If you can force a customer to use their debit card for their incidentals, then maybe, just maybe, that might be habit forming and they'll then see moving banks as too difficult and traumatic to be bothered doing when a better interest rate comes along at a competitor bank. Bundle your go-to habitual debit card, along with low transfer limits that make it hard to move large tranches of funds in one transfer, block Osko transfers (or just make them unavailable) and frustrate account holders with random account blocks/freezing in the name of security/privacy/health/safety/environment/goverance/<make up your own excuse here> and you can stop money from flowing easily and hang on to it yourself for longer.

It's much easier to hang on to an existing customer (even if against their will) than it is to attract a new one.

 

[Legoman]

I have had a 100% Osko success rate using the NAB mobile app to transfer to Citibank. I've seen no evidence of NAB slowing down my transfers.

Well you would. Citibank is owned by NAB. You're transferring from/to effectively the same bank! I too have no problem at all transferring from Citibank to Citibank either and that doesn't suprise me at all. Try transferring from AMP/STG/BOM/BSA/NPBS/ING or any of the banks that aren't owned by NAB to Citibank and see how you get on.

 

[Danger]

Well you would. Citibank is owned by NAB. You're transferring from/to effectively the same bank! I too have no problem at all transferring from Citibank to Citibank either and that doesn't suprise me at all. Try transferring from AMP/STG/BOM/BSA/NPBS/ING or any of the banks that aren't owned by NAB to Citibank and see how you get on.

I have a problem transferring from Citi to Citi. I have a transaction account and a Visa card. Transferring money from the transaction account in my name to the Visa card in my name takes a day. It's preposterous.

 

[Legoman]

I have a problem transferring from Citi to Citi. I have a transaction account and a Visa card. Transferring money from the transaction account in my name to the Visa card in my name takes a day. It's preposterous.

Using the same online login? That is preposterous. Transfers between accounts visible through the same login are instant and from my experience it not a Citibank thing either, it's instant regardless of the bank brand.

The whole PayID thing was the smokescreen the banks hurridly rushed out when their cartel was threatened with the announcement of the NPP roll-out. Just going by memory as it was so long ago now, but I think the initial promise of the NPP was that transfers would become instantaneous between all banks and building societies 24hrs a day including weekends, and all ADIs had until March 2018 to sign up to it. What followed immediately was a howling of protest about how there wasn't enough time and the banks couldn't possibly comply in the time frame and how if it was forced on them, customers deposits would be at risk… blah blah blah - all carefully designed to stall the implementation.

It worked. Brilliantly. 5 years later and there still isn't universal NPP adoption. What the banks did invent as their own supposed version of NPP was PayID, which really wasn't anything even remotely like NPP, but they marketed it as if it was. All PayID ever was was a simple nickname that pointed to the same old BSB/Acc number of an account. The only thing about it that made it sound like they were doing something towards adopting NPP was they agreed to make transfers done via PayID instant. The downsides? An account holder can only have as many PayIDs as they have unique pieces of acceptable ID to link them to, so you need multiple e-mail addresses or multiple phone numbers to cover all your bank account options, and then it became a nightmare to deal with when wanting to close accounts and move PayIDs etc. It became so much more work to manage all the PayIDs for little to no gain, that it was just easier to go back to the old BSB/Acc numbers. PayIDs don't remove the need to store and manage BSB/Acc number data at all, rather all they do is add yet another level of pointers you have to record and manage on top. Like shortcuts to your shortcuts before you get to the actual detail that matters. Still, PayID was only ever a smokescreen to make the public thing they were getting some part of the NPP they were promised in the first place, when it fact it never was anything but a distraction to divert attention from the fact they were actually doing nothing about trying to implement NPP which they never wanted, because all the upside was to the account holders and all the downside and risk was to the banks.

 

[Danger]

Using the same online login? That is preposterous. Transfers between accounts visible through the same login are instant and from my experience it not a Citibank thing either, it's instant regardless of the bank brand.
...

Yes, the same login. I receive a message saying it may take up to three business days and it always takes until at least the next calendar day.

 

[Legoman]

Amazing. Unforutnately complaining to Citibank is utterly pointless and will achieve nothing. At best they will just point to the 3 business days they quote and say as they're within that timeframe, there isn't a problem. Logic and common sense have no place at all inside Citibank. The humans will not intervene in Citibank. Not at all. Three months ago I told Citibank my online banking lists my credit card twice. Once with a number with two leading zeros and once without leading zeros. I asked them if they wouldn't mind amalgamating the two together into a single listing as it's confusing and I don't need two listings of the same credit card account. 3 months later I now have THREE reference numbers for the request and no ETA at all of when someone might actually action it.

 

[Zips-Numerate-Viscosity]

How do I set up Citi PayAll without access to a smartphone?

According to their website (Citi PayAll), I can either use the Citi Mobile App or "Via email or SMS". I called and asked for assistance in using "Via email or SMS", and they said that I needed to use the app, which is incorrect per their website.

Escalating to a supervisor yielded no fruit. They said that the "Via email or SMS" option merely redirected customers to a download link for the Citi Mobile App. I hung up on the supervisor.

 

[Pele]

App only

 

[SydneySwan]

Citi make the rules. I suggest you get a smartphone.

 

[Zips-Numerate-Viscosity]

App only

Their website clearly needs updating then. "Via email or SMS" option doesn't specify smartphone. I'll see if I can install the Citibank app on my Android VM.

Citi make the rules. I suggest you get a smartphone.

Reddit - Dive into anything

www.reddit.com

I'd rather not be distracted by big tech companies that monetize my time and attention.

 

[Legoman]

Their website clearly needs updating then. "Via email or SMS" option doesn't specify smartphone. I'll see if I can install the Citibank app on my Android VM.

Would you mind sharing the names of the software you use to run an Android virtual machine? I presume this is some method of running phone apps inside conventional desktop computer OS?
Since the relentless shift away from web-based banking towards phone app only banking seems to have no end in sight and is only accelerating, I can see it is going to become necessary for maintaining one's sanity, to take control back and find a way to force banking apps to work on computers with direct cable access to printers, full-size keyboards and full-size screens.

 

[im.daniel]

Can anyone help me with this (before calling Citi)

I scheduled a PayAll payment for mid April (20k). Ended up cancelling the transfer a few days before. Now when I try and make another PayAll transaction - it says that I have exceeded the amount for that category (despite no actual payments)

I then tried to make payments for other categories (variable amount 5-20k) - same error message.

What gives? Lol

 

[Pele]

Patience grasshopper.

My guess is Citi's systems are so useless your cancelled payment counts towards your monthly limit. Basically you have wasted your monthly payall limit. Wait a week and try again. If that doesn't work in a month's time it should work.

I wouldn't bother calling Citi unless you want unnecessary annoyance and agro.

 

[im.daniel]

Thanks! Just curious as to whether anyone else has had this problem before. It’s only been 5 days since cancellation. Might try again after the proposed (now cancelled) PayAll request.

 

[hedge]

I've had that issue before. When I rang up, I was told that it still counted ! (LoL!)

 

[ChrisMars]

Thanks! Just curious as to whether anyone else has had this problem before. It’s only been 5 days since cancellation. Might try again after the proposed (now cancelled) PayAll request.

I had this several times while I was trying to optimize my citiall dates. It s a bit annoying, but after a few days (3 to 5) I could set it up again. This was last year.