What cheeses me off

[Quickstatus]

Yes.

I dont understand then, if its just as simple to pay with the free method....

Would love to see Lattitude setup a payid option

I would love to see a Payhandle option.
Pay "markis10" etc should be an option.

 

[markis10]

Banks and ATM providers use Armaguard and similar armed guards to move cash.

As do petrol stations, supermarkets, liquor stores etc. My local servo is paying $70000 a year to get change delivered and the note readers emptied then balanced. That not counting the opportunity cost of having $100000+ of cash out of action in that three-four week period.

Even though it may take some days to clear the system recognises the payment on the date it was made.

No different to BPay in that context

 

[Quickstatus]

then balanced

Oh yeah that reminds me #WCMO, well it massively C the secretaries, is the counting of the cash which then does not balance. That is a total PITA.

That not counting the opportunity cost of having $100000+ of cash out of action in that three-four week period.

Yes while "cash out" at point of sale can be a slight mitigation, it is not enough to balance out the cost of holding such large amounts of cash before it can be taken to a bank. Our cash handling was a lot smaller and we had a system of having different secretaries take the cash at random times to the bank down the road.

 

[p--and--t]

As do petrol stations, supermarkets, liquor stores etc. My local servo is paying $70000 a year to get change delivered and the note readers emptied then balanced. That not counting the opportunity cost of having $100000+ of cash out of action in that three-four week period.

Things have changed a lot. As a early teen before the internet and eftpos and decimal currency and Bankcard I used to, at end of day (sometimes 11pm or later), collect the days takings of cash and cheques from my grandmothers business(es) and walk to her place to drop it off and then walk home.

Doubt many would do that today.

 

[Quickstatus]

Doubt many would do that today.

To the extent that the need for cash handling companies is progressively being reduced causing some short term issues

Even bank branch "night safe" is not used these days.

 

[markis10]

Yes while "cash out" at point of sale can be a slight mitigation, it is not enough to balance out the cost of holding such large amounts of cash before it can be taken to a bank.

Cash out doesn’t help at all, in fact it makes it worse. Most stores now have a requirement to “drop” $50 & $100 notes as soon as you get them. Cash in the till should never exceed $300-500 in total so when you get a cash out customer, you will often need to get change to top up the till. The change delivery and drop collection is every two weeks. Cash adds to the robbery incentive but these days they prefer ciggies anyway.

 

[MARTINE]

That due to their warehouse staffing issues Woolworths is prioritising refilling their inferior home brand Stock ahead of name brands. All the empty spots on shelves are name brands, meanwhile unwanted home brand over flowing.

Guess Coles will be getting more Christmas shopping patronage

Went into Woollies early this morning .. resembled pre-Berlin Wall Eastern Europe. Rows of empty shelves. Single items taking up half the freezer real estate. Coles must be loving this. The staff are concerned not just because of dissatisfied customers but casuals losing shifts as the shop is empty. Hope it is sorted soon

 

[Cossie]

Been banking with CBA for 65 years, currently have an daily account which is where we do most of our banking, except credit cards.
I was very cheesed off when they started to shut down their local branches, then not happy when they started removing their own ATMs at shopping centres, so I started going to the local PO, as the ATMs at their branches require driving.
Email today, they are changing that account. Still fee free as we satisfy their conditions.
However, they will now charge $3:00 per transaction as an Assisted Withdrawal Fee: (When you take money out at a branch, post office or by phone).

Sigh, I love the dividends I get from my inherited shares, but this is going to far, imo..........

 

[Lynda2475]

Seems like you can still take cash out via eftpos at the supermarket without the slug?

Never banked with CBA and haven't withdrawn any cash since pre-covid; but i notice the banks without branches i.e. Macquarie let you use any Australian banks ATM fee free. So maybe its time to change banks.

 

[RealtimeY]

Lots of fee-free bank account options nowadays for transactional banking (Macquarie, as mentioned above, is a good one) and it may surprise you how easy they are to set up.

 

[Cossie]

Been thinking about changing for a while, but it's all too difficult.

Even more annoying is that the account pays 0% interest.

 

[prozac]

Been thinking about changing for a while, but it's all too difficult.

Even more annoying is that the account pays 0% interest.

I've got a Bendigo business acct. Pays interest, no charges, no international transfer fees.

 

[Lynda2475]

Even more annoying is that the account pays 0% interest.

Even more reason to change.

You can open a Macquarie Bank account in a couple of minutes online and transfer funds in using internet banking. PayAyone should be free from CBA as it is for other banks.

Macquarie transaction account pays 2.75% interest no hurdles and if you also open and link a savings account (also no hurdles), the savings account will earn 5% (5.35% first 4 months). Keep majority of funds in saving and transfer an allowance into transaction account as needed. If you are charged an ATM fee in Australia they refund it.

I'm sure other banks have similar products, I'd be ditching CBA quickly, unless offsetting a mortgage every $ in the bank should be earning interest.

 

[MARTINE]

Been banking with CBA for 65 years, currently have an daily account which is where we do most of our banking, except credit cards.
I was very cheesed off when they started to shut down their local branches, then not happy when they started removing their own ATMs at shopping centres, so I started going to the local PO, as the ATMs at their branches require driving.
Email today, they are changing that account. Still fee free as we satisfy their conditions.
However, they will now charge $3:00 per transaction as an Assisted Withdrawal Fee: (When you take money out at a branch, post office or by phone).

Sigh, I love the dividends I get from my inherited shares, but this is going to far, imo..........

Run with the hares (customer) or hunt with the hounds (shareholder).
A balancing act
I dont bank with them
I invest with them only

 

[Cynicor]

Seems like you can still take cash out via eftpos at the supermarket without the slug?

Never banked with CBA and haven't withdrawn any cash since pre-covid; but i notice the banks without branches i.e. Macquarie let you use any Australian banks ATM fee free. So maybe its time to change banks.

Not all. Pretty sure Bankwest still charges for them all!

 

[Quickstatus]

However, they will now charge $3:00 per transaction as an Assisted Withdrawal Fee:

No fee for Woolies "assisted withdrawal" AKA Cashout. Though that has a limit of $200 and you have to use a debit card obviously

CBA said it is costing them $350M to provide cash at the branches

 

[lovestotravel]

Lots of fee-free bank account options nowadays for transactional banking (Macquarie, as mentioned above, is a good one) and it may surprise you how easy they are to set up.

Just set up a macquaire personal transaction account today, took about 2 minutes online.

Mainly going to use it for overseas ATM withdrawals and overseas purchases

 

[ellen10]

Just set up a macquaire personal transaction account today, took about 2 minutes online.

Mainly going to use it for overseas ATM withdrawals and overseas purchases

Do they charge international transaction fees and international ATM withdrawals

 

[Lynda2475]

Do they charge international transaction fees and international ATM withdrawals

No, no Macquarie fees, no minimum deposit hurdles. But overseas ATMs may have their own fees, pays to shop around.

 

[RooFlyer]

Seems like you can still take cash out via eftpos at the supermarket without the slug?

No fee for withdrawing via their ATMs (nor, I think 2 of the other big 3 ATMs), but as @Cossie noted, they are becoming rarer.

I bank with the CBA and live rural; no ATM within 50 mins drive. Any cash I need I get from the local IGA supermarket. Only time I've fronted an ATM for the last year was to bank a cheque