NZ Banks creaming it overnight ?

Received from Gurglars
23/05/2016 4:13 am (GMT+12:00)

Subject: Banks Theft

I have sent this letter to my bank.
This type of arrogant theft by banks must be exposed and stopped! The stock exchange has recently shortened settlement days from 3 to 2 for this very reason! In some cases over the weekend banks can make 50% on overnight money markets, so they use YOUR and MY money to make huge profits whilst charging us interest on outstanding debts that could be amortised.

A sum of $***** was deposited to my account Saturday. At the latest it should be in my account Monday morning! Given the nature of internet transactions, the keeping of MY money for two days is in fact an act of theft. The monies have left the sender’s account and not been lodged in my account and therefore the bank has claimed some ownership of the money for two days when the bank is trading. This “theft” which could be presumed legal when banks had to have time to clear funds is no longer a “legal” action!

[ends]

My quick reply:

Excellent point. Yes they reap at our cost, bare-faced. Some banks over others have difficulty moving to processing 24/7…. more ‘instantaneously’. From discussion with colleagues, it appears ANZ has recently moved to “next morning” (including paying in on Saturdays) for deposits made after 10pm on Friday nights —which previously had a dogged (clip-ticket) wait until “after 10pm Monday” for transaction. Some shift has occurred(?).
Consumers need to stack on the pressure.
The Banking Ombudsman needs to investigate – the public should send letters their way.

New Zealand’s Banking Ombudsman Scheme
The Banking Ombudsman Scheme investigates and resolves disputes between customers and their banks. We are independent of scheme participants, customers, and government. Our service is free of charge and easy to use.
https://bankomb.org.nz/

### radionz.co.nz Tue 24 May 2016 7:00 am today
Morning Report with Guyon Espiner & Susie Ferguson
Reserve Bank keeping an eye on digital disruption on banking
The Reserve Bank is monitoring the impact of digital disruption on the banking sector, as a rapidly increasing number of unregulated players have the potential to undermine the existing financial system.
Audio | Download: Ogg  MP3 (2′07″)

Posted by Elizabeth Kerr

Bank toon-3228 [glasbergen.com] 1[glasbergen.com]

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3 Comments

Filed under Business, Democracy, Economics, Finance, Media, New Zealand, Ombudsman, People, Public interest

3 responses to “NZ Banks creaming it overnight ?

  1. ab

    No Manners Mall: ‘Excuse me strange Wellingtonian. Why are you ripping your clothes off and looking at Ms Theresa Healey funny?’

    ‘I have no choice. It Is Written! In The Book. Start bonking!’.

    ‘Banking’, you poltroon. “Banking”!

  2. Gurglars

    I checked my account at 2.30am no deposit and again at 9.30am no deposit. However after my dirty letter was received at the bank, hey presto the money appeared in my account at 10.30am.

    So the squeaky wheel DOES get the oil.

    • Hype O'Thermia

      Remember Roger Hall’s “Glide Time”? Banks have retained that same sense of urgency, when it comes to delivering service to clients. Demanding and taking FROM, now that’s different, they’re right up to date when it works in their favour.

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