I transferred some money from Commonwealth Bank to ANZ on Wednesday. Going into Monday I will still be waiting for those funds to be transferred. Rather annoying actually because I want to invest them in the stockmarket, but I have missed my entry. I have trouble accepting that banks need 'up to 48 hours' to transfer those funds. There are a number of reasons why I am suspicious:
1. They can lend funds between banks on the overnight market, which is much more complicated than transferring funds
2. They never transfer funds in less time, its always close to the maximum period. Its like the maximum standard has become the minimum standard; meaning they will take advantage as much as possible.
3. All the banks have the same policy.
I informed the ACCC (regulator) of this rediculous abuse of power. I don't expect any change in policy. The reasons will be lack of substantive evidence, or its not our jurisdiction, or we don't hae the resources, or you should speak to the bank concerned...blah blah, etc.
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Andrew Sheldon www.sheldonthinks.com
1. They can lend funds between banks on the overnight market, which is much more complicated than transferring funds
2. They never transfer funds in less time, its always close to the maximum period. Its like the maximum standard has become the minimum standard; meaning they will take advantage as much as possible.
3. All the banks have the same policy.
I informed the ACCC (regulator) of this rediculous abuse of power. I don't expect any change in policy. The reasons will be lack of substantive evidence, or its not our jurisdiction, or we don't hae the resources, or you should speak to the bank concerned...blah blah, etc.
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Andrew Sheldon www.sheldonthinks.com
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