With the reduced usage of cash comes an issue (or maybe not) Branches and ATMs are closing.
What happens when all transactions go online. They will close the branches. There will be no way to talk to the bank directly.
We all know how trying to discuss something with the AI on the phone goes.
What would happen if the bank went broke or decides they only have a certain amount of funds available and start rationing how much money we can spend and on what.
With no face to face interaction, they could, theoretically, refuse to answer any electronic means of communication. Where would that leave us the public.
Useless letters of disapproval?
So, saying that you have not been near a bank in years is not helping matters. Think about the ramifications.
If for no other reason, we need to keep the bank branches relevant. We need to keep them busy looking after customers. Using more cash will help. This is becoming an issue not only with banks but lots of other retailers also. What do we do when you cannot talk to anyone?
Its particularly relevant in remote and rural areas where a bank branch may be hundreds of k's away. What if you need fuel to get to the next town but the internet is down. You will not be able to go over the road to the bank and get cash. Would/could make travel to those areas difficult and uncertain. If any remote towns survive.
Whenarewethere said
09:29 PM Feb 2, 2024
If you need to set up Enduring Power of Attorney, you will need to go into a branch these days. As we have found out. Didn't have to do that years ago as the bank accepted the paperwork.
We are cash users. Cheques are basically gone now. So have been putting cash into accounts at the bank of the invoice, to pay bills when I previously sent a cheque. Fortunately still have the main banks at the moment in Manly.
CBA closed the branch in Balgowlah. Was the only bank.The only ATM is one with the surcharge fee. Decades ago Balgowlah had every main bank.
It's really getting a pain, & we are in the city!
Couldn't pay car rego in North Sydney with cash, had to go to Chatswood.
Can't pay our block of units quarterly levy with cash at post office. But can transfer funds from debit card.
Are We Lost said
11:26 PM Feb 2, 2024
Whenarewethere wrote:So have been putting cash into accounts at the bank of the invoice, to pay bills when I previously sent a cheque. ......
Couldn't pay car rego in North Sydney with cash, had to go to Chatswood.
Can't pay our block of units quarterly levy with cash at post office. But can transfer funds from debit card.
Do you practice self flaggelation as well? Maybe adopt the motto "If you can't beat them, join them" and make your life easier.
Where does the cash come from in the first place? The bank?
I have not issued a cheque in probably 10 years and probably as long since I paid a bill with cash or via the post office (Insurance, Telco, Rates, etc). Today I paid my rego (caravan) from my study, the same as I do for all the other bills.
-- Edited by Are We Lost on Friday 2nd of February 2024 11:52:28 PM
Whenarewethere said
04:14 AM Feb 3, 2024
Point missed
dogbox said
09:26 AM Feb 3, 2024
as the system stands now, it work very well as long as you can tick all the boxes it is only when you can't tick all the boxes you have a problem.
if you have to go to a branch the wait in the queue is nearly as long as the wait on the phone!
Whenarewethere said
10:28 AM Feb 3, 2024
I take one of my Helinox chairs & sit in the queue. Quite handy in the supermarkets. Double up 2 heights of baskets 2x2 makes a reasonable chair. Everyone waiting gets the point. I am always extra nice to the checkout person say it's the management on their junkets etc.
yobarr said
12:53 PM Feb 3, 2024
dogbox wrote:
as the system stands now, it work very well as long as you can tick all the boxes it is only when you can't tick all the boxes you have a problem.
if you have to go to a branch the wait in the queue is nearly as long as the wait on the phone!
Perhaps what they're really meaning is that you should join the far queue?. Cheers
Whenarewethere said
01:12 PM Feb 3, 2024
Some years ago, I had to pay my phone bill, as had done for years every month.
The shop in Stocklands (which every local still calls it the Totem as is was known for half a century). It was originally a quarry in Balgowlah.
They closed early. My last day to pay the phone bill.
There was a sign on the door to pay at Warringah Mall shopping centre.
Looking at the time, there was no possibility of me getting there in time.
So a very slowly I layed on the floor spread eagled so everyone in the shopping centre could see me.
I very slowly pushed the cash & their invoice under the door.
The staff were there but disappeared to the back of the store due to the embarrassing situation.
When you get old nothing is embarrassing!
dogbox said
02:19 PM Feb 3, 2024
still haven't said were all this cash you are using is coming from?
smwhiskey said
02:55 PM Feb 3, 2024
dogbox wrote:
still haven't said were all this cash you are using is coming from?
From under the mattress...where its been stashed away over many years to hide its presence from the Government so a full pension can be obtained?
I know of more than one person that did it.
rmoor said
03:23 PM Feb 3, 2024
Geez, don't say anything controversial. I suspect the woke police on here whinge and get threads closed that don't suit their dialogue.
Plain Truth said
03:58 PM Feb 3, 2024
If the bank goes broke,you are covered by Financial Claims Scheme.Provides protection to depositors up to $250,000 per. account holder.
Whenarewethere said
04:39 PM Feb 3, 2024
For our cash we use a minimum of 3 different banks due to quarter of a million rule. Probably at the end of the day if the system is that stuffed, then there is no hope anyway.
In the recession a decade & a half ago. I was having a chat with the teller, we got on well. He said 'Yesterday a long term customer took out $800,000 cash.'
We are just greatful that we are self funded retirees. But we are also aware that dialysis is costing the State $80,000 per year without extras, & the numbers will vastly increase due to Covid implications. About a third of ICU Covid patients will be on dialysis in a decade.
msg said
06:27 PM Feb 3, 2024
Plain Truth wrote:
If the bank goes broke,you are covered by Financial Claims Scheme.Provides protection to depositors up to $250,000 per. account holder.
Too bad if they won't give you any money. Who are you going to talk to to ask for it? There is no one. The branch no longer exists.
Plain Truth said
09:06 PM Feb 3, 2024
msg wrote:
Plain Truth wrote:
If the bank goes broke,you are covered by Financial Claims Scheme.Provides protection to depositors up to $250,000 per. account holder.
Too bad if they won't give you any money. Who are you going to talk to to ask for it? There is no one. The branch no longer exists.
It is covered by insurance.
Whenarewethere said
09:28 PM Feb 3, 2024
Actually the other day went to Westpac to pay credit card. That is a long story in itself. A bit over a month earlier tried to order a 30 inch Dell monitor. I have had 2 previously over the decades.
Tried 2 debit cards from different banks. Couldn't get either to work. Tried the third card (credit), it didn't work either.
Phoned Dell, they said everything was working their end. Walked to Manly & actually tried to order on the bank's computer own computer. They said it was a Dell problem. It didn't work either.
Not as if there is a shortage of funds. More phone calls to Dell.
Was almost getting to the point I would buy something from HN etc physically in store. Finally the card worked.
Then the other day wanted to pay the card off. Walked into Westpac & the their system was down. Had tried to get cash out of their ATM. That didn't work. Got cash out from another bank's ATM.
Luckily I had the paper credit card statement as the Westpac computer didn't work. But really. Then on the other hand I suppose that's how it all works these days.
Can't buy, can't get money & can't pay because everyone's systems don't work.
Mein said
10:07 PM Feb 3, 2024
msg wrote: What would happen if the bank went broke or decides they only have a certain amount of funds available and start rationing how much money we can spend and on what.
Hmm.
What would happen if a civil revolution occurred in Australia?
What would happen if a UFO landed in the middle of Sydney?
What would happen if North Korea fired a nuclear weapon missile targeted to hit Brisbane?
And, am I the only (100%) skeptic? Are there ANY forum members who believe any of Whenarewethere's postings?
msg said
01:39 AM Feb 4, 2024
Mein, You are not a sceptic, just argumentative.
Whenarewethere said
08:59 AM Feb 4, 2024
This is at the CBA in Manly, they tried entering the order.
CBA said it was Dell & Dell said it was CBA. It doesn't help me as I have a dead Dell 3007 (foreground) & a flickering Dell 3011 (middle). New Dell 3023 (background) which eventually I got.
rmoor said
10:20 AM Feb 4, 2024
"In the recession a decade & a half ago. I was having a chat with the teller, we got on well. He said 'Yesterday a long term customer took out $800,000 cash.'"
A bank officer should not be disclosing such information? That could prove dangerous for a customer if the wrong people were earwigging nearby?
Confidentiality in business is paramount. Some friends of ours went to a BBQ once and an acquaintance there told them how much money they had been told (by a bank officer) they had in the local branch. They then marched in at 10 a.m. Monday and removed a few million, then transferred it to another bank and warned the bank officers there of their responsibilities of customer confidentiality.
As to the performance of banks, don't start me. One of our local branches just closed the doors and a Which Bank has reduced it's hours, now closing at 1 pm which is a complete pain in the butt. They have also done away with the "cheque deposit bin". I mailed off 22 grand worth of cheques on Friday, still use cheques, but I must admit not as much as I used to. Internet banking is useful but fraught with danger.
On my Which Bank transfers, I move funds by setting my transfer limit to what it needs to be, then go straight back in and reduce my trf and billpay limits back to $500. In each case I get a text with a six digit code to my mobile. I do this as I figure if some low life dog broke into my accounts via the net, the most they could get me for is $1,000 per day. I am in there almost every day so would pick it up fairly promptly.
I have convinced my sister to put my elderly mum's funds into IBD's. Also have talked to others about it, as it is a lot harder for a criminal to hack into and steal funds that are fixed for 6 or 12 months.
I have a question : The $250,000 surety banks have for depositor's funds in case of "disaster". Does this apply only once, or does it apply multiple times with multiple banks. I have never been sure if you only get ONE shot at it?
Whenarewethere said
10:39 AM Feb 4, 2024
We believe it is per bank, but could be easily wrong.
$250,000 per account holder per ADI. (Authorised deposit-taking institution)
rmoor said
04:19 PM Feb 4, 2024
OK, thanks.
So that indicates it would be better (if you had the funds!!!! Not me!!!!) over several institutions then.....
Whenarewethere said
10:22 PM Feb 5, 2024
msg wrote:
argumentative.
'Argumentative', after looking through a few hundred posts, the yawning aspiration of some entities is their singular goal in life wasting oxygen.
rmoor said
11:07 PM Feb 5, 2024
Saw an advert in a local paper today that the Orange Credit Union from 31/03/2024 will no longer be dealing in cheques, inwards and outwards.
Brace yourselves, it is starting.......
Whenarewethere said
12:12 AM Feb 6, 2024
Last year one of my banks, basically my working account. Said they will no longer issue & or process cheques.
Opened a working account with CBA, they gave me a cheque book (took 3 months to get (proberly some people on the forum think I am lying)), but the CBA said that is the last cheque book I get.
The CBA did our first mortgage in 1989 at 17% & also a bridging loan when we joined two Units together to make one large waterfront Unit, then a third one for a garage (while on that subject the CBA charged us $1800 too much interest, we did get it back eventually, but they didn't give us interest on what they tried to "steal".
On the subject of overcharging, Energy Australia were at it as well. Caught them out with photographs of the meter & photographs of the meter reader who didn't read the meter on the day I paid for. The admin was far more than the sum but at least I cost them more than they were trying to fleece me.
The whole system is getting us to do their work & we are then being charged for it on top of it... Externalizers!
Whenarewethere said
10:18 AM Feb 6, 2024
I almost forgot. We needed $400k for bridging loan. I picked up the cheque from CBA Manly (we had quite a few hundred K cash for the remainder), took the cheque to my solicitor (known for very long time, he was a close friend of my parents & did all there legal work (even today using the same next generation partners)). Sorry for brackets within brackets.
Anyway, a complete stuff-up by CBA, at the time any Bank cheques over $250k needed a second signature. CBA Manly forgot to put on the second signature.
Anyway, a quick fortuitous foresight of my solicitor solved the technical issue.
We doubled our apartment size!
But really, it should not have happened.
Also another issue on the bridging loan. The young whippersnapper CBA employee, said that we (CBA) do not lend money to Tennant in Common property.
I pointed out to him that you still have our title deeds even though the original mortgage as finish... a few day later we got the bridging loan. CBA had about half the mortgages on our block of units apartments. Left hand doesn't know what right hand is doing.
Simply brain dead at best the CBA loans department.
I could go on with bank FUps which the newish employees fail on every level to take onboard the bank's long list of basic stuff-ups.
Hundreds of Commonwealth Bank branches and ATMs close across Australia (msn.com)
With the reduced usage of cash comes an issue (or maybe not) Branches and ATMs are closing.
What happens when all transactions go online. They will close the branches. There will be no way to talk to the bank directly.
We all know how trying to discuss something with the AI on the phone goes.
What would happen if the bank went broke or decides they only have a certain amount of funds available and start rationing how much money we can spend and on what.
With no face to face interaction, they could, theoretically, refuse to answer any electronic means of communication. Where would that leave us the public.
Useless letters of disapproval?
So, saying that you have not been near a bank in years is not helping matters. Think about the ramifications.
If for no other reason, we need to keep the bank branches relevant. We need to keep them busy looking after customers. Using more cash will help. This is becoming an issue not only with banks but lots of other retailers also. What do we do when you cannot talk to anyone?
Its particularly relevant in remote and rural areas where a bank branch may be hundreds of k's away. What if you need fuel to get to the next town but the internet is down. You will not be able to go over the road to the bank and get cash. Would/could make travel to those areas difficult and uncertain. If any remote towns survive.
If you need to set up Enduring Power of Attorney, you will need to go into a branch these days. As we have found out. Didn't have to do that years ago as the bank accepted the paperwork.
We are cash users. Cheques are basically gone now. So have been putting cash into accounts at the bank of the invoice, to pay bills when I previously sent a cheque. Fortunately still have the main banks at the moment in Manly.
CBA closed the branch in Balgowlah. Was the only bank.The only ATM is one with the surcharge fee. Decades ago Balgowlah had every main bank.
It's really getting a pain, & we are in the city!
Couldn't pay car rego in North Sydney with cash, had to go to Chatswood.
Can't pay our block of units quarterly levy with cash at post office. But can transfer funds from debit card.
Do you practice self flaggelation as well? Maybe adopt the motto "If you can't beat them, join them" and make your life easier.
Where does the cash come from in the first place? The bank?
I have not issued a cheque in probably 10 years and probably as long since I paid a bill with cash or via the post office (Insurance, Telco, Rates, etc). Today I paid my rego (caravan) from my study, the same as I do for all the other bills.
-- Edited by Are We Lost on Friday 2nd of February 2024 11:52:28 PM
Point missed
if you have to go to a branch the wait in the queue is nearly as long as the wait on the phone!
I take one of my Helinox chairs & sit in the queue. Quite handy in the supermarkets. Double up 2 heights of baskets 2x2 makes a reasonable chair. Everyone waiting gets the point. I am always extra nice to the checkout person say it's the management on their junkets etc.
Perhaps what they're really meaning is that you should join the far queue?. Cheers
Some years ago, I had to pay my phone bill, as had done for years every month.
The shop in Stocklands (which every local still calls it the Totem as is was known for half a century). It was originally a quarry in Balgowlah.
They closed early. My last day to pay the phone bill.
There was a sign on the door to pay at Warringah Mall shopping centre.
Looking at the time, there was no possibility of me getting there in time.
So a very slowly I layed on the floor spread eagled so everyone in the shopping centre could see me.
I very slowly pushed the cash & their invoice under the door.
The staff were there but disappeared to the back of the store due to the embarrassing situation.
When you get old nothing is embarrassing!
From under the mattress...where its been stashed away over many years to hide its presence from the Government so a full pension can be obtained?
I know of more than one person that did it.
If the bank goes broke,you are covered by Financial Claims Scheme.Provides protection to depositors up to $250,000 per. account holder.
For our cash we use a minimum of 3 different banks due to quarter of a million rule. Probably at the end of the day if the system is that stuffed, then there is no hope anyway.
In the recession a decade & a half ago. I was having a chat with the teller, we got on well. He said 'Yesterday a long term customer took out $800,000 cash.'
We are just greatful that we are self funded retirees. But we are also aware that dialysis is costing the State $80,000 per year without extras, & the numbers will vastly increase due to Covid implications. About a third of ICU Covid patients will be on dialysis in a decade.
Too bad if they won't give you any money. Who are you going to talk to to ask for it? There is no one. The branch no longer exists.
It is covered by insurance.
Actually the other day went to Westpac to pay credit card. That is a long story in itself. A bit over a month earlier tried to order a 30 inch Dell monitor. I have had 2 previously over the decades.
Tried 2 debit cards from different banks. Couldn't get either to work. Tried the third card (credit), it didn't work either.
Phoned Dell, they said everything was working their end. Walked to Manly & actually tried to order on the bank's computer own computer. They said it was a Dell problem. It didn't work either.
Not as if there is a shortage of funds. More phone calls to Dell.
Was almost getting to the point I would buy something from HN etc physically in store. Finally the card worked.
Then the other day wanted to pay the card off. Walked into Westpac & the their system was down. Had tried to get cash out of their ATM. That didn't work. Got cash out from another bank's ATM.
Luckily I had the paper credit card statement as the Westpac computer didn't work. But really. Then on the other hand I suppose that's how it all works these days.
Can't buy, can't get money & can't pay because everyone's systems don't work.
msg wrote: What would happen if the bank went broke or decides they only have a certain amount of funds available and start rationing how much money we can spend and on what.
Hmm.
What would happen if a civil revolution occurred in Australia?
What would happen if a UFO landed in the middle of Sydney?
What would happen if North Korea fired a nuclear weapon missile targeted to hit Brisbane?
And, am I the only (100%) skeptic? Are there ANY forum members who believe any of Whenarewethere's postings?
This is at the CBA in Manly, they tried entering the order.
CBA said it was Dell & Dell said it was CBA. It doesn't help me as I have a dead Dell 3007 (foreground) & a flickering Dell 3011 (middle). New Dell 3023 (background) which eventually I got.
A bank officer should not be disclosing such information? That could prove dangerous for a customer if the wrong people were earwigging nearby?
Confidentiality in business is paramount. Some friends of ours went to a BBQ once and an acquaintance there told them how much money they had been told (by a bank officer) they had in the local branch. They then marched in at 10 a.m. Monday and removed a few million, then transferred it to another bank and warned the bank officers there of their responsibilities of customer confidentiality.
As to the performance of banks, don't start me. One of our local branches just closed the doors and a Which Bank has reduced it's hours, now closing at 1 pm which is a complete pain in the butt. They have also done away with the "cheque deposit bin". I mailed off 22 grand worth of cheques on Friday, still use cheques, but I must admit not as much as I used to. Internet banking is useful but fraught with danger.
On my Which Bank transfers, I move funds by setting my transfer limit to what it needs to be, then go straight back in and reduce my trf and billpay limits back to $500. In each case I get a text with a six digit code to my mobile. I do this as I figure if some low life dog broke into my accounts via the net, the most they could get me for is $1,000 per day. I am in there almost every day so would pick it up fairly promptly.
I have convinced my sister to put my elderly mum's funds into IBD's. Also have talked to others about it, as it is a lot harder for a criminal to hack into and steal funds that are fixed for 6 or 12 months.
I have a question : The $250,000 surety banks have for depositor's funds in case of "disaster". Does this apply only once, or does it apply multiple times with multiple banks. I have never been sure if you only get ONE shot at it?
We believe it is per bank, but could be easily wrong.
This is the FCS website
$250,000 per account holder per ADI. (Authorised deposit-taking institution)
So that indicates it would be better (if you had the funds!!!! Not me!!!!) over several institutions then.....
'Argumentative', after looking through a few hundred posts, the yawning aspiration of some entities is their singular goal in life wasting oxygen.
Brace yourselves, it is starting.......
Last year one of my banks, basically my working account. Said they will no longer issue & or process cheques.
Opened a working account with CBA, they gave me a cheque book (took 3 months to get (proberly some people on the forum think I am lying)), but the CBA said that is the last cheque book I get.
The CBA did our first mortgage in 1989 at 17% & also a bridging loan when we joined two Units together to make one large waterfront Unit, then a third one for a garage (while on that subject the CBA charged us $1800 too much interest, we did get it back eventually, but they didn't give us interest on what they tried to "steal".
On the subject of overcharging, Energy Australia were at it as well. Caught them out with photographs of the meter & photographs of the meter reader who didn't read the meter on the day I paid for. The admin was far more than the sum but at least I cost them more than they were trying to fleece me.
The whole system is getting us to do their work & we are then being charged for it on top of it... Externalizers!
I almost forgot. We needed $400k for bridging loan. I picked up the cheque from CBA Manly (we had quite a few hundred K cash for the remainder), took the cheque to my solicitor (known for very long time, he was a close friend of my parents & did all there legal work (even today using the same next generation partners)). Sorry for brackets within brackets.
Anyway, a complete stuff-up by CBA, at the time any Bank cheques over $250k needed a second signature. CBA Manly forgot to put on the second signature.
Anyway, a quick fortuitous foresight of my solicitor solved the technical issue.
We doubled our apartment size!
But really, it should not have happened.
Also another issue on the bridging loan. The young whippersnapper CBA employee, said that we (CBA) do not lend money to Tennant in Common property.
I pointed out to him that you still have our title deeds even though the original mortgage as finish... a few day later we got the bridging loan. CBA had about half the mortgages on our block of units apartments. Left hand doesn't know what right hand is doing.
Simply brain dead at best the CBA loans department.
I could go on with bank FUps which the newish employees fail on every level to take onboard the bank's long list of basic stuff-ups.