Banking in Canadia (new input needed)

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Re: Banking in Australia

Postby DonRetrasado » Sat Jan 22, 2011 2:21 am

Maybe they tried to make another transfer after the first one messed up.
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Re: Banking in Australia

Postby Simon. » Sat Jan 22, 2011 3:18 pm

Australia trades in Dingos, mainly. I generally cash my Dingos the moment I get them, I tried having them sent automatically to my account but the mess was terrible, some people pay extra fees to deal with that but I just prefer to avoid it.

People ask if dingos make good pets, but noone holds onto them long enough to find out. The banks get annoyed if you keep getting your money coming back as well. Although there have been some majorly successful scams using that method!

I am an Australian and I know things.
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Re: Banking in Australia

Postby Astrogirl » Sat Jan 22, 2011 4:09 pm

/me adds "Dingos" to the specification of the online banking software.
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Re: Banking in Australia

Postby Sahan » Sun Jan 23, 2011 6:54 am

My bank account stole my baby!
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Re: Banking in Australia

Postby Astrogirl » Sun Jan 23, 2011 3:08 pm

How did it achieve that?
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Re: Banking in Australia

Postby Lethal Interjection » Sun Jan 23, 2011 6:10 pm

Sahan, it isn't stealing if you mortgaged the tyke and then didn't pay the bills.
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UK perspective

Postby Diem » Mon Feb 07, 2011 8:24 pm

UK banks have adopted the confirmation process in a few different ways - I can refer to two (for the two banks I use), there may be more.

For my main bank I had to register my mobile number with them (via their call centre). When I want to make an online payment to a new beneficiary, they text (SMS) me a code which I have to enter to enable the set-up. After that I can pay to that recipient whenever through my normal log-in.

You referenced not wanting to leave your mobile with your husband - I can see my wife's account and transactions, but am not authorised to make payments from it. If she wants to make new electronic transfers then she could register her own mobile, but she can't be bothered and just writes cheques, or if it's a company gets a Direct Debit set up or pays via phone.


My other bank adopts a similar approach, however you register a few phone numbers with them (work, home, mobile etc). When you want to make an online payment they ask you to choose a phone number, which they then ring you on. At the same time a code appears on the screen, and you have to enter it down the phone. All automated.

This bank also tries to circumvent keyloggers by requiring a second-stage verification, with a separate password, but only asking for three characters from it. These must be chosen from a drop-down, which doesn't respond to keystrokes.
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Re: Banking in Australia

Postby Astrogirl » Mon Feb 07, 2011 11:06 pm

What you describe for the first bank matches the American online banking software that I was adapting for the Australian market ... well mostly adapting to work with our core-banking back-end, but also preparing it for a demo to an Australian customer.

My husband and me do not have separate accounts, we have a shared account.
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Re: Banking in Australia

Postby Astrogirl » Fri Jul 08, 2011 5:17 pm

Canadians!

Something just occurred to me. I really only know about the US way of banking. Is my assumption that the Canadian banking is like the US banking even correct?

BTW thanks again Australians.

Astrogirl wrote:I need to ask the Australians among you how you do banking.

Is Australian banking like European banking:
You want to give money to someone: Go to bank. Fill out a form with your account, the amount of money, the name, account number and bank number of the recipient. The employee checks that you are really the owner of the sender account. The money gets taken from your account and put into the account of the recipient, which may be at another bank, within 1 to 3 days.
Online banking: You log into onlinebanking on the website of your bank. The sender account is already verified by this of course. You type in the recipient name, account number and bank number as well as the amount. You are asked for a TAN as additional security. The money gets taken from your account and put into the account of the reicpient, which may be at another bank, within 1 to 3 days.
Checks/Cheques are rare or almost unknown.
Credit cards may be used for paying online or in (some) shops, but not for paying bills.
Bills are most often paid by automatic debit.
Rents are most often paid by standing order.

Or is Australian banking like American banking:
Everything, especially bills, can be paid and is most often paid by check|checque and/or credit card.
Money transfers are extraordinary, rare things.
If you did a money transfer, e.g. by online banking, you would not just type in the recipient (name, account number, bank number). There would need to be some kind of verification process (if it's at a different bank). Could be it takes some days and the bank would need to contact the other bank to check that this account exists and belongs to the person specified. Could be that you transfer a small amount of a dollar or so first and see if that works. Could be that you have to sign (real-life or virtually) some kind of agreement that whereever this money is going, it's gone, if you mistype a number or something.
Once the recipient is verified in some way, you would choose from the list of verified recipients in a dropdown menu when filling out the online form for making the money transfer.
It may be only permissible to make small transfers like this.
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Re: Banking in Australia

Postby smiley_cow » Fri Jul 08, 2011 6:04 pm

Astrogirl wrote:Canadians!

Something just occurred to me. I really only know about the US way of banking. Is my assumption that the Canadian banking is like the US banking even correct?

BTW thanks again Australians.

Astrogirl wrote:I need to ask the Australians among you how you do banking.

Is Australian banking like European banking:
You want to give money to someone: Go to bank. Fill out a form with your account, the amount of money, the name, account number and bank number of the recipient. The employee checks that you are really the owner of the sender account. The money gets taken from your account and put into the account of the recipient, which may be at another bank, within 1 to 3 days.
Online banking: You log into onlinebanking on the website of your bank. The sender account is already verified by this of course. You type in the recipient name, account number and bank number as well as the amount. You are asked for a TAN as additional security. The money gets taken from your account and put into the account of the reicpient, which may be at another bank, within 1 to 3 days.
Checks/Cheques are rare or almost unknown.
Credit cards may be used for paying online or in (some) shops, but not for paying bills.
Bills are most often paid by automatic debit.
Rents are most often paid by standing order.

Or is Australian banking like American banking:
Everything, especially bills, can be paid and is most often paid by check|checque and/or credit card.
Money transfers are extraordinary, rare things.
If you did a money transfer, e.g. by online banking, you would not just type in the recipient (name, account number, bank number). There would need to be some kind of verification process (if it's at a different bank). Could be it takes some days and the bank would need to contact the other bank to check that this account exists and belongs to the person specified. Could be that you transfer a small amount of a dollar or so first and see if that works. Could be that you have to sign (real-life or virtually) some kind of agreement that whereever this money is going, it's gone, if you mistype a number or something.
Once the recipient is verified in some way, you would choose from the list of verified recipients in a dropdown menu when filling out the online form for making the money transfer.
It may be only permissible to make small transfers like this.


It's more like the American one. Cheques are the most common way of transferring money since it's such a simpler process than money transfers. I usually only see money transfers when people are reorganizing their finances. The only time I ever see money transfers between people is when they're moving a lot of money, and it's usually between family members, like from parents to kids.

Admittedly I don't know much about online banking since I don't do it myself. I do have paypal though, and am currently in the process of trying to get one of my employers to get an account herself so she can pay me that way since she has trouble with cheques because she's blind. But that's not quite the same thing.

As for paying bills, direct debit is actually probably the most common way it's done here, and it's how I pay all of mine. Even my last GST cheque came with a form and envelope in case I wanted to set up direct debit so they could just put the money directly into my bank account instead of mailing it to me. But if people aren't using direct debit, then they usually use do use cheques.

We don't usually use cheques for stores and restaurants though. Usually it's debit or credit cards.
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Re: Banking in Canadia (new input needed)

Postby Astrogirl » Fri Jul 08, 2011 7:19 pm

Thanks.

What's GST?
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Re: Banking in Canadia (new input needed)

Postby smiley_cow » Fri Jul 08, 2011 9:00 pm

Oh sorry, Goods and Services Tax. It's my returns for my income taxes.
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Re: Banking in Canadia (new input needed)

Postby Astrogirl » Fri Jul 08, 2011 10:35 pm

Isn't Good-and-Services Tax like Sales Tax in the US and VAT (Value-added Tax) in the UK? How can you get that back?
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Re: Banking in Canadia (new input needed)

Postby smiley_cow » Fri Jul 08, 2011 11:11 pm

The way it works out I get money when I file my income tax instead of paying money. It's because I don't earn much but I'm still working. If I earned more money I'd be paying more to the government than I was getting back.
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