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Cash out bonus
for cash withdrawals of $200 or more at point-of-sale terminals (via EFTPOS) $0.50
Withdraw $200, receive 50c.
Deposit $200
Withdraw $200, receive 50c.
Repeat :)
Do this 100 times and you'll have $50, I guess it's almost minimum wage for the time you'd put into it.
PRO TIP: Use a self serve machine so you don't annoy any cashiers.
Free Money? i didnt read the rest ya had me at that :D
It's been like this for ages…
I believe the daily withdrawal limit applies
Yes. daily limit is $2000. have tried played with it at woolies self checkout. so Max is $200 x 10 times
But careful, do it stupid ING can suspend your account
Got a phone call once but cream talk it out
Not enough $ per hour to be viable.
Even standing around in a retail store nets you more cash and looking mildly interested, whilst on payroll…
This is taxable so not as good as a direct saving…
Rebates don't appear to be taxable
https://www.ozbargain.com.au/node/152101#comment-2105969
This related to 5% (Now 2%) Visa Paywave rebate, but this is a similar rebate.
dunno, i'm not a tax expert but i suspect the $0.50 cashout bonuses are taxable (they are bonuses, not rebates). the 5% rebate on the other hand is not
It's a rebate, so not taxable. You won't see an item in your ING statement stating the amount received, unlike statements for interest bearing accounts. The Citibank 5% cash back some months ago is taxable however as it will be listed as interest.
But 50c, meh, not worth trying to make a living out of it. I do it mainly because Woolies self-service checkouts are so convenient.
apparently if you do it too much they will freeze your account, so don't abuse it
Judging from several previous threads on this and the similar subject of splitting higher value purchases to take advantage of multiple Paywave rebates, it appears ING monitor these rebates very carefully and are quick to jump on any misuse/abuse of the system. They will not only freeze the account, it's highly likely they will close it if you keep on doing the same thing after being warned - and besides, it has the potential of ruining it for everyone else. If too many people abuse the system, ING may well withdraw these rebate systems altogether.
Someone has reported before that the maximum you can get per day is $11,which is capped at 22 times withdrawal.
Let's say it takes 30 mins (including time to go to an EFTPOS, time waiting in line, going back home etc) to do that a day, so $4015 a year with a labour time of 182 hours which is about $22 an hour.
If you're a speedy person or you live right next to an EFTPOS, then let's halve the labour time and we get $44 an hour. Not bad. You can also use this opportunity to chat up the checkout chick/dude (since you'll be seeing him/her every day) so more profits to be made here, if you're that way inclined.
Assuming ING doesn't crack down on your account, which they will of course do.
Interesting calculations and assumptions.
Yeah, it's not going to work if they see 22 eftpos withdrawals within 30 minutes… Especially at the same store. lol. Each and every time.
The actual per hour rate is going to be less than $2 if you get away with one every 15 minutes. Even that is unlikely to happen, so actual rate is more likely to be $0.50 an hour.
I once took $1400 from Woolworths self checkout machine within 8 minutes. The checkout staff ended up asking me not to clear the machine. Lucky I didn't receive a call from ING.
I do this about once a day there's a woollies right near work and I usually pop in before i get to work. It's quite early so no one is around, really quick turnaround. I always wonder what the staff think I do with it?
I thought I was the only tight bloke around lol. I think last financial year I got over 200 dollars. But I never just take 200 out consecutively.
Who has the record for the financial year? I'd say I'm not even close…
So once a day is probably fine?
It sure beats the couple of cents from a daily interest rate on $200.
My record is i think 6 times in a day or 1200 bucks turnaround. Just last night: there is a stand alone coles on the way home then a bigger shopping centre a bit further down the road which has 2xwoollies and a big w all with self serve so I did it 4 times in the matter of a few minutes.
Tightass much? Lol, I don't have kids and nothing really to do at home so why not? I think they really start caring if you buy a 5k tv and tell them you want to paypass in 99.99 chunks directly one after the other for the 2% cash back.
It seems reasonable in a one off day though that you might need $1200 and the checkouts have insufficient funds. I wonder how many consecutive days they would put up with 6 or 4 or even 2? For the unemployed or underemployed the money would be helpful. For the average person in Madagascar, 6 transactions a day would bring you into the elite status of daily income (https://en.m.wikipedia.org/wiki/List_of_countries_by_percent…).
How do you deposit the money back for a rinse and repeat cycle (unless you will actually spend the money)? I imagine AusPost queues are usually long. HSBC doesn't have ATM deposits and there are no Citibanks in most areas (which also requires AusPost in most circumstances). Most major banks require $2000/month except NAB (which does have electronic deposit).
Yeah I also wonder what the "limit" is… So far I have not been called. I have two mortgages with ING so perhaps that makes a difference? I agree if you are unemployed or underemployed it makes a huge difference, you would have to ride a bike though (car costs are too high), don't forget that this money is also tax free.
I have a westpac account that I get my pay into so I use that for the rinse repeat. I also have an ANZ account which I can use for rinse repeat. Between them, there is a smart ATM for deposits basically everywhere (no/minimal queues). If you want to get super anal (this is ozbargain of course) I have found that westpac transfers to ING before lunch tend to be available that evening (as early as 430pm). ANZ transfers to ING are available the next morning.
As an aside I have found that survey's are much better value for time. You can do them at home whilst watching mindless tv. In order of preference I use opinion world, my opinions, pureprofile, toluna. Best thing about the first two is that when you redeem it is basically instant into your paypal which you can then transfer to your account; redemption to cash can be one business day. I'm happy to give more in depth reviews if people want.
As a double aside… You won't get rich from this; but I love "gaming the system". Right now with savings rates at 3odd% which are then taxed, why wouldn't you employ these strategies? If lifestyle permits of course.
@ukulele: Thanks for the survey tips! I gave up on survey sites and pay-per-click years ago when I was scammed. The cash out minimum was $20 and they stopped giving out ads when I hit $19.90!
If Google Surveys were real money that would have been great.
I'm definitely interested in your reviews for survey sites. I currently only use Valued Opinions. It's basically $1 per 10 minutes. Do them on the train now. I'm pretty happy with the site and value.
link ?