PSA - Bankwest scheduled payment in weekend for coming Monday = immediate payment

tio on 16/06/2018 - 15:36
Last edited 16/06/2018 - 15:36

Just encounter a bank thing and thought I would prefer not to have known about it or not to encounter it.

Background, I was scheduling some payments to be processed on Monday 18 June with Bankwest. The processing date showed 18 June. To be sure, I did try to do date selection and earliest date available was for 18 of June. Go through the whole process and…it's gone. Money supposed to be transferred on Monday was immediately deducted from my account.

Normally I wouldn't worry to much. But this time, it was for a substantial amount, and from our mortgage offset account. That means we would get charged interest for 2 days while Bankwest just holding on to our money. We can't access that money. And Bpay doesn't that get money until Monday.

Had to initiate 2 online chat with Bankwest as the first rep refused to do anything. The 2nd rep was much more helpful and agreed to refund the relevant interest amount, rounded up to the nearest dollar (consolation profit!). He also clarified that, with Bankwest, any payment scheduled for the next immediate Monday done over the weekend (Sat / Sun) will be treated as immediate payment. They just won't process it until Monday. This only applies for scheduled payments done over the weekend for coming Monday. Monday week is fine.

The interest was enough for a decent burger. So I thought I'd do a PSA just to let people know.

Financial

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Comments

  • [Deactivated] on 16/06/2018 - 16:34

    Thanks for the heads up

  • ifuggedxyz on 16/06/2018 - 19:00

    Check the date for that transaction. Even tho the transaction is shown as processed today, Saturday 16 June, it might actually be dated 18 June?

    • tio on 16/06/2018 - 19:17

      Checked and confirmed with Bankwest rep. Below is the replies given by one of the rep:

      "Thanks for the query, Tuan. Yes, if you schedule a Bpay payment for Monday, the funds will be deducted today. This is due to the payment processing in the early hours of Monday morning and we need to ensure the funds are available to cover the payment"

      "I appreciate we can certainly have a notification to advise funds would be debited immediately. However, the assumption is made that you want the funds to be debited first thing Monday and you have sufficient funds already, so we debit the account, in preparation to process the payment"

      The payment (BPay/Bank transfer…) is "initiated" straightaway, but only "processed" on Monday. In the end, result is if it's coming out of offset account, you'll have a lesser balance on Sat and Sun than you normally would; and thus be charged more interest, than you normally would.

  • kipps on 16/06/2018 - 21:10

    Bankwest always does funky stuff on weekends. Even intrabank transactions on weeeknds show a transaction date of Monday despite occuring immediately.

  • PissLUR on 17/06/2018 - 22:27

    I had similar thing happening with westpac.
    Deposited money using their smart atm on the weekend. Money was available but it was dated for Monday.

    Transferred it out and I got to pay interest for the weekend.

  • whooah1979 on 17/06/2018 - 22:34

    The interest was enough for a decent burger.

    how much is it for a decent burger in perth?

    • tio on 18/06/2018 - 09:47

      well, depends on who you ask, for me it was around $10

      • ifuggedxyz on 18/06/2018 - 13:01

        That is quite cheap for a decent burger in Perth. Where at?

  • PissLUR on 18/06/2018 - 13:27

    He also clarified that, with Bankwest, any payment scheduled for the next immediate Monday done over the weekend (Sat / Sun) will be treated as immediate payment.

    FYI. its not only saturday and sunday. but it also includes Friday evenings (after business hours).

    I tend to schedule it for Tuesday as a work-around.

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