St George Refusing to Pay Interest but I Have Proof?

hasher22 on 31/10/2019 - 23:45
Last edited 01/11/2019 - 12:56

Hey Guys,

So I have a Incentive Saver account with St George with bonus interest if I don't withdraw for the month and deposit at least $50.00 before the calendar month ends.

Today I deposited money over $50 as I got my pay today and I noticed the transfer date stated: "1/11/2019" but today is 31/10/19. I logged online on a PC to make sure it wasn't a mistake. Nope, still says 1/11/2019.

I called St.George and they said they cannot amend or give me my bonus interest because of the date. I asked him what today's date is and he said 31st October then I kindly said: "well how can a transfer happen with a future date then?". He couldn't give me an answer and kept blaming the system.

I also ready the PDS before I called and it state: "Note: If the last day of the month falls on a Sunday or a national public holiday, a deposit or withdrawal made after the last business day of the month will count for your bonus interest qualification in the next calendar month."

Today is not a Sunday, public holiday nor its the next day AFTER the last business day of the month. I read this to the rep as well saying I am well within the time limit

Just wondering, should I just go to the ombudsman regarding their error? I have taken screenshots of the transfer on the same page with the time, also they would have notes on my account stating I called?

Edit: Online chat said: "The reason this has happened is because it looks like you've transferred the money after business hours, which means it will automatically post to the next business day, which is 1/11/2019. I'm unable to confirm if this will affect your bonus interest"….. Ok then, but it's still not accurate when I transferred the money which is actually in my savings account now, should still be 31/10/19?

Edit 2: I called st george again and to my surprise was a very easy call. Just stated the bonus didn't hit the account as I deposited it yesterday. He agreed and could see it, put me on hold and came back to credit the bonus. He just gave a tip stating even tho the transfer was instant within my accounts and I can transfer anytime I please, the system date doesn't always reflect the instant transfers, especially when St George goes through updates at night.

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Comments

  • trex on 01/11/2019 - 00:03
    +3

    Between my St.George accounts:

    How long will it take for the money to reach my account?
    In most cases, transfers between your accounts will go through immediately. However, please allow one working day for transactions to be processed.

    To accounts in Australia:

    How long will it take for the money to reach the account?
    Transfers to an account in Australia require additional processing times due to the processes involved. If the payment is made by 5.30pm AEST, in most cases it will be credited to the account the next working day. However, regardless of whether the payment is made to a St.George Bank account or to another financial institution, we require at least one day to process our side of the transaction. In addition, St.George Bank cannot control when a Third Party Bank processes its side of the transfer/payment.

    • hasher22 on 01/11/2019 - 00:08
      +1

      "In most cases, transfers between your accounts will go through immediately. However, please allow one working day for transactions to be processed."

      The rep didn't tell me about the one day processing time (which is fine) though I did see the money transfer immediately and it is sitting in my savings account. The rep also confirmed it did transfer, the terms and conditions does not state anything about transferring the money during business hours nor have to do it 2 days before the next calendar month.

      Contradiction?

      • trex on 01/11/2019 - 00:15
        +2

        The transfer that you saw has clearing date of 1/11. This means the funds are not yet available to you on 31/10 ie no deposit made in October.

      • HighAndDry on 01/11/2019 - 08:21

        It's common knowledge transfers and deposits don't clear immediately.

        It's not the reps job to tell you things you should be able to read for yourself.

  • Settero on 01/11/2019 - 00:22
    +2

    i would wait till later today and actually find out what happens, often a statement date and effective date are different.

    if not call , explain the situation and request a goodwill gesture of a interest correction, if you haven't requested one before , they most likely will provide it.

    but again as stated , you are technically in the wrong.

  • kyle on 01/11/2019 - 00:27
    +1

    Banks and their shit internet systems.

    I had cancelled a same day Bpay payment in Adelaide Bank before that day's cutoff, got cancellation confirmation, yet the Bpay still went through.

  • ssquid on 01/11/2019 - 05:19
    +5

    Business day ends at close of business. You left it too late.

  • toniyellow on 01/11/2019 - 07:38
    +3

    I know rates are low, but the incentive saver looks pretty poor, 1.35% is hardly worth fighting for. The real question is why are you using this account at all?

    Move banks and you will gain more than you think you have lost

    Try BoQ if you are under 25, or like branches
    https://www.boq.com.au/personal/banking/savings-and-term-dep…

    otherwise 86400
    https://www.ozbargain.com.au/node/490884

    and read the fine print. If it is after business hours you will not get it, for any bank.

  • Tee Rex Arms on 01/11/2019 - 08:22
    +2

    Proof that you actioned it after business hours and are therefore in the wrong. /thread

  • Seraphin7 on 01/11/2019 - 09:30

    How much interest are we talking about?

    • elgrande on 01/11/2019 - 09:47
      +4

      37 cents

      • whooah1979 on 01/11/2019 - 12:02
        +1

        Op means to say that the principle of winning is worth more than $0.37.

        • elgrande on 01/11/2019 - 15:09
          +1

          Yes, studies have proven that the principle of winning is worth $0.41.

  • GG57 on 01/11/2019 - 09:35

    Just out of interest, how much interest are you claiming you would have earned for the month?

  • Samsungnote10 on 01/11/2019 - 11:45

    Yeah too late unfortunately

    Each bank is different.

    With credit cards they give you a leeway of a day if you pay a day as far as im aware.
    But if youre looking at getting bonuses etc for payment by a certain day , you need to do it a day early

    Some of my banks the cut off seems to be about 3pm or else it gets credited the next day

    You can ask st george for a good will creditz they may do that.

    • hasher22 on 01/11/2019 - 13:01

      Thanks, I called and they offered to credit it without me directly asking for it. I simply said: "can you please double check the transfer and bonus interest?" and he came back after on hold to credit it.

      • GG57 on 01/11/2019 - 13:49

        Great news.
        They must have heard that you posted this on OzB and were trembling in their boots, waiting for your call.
        Spend that interest wisely.

  • jimdotpud on 01/11/2019 - 12:24

    cop this one and chalk it up to experience. I make the minimum deposit into my HISA at the start of the month so it can never be questioned. you are now geared up to do it this way given your 1/11/19 deposit.

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