ME Bank Refused to Honour Bonus Interest Due to Timing Issue

nned2say on 01/12/2023 - 20:33
Last edited 02/12/2023 - 10:16 by 1 other user

I have a Home ME account. In order to earn the bonus interest, I transferred $2000 dollars on 1st October around 00:30 am to SpendME account. However, I didn't receive the bonus interest this morning so that I contacted them. I was told that their system is using Queensland time which is one hour later than AEDT so that my transaction appeared to be on 30th September in their system. At first, the customer service agreed to help with it. After a few hours, I followed up and told they refused to honor the bonus interest because their system is using Queensland time.

I checked their website. there is no indication of Queensland time.

Here are their terms and conditions:

HomeME Account Bonus Interest terms and conditions.
The Bonus Interest Rate applicable to your HomeME Account will apply:

For each calendar month where:

A minimum of $2,000 was deposited into your SpendME account in the previous calendar month from an External Account. The SpendME account to which money is deposited must be held in the same name (sole name account) or names (joint names account) as your HomeME account;
The closing balance of your HomeME account on the last day of the previous calendar month was higher than the closing balance of your HomeME account on the last day of the calendar month before that (excluding interest paid by ME or any adjustments processed by ME)
to the balance of your HomeME account up to $1,000,000.
5.55% p.a. is payable on balances up to $100,000.
3.00% p.a. is payable on balances between $100,001 to $1,000,000
0.55% p.a. is payable on balances >$1,000,000
If you don’t meet all of these bonus interest conditions you will receive variable base rate interest only, however in any month we may without notice waive the requirement for you to meet all of these conditions.

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Comments

  • Nutrino on 01/12/2023 - 20:35
    +12

    Well.. now you know.

    • SuperLate on 01/12/2023 - 20:52
      +1

      And we as well.

      • Hugh G Rection on 01/12/2023 - 21:16
        +1

        i for sure know now. thank you.

    • HeWhoKnows on 02/12/2023 - 20:29
      -2

      We have 4 time zones in Australia

      Eastern, QLD, Central and Western.
      The state in which the business is based is their effective time zone.
      Its as simple as that.

      Its like Bankwest operates on WA time, Bank of SA operates on SA time and Bank of QLD operates on QLD time.
      Its that simple

      Now here is the "catch"..
      ME bank became a subsidiary of Bank of Queensland in July 2021.
      And at the bottom of the ME Bank web pages it clearly says:
      "ME Bank – a division of Bank of Queensland Limited"

      Hohumm Ooops

      So OP got it clearly WRONG.
      It does say ME Bank is part of Bank of QLD

      OP should have transferred the money around mid-month.
      Had 30 days to choose from and picks to transfer just after mid-night on the first day.

      With Australia operating across 4 times zones, what a dumb thing to do. Seriously

      There is no mistake on the part of the Bank.
      Its OPs mistake 100%

      • Baysew on 02/12/2023 - 21:25

        Bank of SA operates on SA time

        Bottom of page 47 -

        Unless otherwise specified, a reference in the Terms and Conditions:
        • to a time is a reference to that time in Sydney.

      • Ryk on 03/12/2023 - 12:03

        Bank of SA operates on SA time

        err, BankSA is just St.George in blue clothes, it operates on Sydney time

  • thatonethere on 01/12/2023 - 20:39
    +2

    Use their formal complaints process (customer advocate). Then if that fails off to AFCA.

    • JimmyF on 01/12/2023 - 22:04
      +7

      But there is nothing to report. OP didn't follow the rules, they are clearly outlined in the PDS even with the time zone

      https://www.ozbargain.com.au/comment/14667059/redir

    • HeWhoKnows on 02/12/2023 - 20:40
      -1

      You have no idea what you are talking about.
      Jumping to conclusions before checking.
      See what JimmyF and I say about this

  • djones145 on 01/12/2023 - 21:07
    +42

    page 12 of
    https://www.mebank.com.au/getmedia/cc604969-2a4e-474e-986c-d…

    5.2 Crediting interest
    For purposes of calculating andcrediting interest, a day commences at 00:00 AM A.E.S.T. (Brisbane time) and concludes at 11:59 PM A.E.S.T.

    • Tee Rex Arms on 01/12/2023 - 21:19

      Lol

    • DashCam AKA Rolts on 01/12/2023 - 21:48
      +15

      Sounds like a me problem, not a Me problem.

        • nubix on 01/12/2023 - 22:54
          +1

          Are you saying they should follow the client's time zone?

        • blitz on 01/12/2023 - 23:50

          To me, this should be a bug.

          But it isn't a bug, is it.

        • JimmyF on 02/12/2023 - 00:09
          +1

          To me, this should be a bug.

          Timezones are not a bug….

          I am a software engineer

          And yet struggle to understand time zones. Interesting.

    • Seraphin7 on 01/12/2023 - 22:32
      +1

      aaaaaaaaand, there it is.

    • tekisei on 01/12/2023 - 22:57
      +1

      I would assume this applies for all entities under BOQ, such as Virgin Money and BOQ itself.

    • MohanM on 03/12/2023 - 19:32

      AEDT start 1 st OCT 2 AM.

      on 1st October around 00:30 its EST

  • Duckie2hh on 01/12/2023 - 21:43
    +1

    RIP

  • JimmyF on 01/12/2023 - 22:03
    +11

    In order to earn the bonus interest, I transferred $2000 dollars on 1st October around 00:30 am to SpendME account.

    Ok. Why cut it so fine? I never understood people why do this. I do all mine in the middle of the month, no issues that way with timing.

    I was told that their system is using Queensland time which is one hour later than AEDT so that my transaction appeared to be on 30th September in their system.

    Ok the risk you took cutting it so fine, but hey now you know, so won't make that mistake again next month? Right?

    I'm sure you think its world ending, but how much interest are we talking about you missed out on?

    As someone else linked, the T&C are pretty clear and even state the timezone.

  • bmerigan on 01/12/2023 - 22:14

    Just transferring the $2000 back and forth between your accounts doesn't count. It's got to be a deposit from external.
    Edit, I read the post again and maybe you did transfer from external. Unclear.

  • AndyC1 on 01/12/2023 - 22:37
    -1

    October bonus and it is now…..December…

    hang one xFer at 00:30 am local, not UTC, so next day LOCAL….

    Suggest OP check ~goolgebox~~ google for epoch converter for time conversions to ensure that payments are made at least before requires for +10 +/-DTS offset for east coat of ….the first two characters of the site and NOT NZ. (Sorry across the ditch born or bread, but trying to make fun at OP and not you).

    • AndyC1 on 01/12/2023 - 23:06

      Depends on the $$$,
      So do not post $ interest as it gives away how much potential amount is in the account…

      • JimmyF on 01/12/2023 - 23:18
        +2

        Lets assume best case % rate they offer on the the max allowed balance, so that is 5.55% p.a. is payable on balances up to $100,000.

        Would be $458 dollars per month…..

        As per my post above, I don't understand why people transfer money on the last day (or in this case, 30 mins into the month) and cut it so fine.

        • AndyC1 on 01/12/2023 - 23:24
          -3

          So you have 100k AND assuming I am the black hacker I would love to know this.

          White hacker would not give a S&&T.

          So you are a black hacker?

          My post above also to not xfer on the last X hours due to TZ & DST issues

          • JimmyF on 02/12/2023 - 00:04
            +2

            @AndyC1:

            So you have 100k AND assuming I am the black hacker I would love to know this.

            LOL Well you can assume the OP has been $2k and $100k in their ME bank account. So go knock yourself out with that knowledge.

            My post above also to not xfer on the last X hours due to TZ & DST issues

            and my post above yours said only silly people do transfers cutting it so close on the first or last day of the month. So our point in telling me this is??

      • BoltThrower on 02/12/2023 - 07:55

        Good point, but I meant per $2000. I probably should have clarified, but I thought that clause was redundant.

        • JimmyF on 02/12/2023 - 09:36
          +1

          Good point, but I meant per $2000. I probably should have clarified, but I thought that clause was redundant.

          Looking at the T&Cs, you have to deposit $2k/m to trigger the bonus interest rate on the balance. So I assume the balance is bigger than that.

          But to answer your questions, @ 5.5%, interest on $2k would be $9.17/m

      • JIMB0 on 02/12/2023 - 08:46

        Doesn't everyone here have a spare 100k lying around for a rainy Day?

  • hasher22 on 02/12/2023 - 02:42
    +2

    I am with ubank, I'm in Sydney, I am now going to read the T&Cs if there is a timezone restriction. But then again, I deposit money mid way through the month, guarantee I'm safe and there's a tooltip if I am successful with the bonus interest.

    I find it interesting there is a local time restriction, never in 1 billion years I would think there would be that.

    Edit: I couldn't find a timezone in ubanks accounts terms and conditions. All I found is:

    "Where the qualifying criteria for a savings bonus includes depositing a minimum amount in any calendar month, that amount must be received by us for processing by the last business day of that month."

  • nned2say on 02/12/2023 - 04:08
    +3

    For those saying it is my faulty, let me point out an interesting fact. AEDT started at 2am on 1st October so before that, it was AET. The time in AET is the same in Queensland. My transaction took place before 2 am so it was still in AET, which means it actually took place on 1st October in Queensland as well. Their system FAILED to take this into account.

    • payless69 on 02/12/2023 - 06:43

      Time to jump into a fountain of youth and get the BOQ baby rate.

      Or dive into your local Woolworth and compensate on free fruits?

    • brendanm on 02/12/2023 - 08:41
      +3

      It's your fault for transferring at a stupid time, regardless of anything else.

    • Baysew on 02/12/2023 - 10:25

      For those saying it is my faulty

      It is still your faulty. ME bank thinks so, OzBargain thinks so. I not a big fan of accounts where you have to jump through hoops, however you can automate the transfer of funds to avoid this sort of situation. Much easier than trying to argue the toss later.

      • bigticket on 02/12/2023 - 13:49
        +3

        That is a valid point. Technically the OP fulfilled his obligation to qualify for the bonus interest by transferring the funds on the 1st October.
        The above commenters egocentric bias can not bear the thought that they are wrong and respond with nonsense arguments such as-

        ME bank thinks so, OzBargain thinks so…
        It's your fault for transferring at a stupid time…

        OP, contact the banking ombudsman and the bank will come to the party.

        • Baysew on 02/12/2023 - 22:15

          Is the issue that OP had to pay $2000 in October (the "previous month") to receive bonus interest for November.

          The OP says paid money at 0.30 (AEST) Sunday 1st of October by PayID (assuming this as payment made instantly). However, ME Bank are saying they received it Saturday 30 September.

          Djones145 points out

          5.2 Crediting interest
          For purposes of calculating and crediting interest, a day commences at 00:00 AM A.E.S.T. (Brisbane time) and concludes at 11:59 PM A.E.S.T.

          So the fault may be with PayID using Midnight rather than 2.00 am for the change to AEDT — Australian Eastern Daylight Time.

          OP not faulty at all.

          See also St George Internal Transfer between Your Own Accounts Westpac (StG BSA BOM) just holds the transaction and posts under date of next business day.

          • bigticket on 03/12/2023 - 13:40
            +1

            @Baysew: Agreed, undeniably not the OP fault. The OP is a software engineer that happens to write code that takes time zones into account and as such would be extremely frustrated.

            The banking system(s) literally backdated the payment by one day and should own up to their error. The OP can it take up further and hopefully report back here on the outcome.

            As a side note, banks do consistently backdate payments. For example, end of month interest is usually paid on the 1st of the following month but is recorded as been paid the day before.

    • LFO on 02/12/2023 - 12:35

      Their system FAILED to take this into account.

      Valid point but I doubt their system will be catering for such government dictated time differences.

      Let's face it, online banking systems available to us mere mortals are pathetically limited.
      Try to schedule payments at different times of the same day. Impossible.

    • MohanM on 03/12/2023 - 19:42

      most Database records time in UTC , it's a programmer fault :)

      time to lodge complain to AFCA.

    • chrisharry53 on 16/02/2024 - 16:42

      Great point. Depending on the amount, I would lodge a complaint based on that. Threaten ombudsman if denied.

      I made 2 calls today about bonus interest criteria and the staff both got it wrong. One said you need to meet the criteria in Dec to get paid 1/2. Both think you need to grow the balance in Feb to get bonus interest that month after meeting Jan criteria. NO you do not but you do have to deposit $2k and grow balance to qualify in March.

  • kolorijo on 02/12/2023 - 08:50

    Next time, do it a day early.

  • jackofspade on 02/12/2023 - 10:03
    -2

    You had a whole month to check the applicable interest rate on your account.
    Just lodge a complaint and let them know you will go to AFCA.

  • LFO on 02/12/2023 - 12:26

    I transferred $2000 dollars on 1st October around 00:30 am to SpendME account.

    Isn't that transfer considered done on the 1st of October in any place, anywhere around the globe?

    Isn't 23:59:00 the last minute of that day? And the next day starts at 00:00:01?

    • tooblue on 02/12/2023 - 13:31

      Isn't that transfer considered done on the 1st of October in any place, anywhere around the globe?

      No, around 95.83% of the globe don't think so.

      • LFO on 03/12/2023 - 13:25

        around 95.83% of the globe

        Now that is an interesting one.
        Could you kindly elaborate.

        Obviously I was referring to standard local time, so 1st October around 00:30 am will be 1st October in all local times.

        Examples:
        Beijing 1st October around 00:30 am will be 1st October.
        Perth 1st October around 00:30 am will be 1st October
        Cape Town 1st October around 00:30 am will be 1st October
        Madrid 1st October around 00:30 am will be 1st October
        Newfoundland 1st October around 00:30 am will be 1st October
        Panama 1st October around 00:30 am will be 1st October
        Ushuaia 1st October around 00:30 am will be 1st October
        Papeete 1st October around 00:30 am will be 1st October
        Brisbane 1st October around 00:30 am will be 1st October
        and last but not least
        Timbuktu 1st October around 00:30 am will be 1st October

        Nevertheless please elaborate on that 95.83%. Sounds interesting.

        • jzdhgkd on 03/12/2023 - 19:02

          Not sure if just intentionally misreading the problem…

          So if you transfer 0:30 1st October in Sydney to an overseas account, what time would that transfer have occurred according to the bank in London?

          • LFO on 04/12/2023 - 12:39

            @jzdhgkd: I was referring local to local, of course.

            OP argued that local QLD will kick in X hours because of fluctuating summer/winter time differences.
            Which makes it even more confusing as Queensland doesn't have that.

  • md333 on 02/12/2023 - 16:20
    +1

    A tip for checking if you have satisfied conditions -

    It is not that obvious, but if you go into the account in the App and click Bonus interest, it shows the interest you are currently earning.
    If you didn't meet the conditions in the previous month it shows 0%.
    I only confirmed it was showing your interest rate rather than the best available for the account when I failed to meet the conditions too.
    If you have a lot of money, it can be worth checking the app the first day of the month, you then have the opportunity to move the funds elsewhere for a couple of months until you qualify again.
    I've got mine back again just in time for the interest rate drop :(.
    (I didn't mess up with time zones, I thought depositing $20,000 to the HomeME account would be sufficient, in fact the $2000 has to go the SpendME acct.)
    I am sympathetic to OP in that they don't make it easy to check if you are compliant. Transferring close to midnight on the threshold of conditions is a bit silly, but maybe more obvious when you are in WA and know they are probably using a different time zone and can't be bothered finding out which one.

    • Chris T on 02/12/2023 - 18:07

      Yes, this incident highlights the importance of verifying that you have correctly met the bonus conditions, not just assuming or hoping that you have done so. With some banks this is easy, e.g. with ING Savings Maximizer there is a clear interest eligibility status that you can check to see whether each of the bonus conditions have been met this month, so you know you will earn bonus interest next month.

      Unfortunately with the ME Bank Home ME account there is no such clear status indicator in the app. The best you can do is verify at the start of each month that you are earning bonus interest in the current month. I have been doing so each month by tracking the account Interest earned in financial year to date amount on the first and second day of the month. Your method looks easier. (I suspected that the Bonus rate page might act as such a flag, but I didn't want to be the one to test it!)

    • chrisharry53 on 16/02/2024 - 16:52

      I am in this position for Feb even though I meet the criteria. A technical glitch I am now told will be fixed 1 March - ticket raised.

      However, when I called today the person on the phone and one in chat said that screen is not there to show what you are earning this month. FFS lol. If my wife didn’t have an account showing 5.55% I would have believed them.

  • noob999 on 02/12/2023 - 20:35
    +1

    I have ongoing Bonus interest issues with MeBank. The app calculator says I don't qualify and call them up and I fight it as my statement are proof and their adjustment team find me in favour and pays me.

    You must stand by what YOUR transaction statement says as this is proof.
    If $2k deposit in SpendMe says 01 OCT then you are correct and they cannot deny it.

  • aussie bargain on 03/12/2023 - 20:51

    Banks use Value Date, not Value Date/time.

    Have a look at your statement or online banking, where it will state the value date.

    There's probably no point arguing with a bank on when transactions are supposed to roll over to another date.

    I actually just check and make sure that transactions are dated correctly.

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