Payment made Friday morning from commonwealth to ANZ. Is an osko payment but has been put on a security holds
After the hold is released, will the money process on the weekend?
Commonwealth to ANZ - Payment Made in Business Hours - Held for 24 Hours - Now The Weekends
LNteee on 14/06/2025 - 02:22
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Yes
try: CBA proper to CBA owned Bank West: several days!!!
I think it does warn that payments to new accounts may take 24 hours.
I can't believe people still use CBA as their main transaction account. These holds are stupid and CBA is the main perpetrator. Open an account with a different bank. CBA is a good bank to invest in (own shares), not a good bank to be a customer of.
(own shares)
I remember buying them at $5 in the early 90s and selling at $10 because why would they go any higher right. FFS.
BTC solves this
Only if you used Bitcoin, money would have transferred within half hour in lesser fees needing no banks in between.
Less fees than $0? Wow!
Not all CBA bank accounts have zero fees.
They don't have zero fees for transfers? What account would this be? Seems pretty wild for a normal transaction account.
@brendanm: Although there may be no fee for transfers, with them holding the money for 24 hours this can result in lost interest earning potential, overdue payment fees from whomever you're trying to pay, lost discounted buying opportunities, etc. It is not a zero cost thing. Also they often have monthly account fees and depending how many transactions you are doing the account fee divided by the number of transactions you do in a month could be a not so insignificant percentage.
@tenpercent: I initially said the fees were $0 for the transfer "Less fees than $0? Wow!". The $0 implies no fee, as zero is nothing.
@tenpercent: Yes, ignoring $120k is quite the high bar. I'd love to know what sort of job someone has who can afford a $120k loan, but doesn't seem to understand that they actually have to pay the loan.
There is no such thing as a free lunch.
Even if you do not see a direct fee, an indirect cost is always present. It may be embedded in mortgages, loans, or other financial mechanisms from other customers. Often, these institutions contribute to inflation while their CEOs and well-connected politicians accumulate immense wealth.
Lucky there are no indirect costs with Bitcoin then I suppose.
@brendanm: The indirect cost of holding Bitcoin with dear life for a whole cycle is you getting rich and others getting interested to be your friend.
Bank to bank payments in Australia are meant to be instant now. They are holding it to earn free interest on it or to artificially keep their reserves higher and minimise how much interest they have to pay to other banks for overnight lending.
Or hold it because half their customers are over the age of 65 and at risk of fraud.
Does CBA not know the age of its own customers?
@Nteee, are you over 65 (not that I think it matters)?
Can't be accused of age discrimination if they treat everyone like they are 80
@tenpercent: If I am the CEO of large banks in Australia, I would do the same. It would ensure I have more cash in my reserve. Also, the large banks decide the policies and not the other way round. This is why we need I love Bitcoin
Yes. If I remember correctly from past experience.
Should arrive in the ANZ account 24 hours after transaction including the weekend.