The trading banks have yet another scam being perpetuated against their unsuspecting customers called electronic funds transfer.
Most people who do internet banking would be familiar with this ruse.
When an amount is transferred into your account from another bank there is no reason why the transfer cannot happen in minutes.
If the account numbers are correct and this is verified when your account speaks to the other online, then it should immediately transfer from one account to another.
No clearing house is needed here.
This of course never happens, and the banks in unison claim it can take up to 24 to 36 hours.
In the old days it was possible to get a cheque cleared overnight when deposited into your account.
The banks are making a fortune with EFT transfers using your funds on the overnight money market by depositing the money in a 12 or 24 hour trade, which can earn them up to five precent or even more.
Imaging the total of EFT transfers for example into the Commonwealth Bank in one 24 hour period. It could run into many millions of dollars.
Five per cent of this swindle for 24 hours is enough to pay for someone’s retirement.
Maybe another class action should be started on this one. The ongoing class action for charging illegal fees is going to cost ANZ zillions.