EFT to Credit Union - what's going on?

[erick (Eric)]

I use a Credit Union for my primary working account. For years, people have had no problem transferring (electronic funds transfer) to my account. However, lately, two members here have had problems making the transfer? Like it cannot be done!

What's going on here? Are the big banks beating up on the miniscule competition who are no threat at all to them? Does anyone know for sure? I'll ask my Credit Union, but some more experiences will be useful to know.

[sheeny (Al)]

My mum (in her 90's and not a computer user) has not been able to transfer money from her account to mine for several years. I can't remember, though, if the problem was they can't/won't do it or if they just wanted to charge an exorbitant fee for the privilege.

There should'nt be any reason you can't do it via internet banking though...

Al.

[peter_4059 (Peter)]

Internet banking works fine in and out of my credit union account. I've been told from one member that their bank won't do a transfer from the branch - don't know why.

[asterisk (Geoff)]

Originally Posted by sheeny

... or if they just wanted to charge an exorbitant fee for the privilege ... There should'nt be any reason you can't do it via internet banking though...

My mother had a bill last year for $9000 and asked me to withdraw the money from her account and pay it. I thought - have it direct debited into my account and use my card instead - saves carrying the money around.

The bank agreed to do it, but the charge was $27! I declined their offer and asked for the money in cash - took 3 of them half an hour to put it together which would have cost more in their time than the fee they asked for the EFT.

Yes - the fee is exorbitant for what is involved.

[erick (Eric)]

Thanks Gentlemen. I'll ask my Credit Union what gives? They need to fix it or I'll have to start using a Westpac account to receive funds.

[erick (Eric)]

On another matter - how messed up is your banking? I have:-

Two mortgage accounts, three credit cards, a charge card and four savings accounts across five institutions.

Talk about not keeping all my eggs........

No wonder I'm confused!

[tlgerdes (Trevor)]

Hi Erick,

I have had this issue as well, it is to do with most Credit Unions being treated as Sub-Branches within the banking system. They will often have 2 different BSB numbers. I had to locate this "other" BSB number to get my transfer done.

I am with Qantas Credit Union and money was being transferred from an International account. It was a funny occurance as my pay was being banked Ok from my employer, but my expenses wouldnt turn up. It came out that the pay was transferred from a local account and could see my normal BSB number, but the International transfer for my expense was not able to see that same BSB number.

[GrahamL]

I had this happen with the Bendigo bank Eric, my bank reckoned they couldn't easily do it and wanted $30. I don't doubt there is some obscure reason ,but as they can quite easily transfer money to an offshore account without charge , it sure highlights customer service
dosn't figure in these days.

I bought a money order in the end , pretty retro eh?

[erick (Eric)]

UPDATE:- My Credit Union tells me that it is the banks "trying it on!" They receive electronic transfer of funds from all banks every day. I know that my pay is deposited into my Credit Union account, for example.

The only suggestion that could be made apart from "don't accept their excuses" was that the account numbers for my Credit Union are relatively short - five numerals. So padding that out with an extra four zeros before the number may help with online transactions.

Any that's it. Rather unsatisfactory - but welcome to the competitive corporate world, it would seem.

[AdrianF (Adrian)]

I have no problem transferring to others accounts from my Credit Union acct and no charges. Suncorp.

Adrian

[erick (Eric)]

Originally Posted by AdrianF

I have no problem transferring to others accounts from my Credit Union acct and no charges. Suncorp.

Adrian

Same here - no trouble going out from my account. But some have had trouble EFT'ing from their bank to my Credit Union account

Credit Unions Rule! (footnote - for your regular banking. Housing Morgages - I go elsewhere)

[BerrieK]

Eric I had no problem electronically transferring to your account when you organised the DGM filters. I bank with St George.

Kerrie

[AdrianF (Adrian)]

Ooops should also read payments to my acct aswell.

Adrian

[dannat (Daniel)]

my credit union is fine for all transfers/receivals - no problems

usually it is operator error from my experience

i have one account which has a linked internet saving lan & 1 card..i don't understand why people have multiple a/c's

[Waxing_Gibbous (Peter)]

Originally Posted by dannat

i have one account which has a linked internet saving lan & 1 card..i don't understand why people have multiple a/c's

Eeeeek!!!
So that when someone eventually pinches your I.D / Bankcard/passwords, you don't loose everything!!!
Heavens man! "Eggs in one basket" ring a bell?!
We have 4 accounts and all serve their purpose - except for the one I tried to send Erick money from!!!
I still haven't got a satisfactory answer as to why the CBA here won't do it.
The only two reasons I can think of are:
to discourage in-bank transaction not related to loans or deposits
&
plain old money making.
As a corollory here, Western Union no longer under-writes the Post Office Money Orders. It used to be a flat $13 fee for a US/UK/CAN$ MO.
Now it goes direct through WU and you pay a %age. Thay wanted $49 for a $240 CAN. transfer!
No escaping the GFC I'm afraid. Everybody's upping fees - to us anyway.
Bank to Bank transfers and corporate transfers still cost next-to-nothing.