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Does the Commonwealth Bank Hoodwink Customers?
Submitted by Clemens on Thu, 28/05/2009 - 09:36
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Send to friendSo you thought you could not spend money you didn't have in your Debit Card account? Think again.
Recently I have had the opportunity to closely follow the transaction progress on various Commonwealth Bank of Australia (CBA) Debit Card accounts of several pensioner friends and what apparently takes place behind the scenes has me seriously worried...
I would really like to get someone from the bank to explain how it is possible, in this day and (computer) age, for someone to pay for their groceries via EFTPOS while there are INSUFFICIENT FUNDS funds in their Debit Card account? Not possible is it? That's what they told you didn't they? Surely such a transaction should be DECLINED then and there at the checkout in the shop?
Unlike other, more upfront banks, CBA does not show transactions on your account in REAL TIME. When you check your account via Internet banking, you always seem to have to wait until the next day before a transaction shows up in your account.
Why would that be so? Are transactions first posted on ONE computer and then, at the bank's pleasure and convenience later updated and transferred to ANOTHER? Do they use some ancient computer system that, somehow, requires 24 hours or more to post a transaction? Or do they still post transactions to the ledgers manually? It boggles the mind to try and fathom the reasons the bank may have for this, in my opinion, very dubious and possibly highly illegal practice.
So there you are, happily munching away on the breakfast cereal the bank allowed you to buy with money you (apparently, according to the bank) did not have and you decide to do some Internet banking and check your account, only to find you have been SLUGGED with a $30 DISHONOUR FEE... What the F%@# happened here?
How could this happen? How could the Commonwealth Bank do this to you? You were not supposed to be able to spend money you did not have in your account? Didn't you?
I know a bit about computers and computers systems and I can only come up with one plausible scenario for this sequence of events. I shall leave it up to you to decide if this way of playing with you money is fair and reasonable or something else:
1. ONE CBA COMPUTER system 'knows' the account balances that your EFTPOS transaction is posted against and gregariously allows you to buy your groceries.
2. ANOTHER CBA COMPUTER system, somewhere in a dark corner, munches away and posts your scheduled automatic payments, loan payments, fees and whatever other wondrous conjurers tricks the bank has up its sleeve.
3. At the stroke of midnight or whenever, the two computer systems are RECONCILED and, lo and behold, you apparently now, it is decided, did NOT have the money the bank allowed you to spend yesterday.
RESULT: ANOTHER $30.00 DISHONOUR FEE....
No wonder the banks earned $11.600.000.000 (11.6 billion dollars) in fees and charges last year. I wish I could run a scheme like that...
Maybe the CBA should be taken back from the free-marketeers and be nationalised again. Maybe then we can regain some trust in what was once a proud and honourable institution run by the people for the people of the Commonwealth of Australia.
--- Copied from my friends at http://www.thefreedictionary.com/hoodwinks
HOODWINK: the Verb
1. hoodwink - influence by slyness beguile, juggle cheat, rip off, chisel - deprive somebody of something by deceit; "The con-man beat me out of $50"; "This salesman ripped us off!"; "we were cheated by their clever-sounding scheme"; "They chiseled me out of my money"
2. hoodwink - conceal one's true motives from especially by elaborately feigning good intentions so as to gain an end; "He bamboozled his professors into thinking that he knew the subject well"
bamboozle, lead by the nose, play false, pull the wool over someone's eyes, snow
deceive, lead astray, betray - cause someone to believe an untruth; "The insurance company deceived me when they told me they were covering my house"
--- end copy
Has something like this maybe happened to you? Do you feel ripped off too? Your comments (also from Commonwealth Bank of Australia staff) are cordially invited. Maybe someone can explain these IMO very dubious practices and clear this matter up once and for all for all those poor CBA customers.
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commonwealth bank ripoff
The Commonwealth Bank , has no interest in you the customer, all it does is find ways to exploit and rob you. Don't bother phoning for help they have that all organized.
It is my belief that we should all close our accounts with the Commonwealth, and use an alternative, as we are just profit fodder to the bank.
Ernie.
Re: Does the Commonwealth Bank Hoodwink Customers?
I don't use Commonwealth Bank and I got stung. I used a commonwealth ATM and my card was read by a Phishing Device planted in the ATM.
I was rung by my bank and was told the news. My accounts were frozen.
I rang head office of my bank and was told that definitely there was a phishing device planted on the Commonwealth Bank ATm, and it was there to read customers cards.
Great security Commonwealth Bank
Never use an ATM. I will just sit in the bank and get money over the counter
Re: Does the Commonwealth Bank Hoodwink Customers?
The banks are doing this deliberately, they are interested in tagging us with a silicon chip for all transactions. If ATMS are unreliable we will feel more secure being tagged - like animals