Bank bashing – again!

I refer my one loyal reader to a previous post I wrote about “Bank Bashing”. I am glad to advise that at last (according to the Reserve Bank of Australia’s latest media release) Australia’s rapacious banks have been given notice that they must now move into the Twenty First Century and gear themselves up to processing financial transactions in “real time”.

The fact that the RBA has had to push Australian Banks into processing payments and transfers in “real time” speaks volumes about the culture present in the banks which seek profits (i.e. - dividends to shareholders) before service to customers. At last, we, the customers, are going to be given a better service! It is interesting to note the countries whose banks either provide a real time service or are looking to improve their current service – Canada, UK, Europe, South Korea, Mexico, South Africa amongst others.

The RBA’s timetable is for the Australian Banks to comply with the following schedule:-

• same-day settlement of all Direct Entry payments (by end 2013).
• the ability to make real-time retail payments (by end 2016).

This is a rather extended timetable but better than the current system so I suppose I shouldn’t complain. I put in my “two bob’s worth” with my submission to the RBA’s review and it pleases my ego to be able to tell you (my one loyal follower) that I had a hand in the innovation program (even though it may just be a passing reference!!).

I can’t wait for its actual implementation!

There is of course, still the problem of the Banks who seem to consider their shareholders as some kind of disembodied aliens to be worshiped and not as humans. But they are human and not just companies or organisations. Even if they are companies and organisations, these companies and organisations are comprised of people who, believe it or not, also use the banking system.

No one has ever been able to tell me why my wife’s Government support (Centre Link) payments which are processed by Centre Link on a Thursday only appear in our bank  account on the following Saturday morning (we both use the same bank - the Commonwealth Bank of Australia, by the way!) Upon enquiry Centre Link blames our bank and our bank blames Centre Link!!

Just do your job and transfer the funds in “real time” – PLEASE.