Results 1 to 13 of 13
Like Tree2Likes
  • 1 Post By chokkidog
  • 1 Post By fatboy_1999

Thread: BeanBay FAQ??

  1. #1
    Senior Member
    Join Date
    Aug 2011
    Location
    Cranbourne, Victoria, Australia, Australia
    Posts
    168

    BeanBay FAQ??

    Gene Cafe Coffee Roaster $850 - Free Beans Free Freight
    Hi Peeps,

    I couldn't find anything resembling this, and I've got what I believe is an FAQ.

    Does anyone know how long it usually takes for a bank deposit to go through in BeanBay? I've followed Andy's steps there, but it's still saying Payment Pending/Submitted, even though my account shows it as paid to that account.

    Granted, it's only been just over a couple of hours since I did so - but what can I say...I'm super excited for my Behmor :P

    -Aaron

  2. #2
    Senior Member
    Join Date
    Oct 2011
    Posts
    1,376
    Most bank deposits (to anyone) take a day...

  3. #3
    Senior Member
    Join Date
    Aug 2011
    Location
    Cranbourne, Victoria, Australia, Australia
    Posts
    168
    Really?? My account looks as though it's been transferred though...

    I guess I'll have to bottle my excitement then

  4. #4
    Senior Member
    Join Date
    Oct 2011
    Posts
    1,376
    Yes. Goes into "Bankland" for some unknown reason...

  5. #5
    Senior Member chokkidog's Avatar
    Join Date
    Apr 2008
    Location
    Victoria, Australia
    Posts
    2,097
    Banks will snaffle your money from your account as soon you click 'approve' for the payment.
    The funds will not show up in the vendor's account until the following day, IF you make the payment
    before a specified time. For my bank it's 3.30 pm.
    If you initiate the payment after the specified time it will take two days.

  6. #6
    Senior Member chokkidog's Avatar
    Join Date
    Apr 2008
    Location
    Victoria, Australia
    Posts
    2,097
    It's got to do with server traffic, amongst other things.
    The bank to bank transfers are made around 2 am in the morning.
    Given the number of transactions it's a lot of data.
    Banks also engage in very short term offshore money trading.
    It's the reason why cheques take so long to 'clear'.
    On any one day a bank will have the funds from 100's of thousands of transactions.
    They don't just let it sit there looking pretty, they use it to make profits.
    thegoner likes this.

  7. #7
    Senior Member
    Join Date
    Aug 2011
    Location
    Cranbourne, Victoria, Australia, Australia
    Posts
    168
    Thanks for the insight

  8. #8
    Senior Member Barry O'Speedwagon's Avatar
    Join Date
    Dec 2011
    Location
    PRL
    Posts
    2,709
    Quote Originally Posted by chokkidog View Post
    It's got to do with server traffic, amongst other things.
    The bank to bank transfers are made around 2 am in the morning.
    Given the number of transactions it's a lot of data.
    Banks also engage in very short term offshore money trading.
    It's the reason why cheques take so long to 'clear'.
    On any one day a bank will have the funds from 100's of thousands of transactions.
    They don't just let it sit there looking pretty, they use it to make profits.
    While a cheque may take 3 days to clear, interest is calculated from the date the cheque is paid in (at least for many savings accounts). The dates for credit and debit entries at the banks should align. Yes, they do a lot of trading the money market, but uncleared cheques are not the source of the net funds used (though the amount of uncleared cheques may affect their liquidity management). They trade in the money market to earn a return on highly liquid assets.

  9. #9
    Senior Member
    Join Date
    Oct 2011
    Posts
    1,376
    Quote Originally Posted by chokkidog View Post
    It's got to do with server traffic, amongst other things.
    The bank to bank transfers are made around 2 am in the morning.
    Given the number of transactions it's a lot of data.
    Banks also engage in very short term offshore money trading.
    It's the reason why cheques take so long to 'clear'.
    On any one day a bank will have the funds from 100's of thousands of transactions.
    They don't just let it sit there looking pretty, they use it to make profits.
    Server traffic... So they do all transactions at once instead? That will help!

    Im led to believe it is instantaneous in the UK.

  10. #10
    Senior Member fatboy_1999's Avatar
    Join Date
    Jul 2004
    Location
    Melbourne
    Posts
    2,131
    There is an increasing push in Australia for real-time transactions to become standard. The technology exists, but as stated above, banks have monetary reasons for wanting the 1-2 day 'clearing' time to stay.

    Having said that, I found when I was with the Commonwealth, if I did a payment to another Commonwealth bank account, it was instant. So perhaps if you are with the same institution as the person you are paying it may be faster.
    MrJack likes this.

  11. #11
    Senior Member chokkidog's Avatar
    Join Date
    Apr 2008
    Location
    Victoria, Australia
    Posts
    2,097
    I've since found out that the NAB are offering same day transaction on some types of payments.
    It doesn't appear to apply to retail type purchases though.

    Here is a link to the page:

    Same day processing of direct debit and direct credit transactions

  12. #12
    CoffeeSnobs Owner Andy's Avatar
    Join Date
    Mar 2004
    Location
    Internet
    Posts
    17,101
    I've since found out that the NAB are offering same day transaction on some types of payments.
    It doesn't appear to apply to retail type purchases though.


    Doesn't apply to anything you might actually use! Com bank is doing something similar with EFTPOS transactions so the merchant gets paid same day but neither of these help with EFT to CoffeeSnobs.

    Does anyone know how long it usually takes for a bank deposit to go through in BeanBay? I've followed Andy's steps there, but it's still saying Payment Pending/Submitted, even though my account shows it as paid to that account.

    Granted, it's only been just over a couple of hours since I did so
    A couple of hours is pretty optimistic!

    We receive roughly 9000 payments per year electronically from PayPal and nearly every bank, building society and credit union in the country. Some are worse performing than others, typically some of the smaller credit unions add an additional day to the below figures.

    PayPal:
    PayPal is less than 15 minutes. They were instant but for some reason there is some lag in there now and often we will receive the email saying we have payment 10-15 minutes before we get it. It's still the only "instant" service but as shown in BeanBay we pass the actual service fees back to you.

    Banks / Building Societies / Credit Unions
    EFT Mon-Fri business hours:
    A transfer made by you Monday to Friday during business hours (3,4 or 5pm depending on the bank) will hit our account the following day.
    EFT Mon-Thu after hours:
    A transfer made by you Monday to Thursday after business hours will hit our account in two days, eg: Monday at 6pm will appear on Wednesday.
    EFT Fri after hours:
    A transfer after 5 or 6pm on a Friday will appear in our account on a Tuesday!
    EFT Weekends:
    Transfers on Saturday or Sunday appear in our account on Tuesday.
    Cash over the counter:
    Depositing at a branch during business hours will typically be instantly in our account but because its a rare method we typically won't check for it or see it till the next day.

    Now the weird stuff.
    We currently use Bank of Melbourne, it was opened as a St George account but got rebranded when Westpac bought them. Head office is in Sydney (which might not be where you thought Bank of Melbourne would be based) and as such the bank computer doesn't work on Sydney public holidays! So a transfer on the Monday before Melbourne Cup will appear Tuesday, a transfer on Melbourne cup Tuesday will appear on Wednesday but a transfer on Monday 7th October won't appear till Wednesday because it's a NSW holiday even though my local branch is open.

    Bank computers don't work weekends, Monday's or public holidays (in the state they are based) yet I can use my credit card anywhere in the planet and you can be damn sure that the funds drain from my account in a nanosecond.
    ;-)

    PS: I added the detail above into:
    http://coffeesnobs.com.au/beanbay-ba...ean-sales.html

  13. #13
    Senior Member
    Join Date
    Aug 2011
    Location
    Cranbourne, Victoria, Australia, Australia
    Posts
    168
    Behmor Brazen - $249 - Free Freight
    Thanks for the tips Andy!



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •