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Banking Black Holes

May 21st, 2007 at 07:19 am

The $200 I transferred direct from my Credit Union account into my new ANZ "V2 Plus" account that was recently set up to receive contributions into our Self-Managed Superannuation Fund (SMSF) has disappeared (temporarily I hope). Although there's often a three day "hold" on funds transfers between different financial institutions in Australia, this is usually manifest as a difference between the "account balance" and "available balance" figures for the destination account ie. the funds immediately disappear from the source account, and generally appear in the destination account the next day, but aren't available until the three day holding period expires. It seems odd that the $200 I transferred last Thursday hadn't appeared at all in the ANZ account yet - if it doesn't turn up tomorrow I'll have to phone ANZ to try to work out where the money has gone. It raises an interesting side issue - at least when transferred funds appear immediately but are "unavailable" you still earn interest on the money during those three days. With funds that disappear for three days someone else must be earning interest on my money in the interim.

Enough Wealth

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