Major Australian Bank In Electronic Payments Meltdown.

Yup, i'm not with NAB, but i'll be drawing out my savings on monday. I don't have much, but "not much" in hand is better than a fortune in a broken ATM.
Thanks OP

reply to post by Funk bunyip


Thanks for your contribution mate.

Confidence is heading towards Tasmania.

reply to post by oze bob


Man I've hated National Australia Bank for years. I was with them for about 10 years until a few years ago. I was having a short week with cash and my account balance was about 10c. They then proceeded to charge me an account keeping fee of $5, which put my account into overdrawn status.. so because it was overdrawn they charged me a f***ing $40 "dishonour fee"! It was their fee which put me into overdrawn and they have the nerve to call ME dishonourable?? I went into the local branch and asked the teller how she felt working for f***ing thieves and closed my account then and there.
Hate them. But the other big 3 are just as bad. I'm with a smaller bank now. Dec 7 will be interesting. But i'm not waiting 'til then to take my cash out.

People need to start holding physical cash and reducing their reliance on the electronic cash system.

Too bloody right. Or they could take the extra step and just opt out of fiat currency altogether.

I heard about this story on the radio. And this is just a taste of things to come. The Big 4 are a systemic risk to the Australian economy because of the housing bubble. And when it pops and foreclosures rise, they will not have the money to meet their margins. Infact the m3 would have to increase 3-4 times just to cover the losses they will take from Australia's 3 trillion housing ponzi scheme.

And when that day comes, anyone who doesn't have a backup plan or exit strategy is probably going to starve to death.

reply to post by Funk bunyip


You and me both, time to get those needed supplies that I am missing.

reply to post by Sovaka


Yeah, i'm not gonna go screaming in the streets; definately no harm in having a pantry full of canned goods and long life milk though, Just incase EFTPOS goes down or even a long term power outage.

reply to post by Funk bunyip


Me too I sufferred a smililar experience..I LOATH THEM.

Of all the banks they are the greediest and the worst.

There is a state election today in Victoria, much of the media will be focusing on the outcome.

reply to post by Funk bunyip


Yes, EFTPOS is the deal breaker...most purchases are electronic.

I only use cash, I keep it in $10 a denomination, used to use higher but retail people cant count, they are not used to seeing cash. Even when they know how much change to give you it takes a little longer for them to collate the correct amount.

The Mcdonalds cash registers only accept a max of a $50 note, your receipt will say thay you gave $50 if you gave a $100 note.

Originally posted by oze bob
reply to post by Funk bunyip

 

Yes, EFTPOS is the deal breaker...most purchases are electronic.

If you read the PerthNow news article that I linked on the first page, they actually state;

They also caused delays for EFTPOS, ATM and other electronic banking facilities, NAB said.

So it already has effected EFTPOS transactions.

Originally posted by Sovaka

Originally posted by oze bob
reply to post by Funk bunyip

 

Yes, EFTPOS is the deal breaker...most purchases are electronic.

If you read the PerthNow news article that I linked on the first page, they actually state;

They also caused delays for EFTPOS, ATM and other electronic banking facilities, NAB said.

So it already has effected EFTPOS transactions.

Thanks...I read through and saw the reply from the CEO Cameron Clyne:

"Unfortunately for a large organisation these things happen from time to time.''

Arrogance at its best.

I used to contract for Westpac as an IT Tech who would on the occasion replace their EFTPOS, the computer systems both front and back of house.
The amount of money they put into preventing roll out disasters is massive.
Accidents like this, "just" don't happen.

I heard the NAB Claimed that only 7% of its customers will be affected by this outage. However 2GB (the AM Station in sydney) Asked for their listens to call in if they were affected. the system went crazy. thats just a smaller amount of listeners then that of the FM band. 7% my ass.

reply to post by Namewithheld


7% of 11.5M = 805,000

It's not a number to be sniffed at, however if such a large percentage of the 2GB callers had issues... Then the likely chance that more than 7% of NAB customers were effected is rather great.

News Ltd have reported that the system failure caused by NAB has affected all the three other major banks together with HSBC and Citibank.

They also add that the system failure is rated as "SEV1" or "SEVERITY1" due to the high impact it has on customers.


ttp://www.news.com.au/business/breaking-news/millions-affected-by-national-australia-bank-technical-glitch/story-e6frfkur-1225961 904628

It's funny too, the other day I was on the phone to centerlink updating my study details and the recorded message mentioned this problem with NAB, and the message concluded "If you think you will be in financial hardship, contact your bank."

That's from the government welfare agency.

So it effectively is saying "Tough crapola!"

I'm pretty sure the bank would just go "Nope, we won't help you..." so I can only guess that people who rely on this money are either right now latge in paying rent, not eating, stranded due to no petrol money, etc...

The OP is right, we really do rely on the one thing we should never rely on...

Oh my friends it is far worse than that !

This is from www.bigpond.com


All major banks affected by NAB
Saturday, November 27, 2010 » 05:41am

02:22 emMillions of people affected by NAB


All major banks in Australia say they've been affected by National Australia Bank's ongoing technical problems, which could continue until next week.

Fairfax newspapers say Commonwealth Bank, ANZ Bank, Westpac, HSBC and Citi have all confirmed that some customer transactions have been affected by the errors in the NAB's data processing that occurred on Wednesday morning and have still not been resolved.

HSBC said the transactions to other banks, payroll deposits and direct debits have been affected.

It said NAB clears payments for HSBC in Australia, as well as other banks.

Fairfax says many Australians face the weekend without the ability to access their money.

One industry veteran, who was briefed on NABs difficulties, told Fairfax the data likely can't be restored to its original data position, making recovery of the information more difficult. The current problem is known in the industry as a Sev1, or severity 1, problem, which means that it has a high customer impact.

Now while your speculating bank runs and the like I would like to table something for those with ears to hear and eyes to see .During war times accounts are frozen .Coincidently the US of A is enjoying a bank holliday .Hmmm cough, cough . I won't say anymore about that . I predict that after 5 minutes to six pm NY time 30/eleven ten the economy is DEAD . Sorry to write that last sentence in such a strange fashion but it is nessasary . Trash me if you like but you better hope like hell I am just another nut job ! I would also like you to now speculate why Australia had two major visitors here during the week of the G20 and we all know were that was don't we ? Research a fusion center before typing something and why I chose to write that sentance crypticly, because we have three of them .Be safe friends , be wise and be prepared .

reply to post by 13th Zodiac


Thank You - 13th Zodiac, your input is greatly appreciated.

I have been trying to see the link - I have now!

Hell with this, i just went down to the ATM and took out $500 cash. I'm not waitin 'til monday to see how this pans out lol

Originally posted by oze bob
reply to post by 13th Zodiac

 

Thank You - 13th Zodiac, your input is greatly appreciated.

I have been trying to see the link - I have now!

Your welcome my friend . You have a private message comming .