Major Australian Bank In Electronic Payments Meltdown.

I have a neighbour receiving Centrelink money. His payday was Friday and he got his money over the counter. Although he couldn't access it via the ATM or Eftpos. So when Centrelink said to contact the bank, apparently NAB have agreed to honour centrelink payments to regular customers.
Just thought I'd put that out there.

Originally posted by boondock-saint

Originally posted by JR MacBeth
If I was to guess, we will see indications of this working, or not, before the 7th. How much before, hard to say.

we're already seeing signs it is working
else this thread wouldn't exist

Good point Boondock. I also think your idea about that $400B not being enough could easily make sense.

Should be interesting to see what pans out. Certainly, for anyone who has any significant money in the bank, it would be prudent to take heed. Even temporary discomfort can be mitigated by a bit of preparation. Lots of uncertainty out there right now.

JR

My bank ATM (not NAB) can't give me a Balance either.

Never been a problem before.

I'm with NAB, i got my pay a day late. But then i always have cash on me for a few days (at least) so its never an issue.

As for guys thinking its a conspiracy, its not. The major banks' IT systems just arent quite as good as they appear on the surface and this kind of thing is a recognised risk by many of the major banks in Aus.

And is one of the reasons that many are building new core banking systems...

I found this news articled posted on the Herald Sun which says there was a corrupt file found within the NAB software and as of the 29th of November they still had over 19,000 accounts with errors.

www.heraldsun.com.au...

Oze Bob and punterdeb , the time has passed for information I have forwarded to you I am about to make a public post to explain my position . Thank you for you assistance .

The NAB is still having issues processing transactions.

The fallout from National Australia Bank's computer debacle three weeks ago continues, with some transactions yet to be registered to accounts.

smh.com.au....

The Australian regulators are now looking into what went wrong.

The Reserve Bank of Australia (RBA) is set to ask National Australia Bank Ltd (NAB) to explain the technical problems it suffered last month because the processing glitch could have adversely affected system liquidity, Fairfax reports.

businessspe ctator.com.au....


How similar are the backend processing of banks around the world?

If a single "corrupt file" can cause these sorts of problems in the banking system of reasonably developed nation for this long it seems to be a cause for real concern.

they made money off of this event.

Interest.

think about it.

-B.M