NAB stealing my money for 4 days

I have several accounts with NAB, including a credit card, who is on a direct debit mode. My offset account was debited last Friday for the amount owing on my credit card ($600). Over the weekend and the following Monday my credit card was declined, and I was puzzled as to why. When I finally checked my account on line on the Monday, I realised that the $6000 debited from my account on the Friday were still being withheld and had not made it into my credit card account.

When i called NAB to get an explanation, they said that if the direct debit falls on a Friday, then it’s not processed til the Monday and then it takes 24 h!

Why is it that an automated transaction, within the same bank, cannot be instantaneous? and where is my money when it is not in any of my accounts for 4 days? I have written a letter of complaint to NAB but not heard back from them yet.

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Bank clearing times have been a frustrating issue for consumers for too long, and can potentially result in unfair fees and charges. It’s not technically stealing but we know consumers deserve better. Thanks for raising the issue.


I have had a similar experience with an electronic bank transfer from CBA to my NAB account. It took 5 days. That is 5 days on the short term money market for the banks. My money in limbo not earning interest for me but earning money for the bank. What happened to electronic speed?

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You will be lucky to any valid response from NAB.
When I complained I received what sounded like a generic reply that did not address my concerns.
Even on the threat of moving my substantial account elsewhere did nothing to help my cause.

You are right. Someone rang me to discuss my complaint and basically reiterated the reason why that had happened. She did not address my complaint about a system that could have been tolerated in the 19th century but is impossible to accept nowadays. Do banks want us to believe that computers don’t work on week ends? or that they charge more if they do? And why would it take 24 hours to clear funds within the same bank anyway? The person who rang me did become concerned when i said i was pursuing the matter through other channels.

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I seriously doubt that the explanation provided is correct - unless the withdrawal took place after the close of business on the Friday , which if automated is unlikely. Ask another staff member and I bet you will get a different answer.

If you physically did the transaction online yourself, it would be immediate (unless after the Friday evening cut off time).

If that’s not stealing then I don’t know what stealing is.

This is deliberate programming of the bank’s computers with the intent to steal from the customer. No programmer worthy of the name would do that unintentionally.

The good news is that this is about to change - later this year(?). Apparently the banks (with the encouragement of ASIC or the Reserve Bank, can’t remember which) are about to introduce a new automated payments system which will bring the processing of these transactions into the 21st century. Most transactions will become instantaneous and equally important you will be able to use a standard identifiers like your email address or mobile number instead of having to use a BSB / Account number.

This will also make it easier for us to switch banks as well, although I wouldn’t expect a stampede, given the tweedle-dee tweedle dum differences between the big 4.

Its the level of service we should reasonably expect given the maturity of data / communications now.


Great news, and long, long overdue.

Here is another way they do this. Originally I could transfer NAB to NAB instantly, then there came a random delay where what you described happens, they take the money from my account instantly, could be days until it appears where it was sent.
But NOW…
Paypal requested $50
NAB took it from my account, but did not give it to paypal. No explanation why not.
Paypal did not get the money, therefore did not send acknowledgement receipt to the bank, so NAB KNOWS paypal did not receive it.
NAB say I have to wait up to 10 business days to get MY money back that they removed from my account and did not pass on to paypal with no valid reason - no stops, no blocks, no reason for them to hold my money.
But they are. How is this not illegal and called stealing? Which it is. :rage: