Got a call today from ING about my Orange Everyday account. Thye said that if I continue to take out $200 with my EFTPOS transactions so I can get the 50 cents rebate they will close my account. Looks like they don't want people taking advantage of this. Anyone else recieve a similar phone call?
I'm taking out $200 at a time. I do it most days. I haven't been using it for purchases as mine is one of the old cards without paywave - so I can't use it for the 5% off. Guess I should have applied for a new card with Paywave when that promotion was running.
That's a lot of effort for $5.50 a day
Haha, this post is funny. By doing it at woolies At a register, not self serve, you also help keep people employed by creating work. Im not too worried about ing myself, they won't close the offer as they pay a lot more reimbursing banks ATM fees. Theyll just close your account like they advised if they have to.
Let them close your account, and apply for a new one with 5% off paywave promotion.
exactly how many times per day are you do $200 cashouts? eftpos is limited to $2200 per day, so that's a max of 11 x 0.50 = $5.50/day.
you could also get a 2nd orange everyday card and split (or even double) the cashouts between the two cards.
You're right. The most anyone can take out a day is $2,200. So it is possible to make $5.50 a day. I generally take out money on my lunch break and there are days where I have made $5.50. In the brouchure it says:
"By getting cash out with EFTPOS, you’re helping us. To encourage you, we’re happy to offer this service for FREE. To make it worth your while, when you get $200 or more cash out with EFTPOS, we’ll even pay you $0.50 each time. It’s the least we can do."
I figured ING must be making money themselves from the transaction as it says that we are helping them by doing it. Maybe something has recently changed with EFTPOS and it's no longer helpful to ING for customers to use EFTPOS. This might explain their puch to use PayWave, which is processed through the credit system.
I'm guessing you go to Woolies self checkout and do 11 separate transactions? What do you do with the $2,200 in cash afterwards?
i imagine straight to australia post to deposit it back in :)
From the wording of your comments, you appear to lack any realisation that you are actually exploiting the system.
Sure, the offer is there. However, if many people did this, you will lose this benefit for all of us.
The way I read the brochure they sent me, it sounded like they were encouraging people to do it and that ING were actually benefiting from it. I'm not sure how the EFTPOS payment system works, but I guess someone is making money from the transactions. Maybe ING used to, but no longer does?
Edit - Link to brochure: http://ingdirect.com.au/pdf/I'm_getting_paid_for_everyday_ba…
The reason they say that is because it's cheaper for them to pay you 50c to use EFTPOS than refunding a $2.50 ATM fee
Not exactly rocket science
Your time must not be worth much if you go to this trouble to make $5.50.
You're right. I was just doing it on my lunch break.
Out of curiosity, how long does it take you to make the transactions necessary to earn a measly $5.50?
Around 10 minutes
You mean it only takes you 10 minutes to do 11 x $200 withdrawals, then go to bank and deposit that back in? Don't supermarkets checkouts get annoyed when you hold up the entire line to do 11 separate transactions?
I just realized he is apparently doing EFTPOS cash out at a supermarket without buying anything. I've never even done that, let alone 11 of them in quick succession.
I take cash out at Woolies all the time but I don't have an ING account.
It amazes me to see 10-15 people queued up at a Commbank ATM out the front of Woolies, all standing there with Westpac, St George, NAB etc cards and waiting a long time in the queue only to be stung $2.50 for using it, yet the smokes counter in Woolies is totally empty with staff standing there twiddling their thumbs.
More people should make use of cash out and be aware that you don't have to purchase anything to get it.
This is news to me. So, I can just walk into 7-Eleven or Coles and just ask for cashout? don't think I'd be very welcome
Not sure about 7-Eleven but you can definitely do it at Coles. Their self service doesn't have the option but a staffed register can.
And in Woolies you can do it at the self service checkout too. Have a look at the front screen next time you are there - there's a button for it.
thanks for the info
Just a note about Coles self-service machines. The ones I have visited do have cash-out, but can only give a maximum of $100 cash. Therefore not useful for to get 50c.
You don't have to buy anything to get cashout at coles or woolies. It's been like this for a long time.
just that coles self service there is no option. only wooloes self service has that option
By getting cash out with EFTPOS, you’re helping us
I imagine this is relative to getting cash from an ATM rather than relative to doing nothing.
You might get robbed. Karma.
Don't kill the Golden Goose.
You are obviously exploiting it.
Is that a deal for new customers?
no. it has always been that way
It's so long since I opened my account, I must have forgotten. I don't have much need for cash these days, so generally only take out about $40 at a time.
I hope you're not withdrawing ~$40 with the IngDirect card since you get charged an ATM access fee of $1.50 to $2.50. Over $200 they rebate this fee.
I haven't used an ATM for ages. It's cash out when I do my shopping. Paywave for the goods. Unfortunately, you can't use it for the cash.
If you're withdrawing the $2200 then immediately putting it back in to withdraw all over again, that doesn't seem very fair.
But if you have a legitimate reason for taking out money so regularly, and you're actually spending it and not just putting it back in your account, it seems a bit mean of them!
He's obviously recycling it.
I didn't know polymer was recyclable! Time to recycle all my money to help the environment!
$5.50 a day is $2000 a year! OP, you're gonna be a millionaire in no time!
You're right! I'm on track to be a millionaire in 500 years time! Just need to find an OzBargain post on how to live that long :)
Lets do the Maths
Lets assume that the Average lifespan of a human is 70 y/o
Say you got a ING account at the age of 16
54 years = 19710 days X $5.50 per day = $108405 dollars . If you had 2 accounts, double that amount.
Not bad
Attention to detail.. Really amazed me.. LOL
I can do with a pay raise!
Sounds good in theory - except for the fact that they said they will close my account if I keep doing it.
how much did you make from doing this before they called you up?
They must have red flagged you in their system when they realised you were exploiting it on a daily basis and not using the cash, just putting it back into your account. Didn't think it would be a breach of the T&C's though.
Is it legal for them to close your account, or do you think it's a idle threat, I say keep it up and see what happens.
It's probably in the T&Cs somewhere, which I presume we all read
i never got 50c into my account for taking $200 out. Only the $2 ATm fee was reimbursed…
Using EFTPOS cash out, $200 or more, you get $.50 back.
Using an ATM, $200 or more, you get your ATM fee reimbursed.
Did they change this? Wasn't the original promo that ATM withdrawals > $200 attracted the 50c rebate as well?
No 50c bonus for ATM withdrawals ever, only withdrawal fee rebated. The bonus is for cashout.
lol.
Wow .. You really must have alot of time on your hands mate.
And I thought I was bad just closing my account and within 2hours then making a new account just for the 5% rebate, my accounts there just still waiting for my card which takes 7-10days to arrive.
I'll admit it's pretty extreme behaviour for such a measly amount of money, even for an ozbargainer!
Why not get busy in life and get a decent job where you can make a decent wage instead of wasting your spare time trying to rip the banks off with 50c here and there?
does e_wolfe work in a supermarket, hence doing this on his lunch break makes sense?
He probably doesn't even eat, costs too much.
5.50 for ten minutes is not bad - could pay for lunch for the day!
Aside from having spare time to spent for this (allegedly 10 minutes but it must take more to line up at the post office to deposit it back), I wouldn't like to embarrass myself at the checkout only for the sake of $5.50.
would piss myself laughing if you did this hundreds of times and then on one occasion got robbed on the way to putting it back in the bank. :)
No- I doubt I will.
Don't you have to buy something with each EFTPOS $200 withdrawal? That is my understanding, so when I want cash from Woolies I buy an apple or a banana. Can you rock up to Woolies and withdraw without buying anything?
Nope. No purchase necessary. The Woolworth self checkout will have an option that is withdraw cash. This is also an option for Coles/Woolworth staffed registers.
DOH! Better late than never.
This is hilarious
I probably should have added that I have a home loan with ING and paid over $13,000 in interest in the last financial year on the loan. So it's not like ING are not making money from me.
If that's the case, you'd probably be better off putting the $2200 that you seem to be recycling each day into an offset account & save interest on your loan.
Why would he?
By doing so, he is only saving 6% per year from $2200
He is currently making $5.5 per day with the $2200
Very true. If this scheme were an interest gaining account the interest would be an amazing 91.25% per year.
"Ya gotta squeeze every penny. You see this tux? I got it cheap 'cause Roy Cohn died in it."
This is who I envisioned when I read your comment. Seems like way too much for a measly $5.50…
Looks like they are within their rights to close your account provided they give you notice.
This is from the T&Cs:
We may close your Orange Everyday by giving you seven days
notice.
Also, we may close your Orange Everyday immediately or
refuse to process any transactions if:
* we cannot verify your identity;
* we suspect fraudulent activity or a breach of law;
* you haven’t made an initial deposit and activated your Visa
Debit Card;
* you haven’t made a withdrawal from, or deposit to, your
Orange Everyday after a minimum of six months; or 41
* your Orange Everyday is overdrawn for more than 60 days
and the amount remains unpaid.
the op hasn't breached any of those conditions
and you have the courage to post it here on ozb.
truly professional :D:D
If only we could get cash out at Harvey Norman :)
Dont kill the hen that laid golden eggs !
I only withdraw $200 once a day~ :D
I love how the general mood of this thread changed; it started out highly critical and changed to being supportive and more positive :)
Nice going e_wolfe — but just be careful with all that cash you are withdrawing! I had a similar experience where I used to buy wish gift cards at a 5% discount. Over the years I had saved hundreds of dollars…but then one day I had 1 x $200 gift card stolen from my wallet. All that effort had been for nothing — I now only use EFTPOS to buy my groceries. It is much safer that way!
What else are you doing with OE account? Do you make any purchases with it at all? EFTPOS is the only way I take out money from ING. I have not received a phone call.
How much are you actually taking out and at what frequency?