Beem and Minimum Monthly Deposits

peterpeterpumpkin on 30/05/2018 - 12:47

My bank couldn't give me an answer so maybe someone here would like to ring theirs or already know the answer themselves.

The new Beem app apparently allows money to appear in a recipient's account instantly (up to $200 a day for now) since it uses the "EFTPOS refund" system. I don't know much about EFTPOS refunds to begin with, but I'd imagine that a bank that charges a fee that is waived upon a minimum monthly deposit would not usually consider a refund a "deposit" as part of their default algorithm?

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  • [Deactivated] on 30/05/2018 - 13:15
    -1

    Yeah nah.

  • QW3RTY on 30/05/2018 - 16:42

    If you're asking us whether your bank considers refunds as deposits (in order to have a monthly fee waived), and they can't give you an answer — your chances aren't great on the OzBargain Forums.

    I imagine they have terms and conditions to that "refunded fee" offer.
    And those terms are substantially clear on what constitutes a deposit. Can you ask for the conditions to the offer?

    • peterpeterpumpkin on 30/05/2018 - 18:15

      My interest is mostly academic. I didn't want to frustrate the MyState bank phone operator over one of my many trivial what-if scenarios. Their terms give the usual "deposit from an external account" spiel.

      I was hoping an equally obsessive person here might belong to the more closely Beem-associated Commonwealth Bank and had a similar thought (and followed through with a call).

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