Transfer Money through ANZ, Not Received, Told to Wait 8 Weeks to Resolve?

Unacceptable on 07/11/2022 - 16:27

Unacceptable thing happened last week.
I transferred (Paying anyone) $400 from ANZ saving account to UBank (higher interest rate).
It's an Osko transaction so I expected immediate transfer but it didn't happen.
A couple of hours later I transferred another $200 to Ubank to see how it works, yes it transferred immediately.

I rang ANZ, and told check with Ubank.
I rang Ubank, and told to check with ANZ. (saying the fund wasn't released)
I range ANZ again, they said they need investigation and it would take up to 8 weeks. What???

It's been one week since.
Is it common with ANZ or any other bank in AU?
Imagine if I had to transfer house deposits and it didn't go through…

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Comments

  • dcep on 07/11/2022 - 16:34
    +4

    Username checks out !

    To answer your question. No and it's unacceptable.

    Lodge a complaint with AFCA and spam ANZ social accts.

    • Unacceptable on 07/11/2022 - 16:54
      +4

      I don’t have social accounts, only ozb.

  • FareEvader on 07/11/2022 - 16:46

    Lodge a complaint with both banks

  • p1 ama on 07/11/2022 - 16:53

    Do you have the receipt from the transaction, double check that all of the details are entered correctly.

    • Unacceptable on 07/11/2022 - 16:56

      Yes, I have. Whenever I rang ANZ they double check the account I sent to with me and it was correct.

  • bluesky on 07/11/2022 - 17:01
    +1

    Sometimes failed OSKO transactions will go by the standard transfer, which can take up to 2-3 days. Have 3 business days passed? If so, ask ANZ to do a trace. But check first, some banks charge you for doing a trace, while others don't.

    • Unacceptable on 07/11/2022 - 17:05

      Transaction was made on 1 Nov.
      Funny thing is ANZ don’t seem to give a F.
      I rang three times with three different reps and their reactions are like C’est la vie, no one seems to follow up the case.

      • bluesky on 07/11/2022 - 17:11
        +1

        Also, continue to monitor your ANZ account. A few weeks back, something similar happened to me and after 3 days, I was prepared to initiate a trace. But it so happened that when I looked at my source account - an entry called DE Return occurred - which according to customer support, was the funds being bounced back by the target bank. What is puzzling is that this usually happens when say, the destination account does not exist or something. But my account is valid. Customer support was supposed to undertake an investigation, and get back to me why this happened - but haven't done so. I am just happy the funds are back in my account.

        Good luck, I hope your amount will also be bounced back into your account. I tried to google this DE Return, but only managed to find one example in Whirlpool of this happening - so I still have no idea why it occurred. BTW, the whirlpool case was a transfer to ubank (original) - although that may have no bearing.

  • Adredocto on 07/11/2022 - 17:15
    +2

    I've had good success lodging issue via their complaints team. Seems to get it into the hands of someone with more latitude to make decisions.

    Obv go through regular channels first, which you have already done. Most of the frontline service desk just follow a script and can't deviate outside of that response.

  • [Deactivated] on 07/11/2022 - 17:51
    +1

    That "up to" eight weeks is just the upper limit to meet their 45 day obligation under the ePayments Code. Sit tight and wait for the response. This one doesn't sound particularly gnarly.

  • koakun on 07/11/2022 - 19:08
    +1

    Make a official complain to Australian Financial commission.

    https://www.afca.org.au/

    They are slow but my problem like you solved in one week

  • the fig man on 20/11/2022 - 14:17

    Did you get the funds back ?

    • Unacceptable on 20/11/2022 - 17:38
      +1

      After this post I have rung both anz and UBank many times for the follow up but still they don’t seem to give a fxxx. so I have lodged a complaint to AFCA. About a week later ANZ (designated team, case manager) rang me to follow up the case.
      Still investigating but more convincing to resolve the case. AFCA rocks!!

      • Unacceptable on 21/11/2022 - 15:14
        +1

        According to ANZ, the trace request found that the fund was successfully transferred from ANZ to Ubank - so no ANZ fault.
        They said Ubank confirmed that they credited the fund to my Ubank account last Friday - No I still have not received it.

        ANZ has offered a goodwill payment of the fund back to my ANZ account and saying the offering is with no admission of fault or liability and solely on a goodwill basis.
        I think ANZ is afraid of AFCA or the fund being small they just pay to me and move on.
        Case dismissed.

  • Unacceptable on 01/12/2022 - 10:13

    Again, I transferred two funds from the same ANZ account to UBank today and both haven’t arrived in UBank.
    Anyone has the same experience like this? It’s been two months in a row and I am not sure which bank is more lousy at this.

    • ozbargainerlife1 on 06/12/2022 - 20:03

      new AFCA case!

    • bluesky on 07/12/2022 - 13:02

      Just curious, are you on the old Ubank (green) or the new Ubank (purple) app?

      • Unacceptable on 07/12/2022 - 13:21

        Green, I opened the account in Aug 2022.
        I’m aware of the old and new account issue but i assumed that mine must be a new one with no issue?

        • bluesky on 07/12/2022 - 14:59

          Interesting … I did not realise you could still open an old ubank account as late as Aug 2022. The colour I am referring to is the app colour (not the debit card colour). If your account is an old ubank one, I wonder if your troubles are related to them trying to transition you.

          • Unacceptable on 07/12/2022 - 15:25

            @bluesky: The UBank app colour is purple so it’s new. Wonder why Ubank still have the transaction issue with Osko (from me).

  • lila56 on 16/03/2023 - 17:09

    Having the same issue. Transferred nearly $4k from ANZ to Ubank, was instantly received at Ubank. Then made another transaction of ~$200 which is completely missing and not received at Ubank.

  • onetwothreefour on 07/06/2023 - 14:50

    Thanks for this thread. I transferred $4k from ANZ to uBank on Monday and it still is not in my uBank account yet (Wedsnesday). I have a regular transfer setup between the two accounts and they happen immediately.

    I'm a little worried but will give them one more day, i.e. tomorrow, before I call them.

    • onetwothreefour on 09/06/2023 - 15:20

      For anyone else who reads this thread - my transfer between ANZ and uBank took from Monday to Thursday.

  • plantatree2013 on 11/06/2023 - 09:00

    Just to share our experience: After the new Ubank upgrade 2 weeks ago, our ANZ to Ubank transfer was not immediate anymore (it used to be seconds and we love this feature of ANZ & Ubank). Same for all 3 family members. Contacted Ubank, they said their side ok. Contacted ANZ, they said they hold the amount because the new bsb numbers look a bit suspicious, usually they hold for 8 hours then release the fund but in our case they hold more than 48 hours still have not released (and we have used ANZ shield to confirm the transfer) so we had to ring in ANZ asking them to release the funds.I think it is good that ANZ is very cautious due to recent rise in scams but when we transfer money to our tradies (not Ubank) was still instant. Don't understand why to new Ubank bsb has these problems.

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