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Tuesday, April 5, 2011

The banks have my money

Australian banks have introduced plastic cards so we can use EFTPOS, have
ATM access and Internet banking where you can pay bills, even transfer money
and we have all been told this is for our convenience.

Recently I was paid by electronic transfer.

Understanding that all this technology was for the convenience of us as
customers and thinking that also meant it would speed up transactions like
this one I had suggested that they electronically transfer the money rather than
sending a cheque.

Imagine my surprise to discover that the money wasn’t in my bank account when
I received the email that I had been paid.

If they have paid me and I don’t have that money who has it?

So I contacted the two banks involved and confirmed that the money that had
already been electronically transferred out of one account but because it had
been paid on a Saturday it would be Wednesday before I saw the money in my

In the meantime where is that money?

It is on the short term money market and the bank is making money with my money. 

........Turn It Up.





Proudly supported by:

I want to thank the team from Bow Bow Plumbing.
Commercial plumbing maintenance, based in (not limited to) the Sydney area.

I've known them for a long time and always been impressed by them. 

Bow Bow Plumbing brings a work ethic to the job that we need
more of in the business world.

If you have need for a commercial plumber, check him out.


Where to Listen:
Turn It UP Mike Segment can be heard 
on Radio 2SM and stations on the Super Network
Monday to Friday with Grant Goldman.
click on Grant Goldman and Listen Live online

How to Contact
To sponsor this segment on the 2SM
Super Radio Network and
online email me at

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