It may come as a surprise that funds transferred electronically don't always appear in your account right away. Most banks have a ceiling for what they’ll clear immediately – for example $5000. Anything above this must go through the same round of checks as a cheque deposit.
Though this seems counter to the “convenience” of online banking, these are important security checks to make sure the funds are coming from a legitimate source or are actually available.
As well, banks have various security obligations for electronic transfers under the 2009 Anti-Money Laundering and Countering Financing of Terrorism Act.
More information
- Ministry of Consumer Affairs - scams: www.consumeraffairs.govt.nz/scams
- Police E-crime lab: www.police.govt.nz
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Report by Amanda Lyons.
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