Bankwest Transaction account [General Discussion]

[burmans]

Making many micropayments is likely to hurt the retailer more than the bank....

And neither affects the acount holder so still wondering why we are discussing it?

 

[thehound]

Couple of questions regarding the $2000 per month deposit:

When does the month start? From the day you open you account or the 1st of the month?
Could I theoretically deposit $1000 from another account, withdraw it, and then redeposit the $1000 to make it $2000 for the month?

The short answer is yes. If you only had $500 to your name you could do that 4 times too. They'll only be evaluating whether $2000 has entered your account each month.

From what Mum has asked and based on the replies she received, I believe they only check whether you have $2000 going into the account every month. Note this is not $2000 nett. So my interpretation of your proposal is that this would work. For my own sake, however, I'm going to be a little bit more dynamic than simply "2k in, 2k out, I haz QF pts, kthxbai!"

My plan is to transfer $2000 in each month and once it's shown up in the Bankwest account, move it straight back out. This complies with the T&Cs.

 

[DeKa]

Is there any point in saying you'll deposit more than $4k/mth to get the Platinum Debit Mastercard?
I can't see any... Bankwest No Annual Fee MasterCard - Debit MasterCard
Well, not when you have credit cards like Citibank Signature...

 

[Beta4Me]

Is there any point in saying you'll deposit more than $4k/mth to get the Platinum Debit Mastercard?
I can't see any... Bankwest No Annual Fee MasterCard - Debit MasterCard
Well, not when you have credit cards like Citibank Signature...

What benefit is the Platinum Debit MasterCard over a standard one anyway?

 

[DeKa]

What benefit is the Platinum Debit MasterCard over a standard one anyway?

It's in the link I gave.

 

[Beta4Me]

It's in the link I gave.

Yeah, I probably should have looked at that >.< Essentially a waste of time if you have any platinum credit card(s).

 

[basso]

And neither affects the acount holder so still wondering why we are discussing it?

So who made you arbiter of what should be discussed? I imagine the point is that it may effect who will get shirty at you if you do make lots of little transactions....

 

[burmans]

So who made you arbiter of what should be discussed? I imagine the point is that it may effect who will get shirty at you if you do make lots of little transactions....

I'm not the arbiter ( and nothing in my post suggested I was) just asking why we were discussing because it seems way off topic!

 

[Isochronous]

The best part is that I have a Telenet Saver from years ago, so I can instantly transfer, hypothetically, $1 between the 2 accounts multiple times a day to reach $2,000 of deposits for a calendar month.

 

[thehound]

The best part is that I have a Telenet Saver from years ago, so I can instantly transfer, hypothetically, $1 between the 2 accounts multiple times a day to reach $2,000 of deposits for a calendar month.

The offer is only for new account holders, so if you currently hold a bank west account then 2000 $1 transfers will probably be a waste of your time

 

[burmans]

The offer is only for new account holders, so if you currently hold a bank west account then 2000 $1 transfers will probably be a waste of your time

You've gotta love those who state things confidently when they have clearly not read the T&C'.s

The exclusion is "Excludes existing Bankwest transaction account holders.". Telenet Saver is a Saver account, not a transaction account.

 

[basso]

The 'month' starts on the 1st. They evaluate your account on the 1st to see if you have made your $2000 of deposits in the past month. Not only does this determine whether or not you will fulfil the requirements for the 10k bonus, but also whether you will avoid the $6 monthly account maintenance fee.

So, if I apply today, are the relevant months May, June and July? So, it does not matter what I do for the rest of April? Or does it matter for April? I had thought I had read something on the way through, but can't find it now....

 

[thehound]

Happy to stand corrected. I thought that savings accounts came under that banner.

As for the notion that 2000 $1 transactions is a waste of time, I'm happy to stand by that one though!

 

[JohnK]

Oh Bankwest! Like lambs to the slaughter.

Now where do I find $2,000/month?

 

[Jacques Vert]

i was looking at this as I was going to pay off a small loan before going overseas, would that qualify for the points? cause the points would then be around +20,000 QFP's

If I am reading it correctly, it would not be eligible but even if it was it would be 5 points if done in one transaction, not 20,000. Or am I missing something?

 

[zainman]

If I am reading it correctly, it would not be eligible but even if it was it would be 5 points in done in one transaction, not 20,000. Or am I missing something?

I think you are right. It's 5 points per transaction, regardless of value isn't it?

 

[burmans]

Happy to stand corrected. I thought that savings accounts came under that banner.

As for the notion that 2000 $1 transactions is a waste of time, I'm happy to stand by that one though!

Not going to disgree with that one!

 

[jlien]

Talked with my RM about changing my current transaction account to this, they weren't sure on the process and would get back to me later today.
She proposed that if worse comes to worse, I can apply for a new QFF transaction account and move all my debits to that, however I do not prefer that route as I have a number of people who regularly bank into that account.

Anyone successfully able to convert one account into this QFF account?

 

[burmans]

If I am reading it correctly, it would not be eligible but even if it was it would be 5 points in done in one transaction, not 20,000. Or am I missing something?

This presumes he was intending to do in only one transaction, not 4000.

 

[Jacques Vert]

This presumes he was intending to do in only one transaction, not 4000.

Why stop at 4,000?