The other day I accidentally transferred funds (a substantial amount) into the credit card rather than into the net bank saver account. If you don’t have a net bank saver, then you should seriously consider it. Term deposits have become obsolete for the avid saver. Just go to any bank’s website, and find out about net bank saver.
Anyway, back to my story. I did not owe anything on my credit card, so the balance was in credit by X amount after the transfer. I rang up customer service at CommBank, and the guy said he will put in a request for the funds to be transferred back into my savings, although it will take a few days (after the weekend had passed). If I was willing to wait, then no cash advance fee or interest will be charged. I.e: If I had transferred the funds back into my savings, then they are obliged to charge me fees for it. Even though it’s my own money! Yes, stupid I know!
I put down the phone, but forgot to ask if I was allowed to continue using my CC as I had about several hundred dollars worth of expenses coming up over the next week or so. So I rang again, almost immediately, to be answered by another lady. She advised me that not many people (even at Commbank customer service) know, but I can transfer the funds back as long as I keep the amount in credit, rather than debit. For example: If I wrongly deposited $1000, then I should transfer $995 bucks or something less than $1000, so that no fees are charged. That’s exactly what I did.
Tonight as I logged onto to pay off my weekend splurge, I noticed I had been charged a cash advance fee. Perhaps I should have taken the safer option by waiting like the “other guy” said. I don’t intend to fight this, just can’t be bothered. It’s too difficult, and not worth my time.
Next time I will be extra careful before transferring money on the net. I trust you will too!
Generally speaking, online fund transfers are best to do at the very end of all expenses for a month (or another specified amount of time) so that you’re not actually touching money that’s been budgeted for other items. After all the bills are paid and the food is bought, I’ll usually check to see what’s left and transfer that into savings online. I intend to continue the practice as long as I can.
Vendela, I guess thats generally how it should be done. In my case, my monthly expenses are pretty much fixed, and I transfer funds into the savings after I get paid. This way, I am “forced” to save knowing my fixed expenses. If unexpected expenses do come about, I can always dip into my savings account for those expenses.