CBA's Transactional Offset
- Thread starter Shahin_Afarin
- Start date
the MISA account does not allow debit card transactions and money has to be transferred in and out through internet banking to a transaction account. the CBA has not released the transactional offset account yet so you have to wait. From what they said to me is everyone would be moved to the new transactional offset.
Thanks jonmardell!
I think I may be the only one who would still prefer having my money sitting in the MISA account for security reason. Please correct me if my understanding of the Transactional account is wrong, people would tend to put as much money into the Transactional account to lower interest against the loan, since the Debit card is linked to the T account, what happen if your card info get stolen? The reason why I have such fear is because I had simliar experience that my Debit card was linked to an account where I had most of my saving in it, I have always been very conscious about the security in drawing money from ATM so I am extra careful whenver I draw from ATM, only 2 occassions I drew out of an ATM not located within the branch, even I always covered the key pad when I key in the pin, my card info was stolen as more than $5k was stolen from the card on purchase, it just happened recently. Therefore, first alarm I had when whatever accout is linked to a debit or any cards that can be access externally, I am relunctant to use, but this is just my experience and fear only!
I've been using a debit card in one form or another for over 20 years without issue. My credit card was potentially compromised once but the bank knew about that before I did and took action.
Some people don't like the temptation of having their savings immediately accessable to their card, but this is easily overcome by having an account for day to day transactions and another for savings; which is essentially what the MISA account does.
The difference is that almost every other lender is more flexible than the MISA account you can run it any way you want, whereas the CBA says you MUST do it their way. When you consider how many people have their salaries paid into and run their lives through CBA accounts, I imagine that the CBA is saving a lot of interest for themselves by not having to offset this money against home loans.
A transaction offset account is something brokers have been asking the CBA about for decades. I'm sure they will have it in the foreseable future, but it's likely cost them litterally billions in home loan business in the meantime, simply because when someone needs an offset account, the broker usually recommends a different lender.
Some people don't like the temptation of having their savings immediately accessable to their card, but this is easily overcome by having an account for day to day transactions and another for savings; which is essentially what the MISA account does.
The difference is that almost every other lender is more flexible than the MISA account you can run it any way you want, whereas the CBA says you MUST do it their way. When you consider how many people have their salaries paid into and run their lives through CBA accounts, I imagine that the CBA is saving a lot of interest for themselves by not having to offset this money against home loans.
A transaction offset account is something brokers have been asking the CBA about for decades. I'm sure they will have it in the foreseable future, but it's likely cost them litterally billions in home loan business in the meantime, simply because when someone needs an offset account, the broker usually recommends a different lender.
Just got told that we will find out the release date at our next development day... which is the 22/8
Which is great news, from what I've been told there is a feature that will be and awesome feature. But! A big but! I've also heard something which I think is absolutely stupid... but won't share until I heard it first hand that these are actual facts.
I've already got a whole list of questions to ask around x-coll and IO+Offset for some of the big wigs
Which is great news, from what I've been told there is a feature that will be and awesome feature. But! A big but! I've also heard something which I think is absolutely stupid... but won't share until I heard it first hand that these are actual facts.
I've already got a whole list of questions to ask around x-coll and IO+Offset for some of the big wigs
So the big news is that theres a new offset account set to be released.
The big 'But' that you mention is that it still isnt transactional?
So the big news is that theres a new offset account set to be released.
The big 'But' that you mention is that it still isnt transactional?
Haha from what I've been told there will be a date provided.
As for the awesome feature and the 'but' I will wait to hear these myself next Thursday.
where is the paparazzi : ) and the red carpet
the most awaited bank release in my time thats for sure.
ta
rolf
the most awaited bank release in my time thats for sure.
ta
rolf
I like the MISA. It granted me an opportunity to refinance a client to ANZ because he hated it that much!
On the day it's officially released, I expect there'll be a huge amount of discussion from the brokers on the forum.
Until then, if you want to hold your breath, make sure you make a video and post it on YouTube for fun!
Until then, if you want to hold your breath, make sure you make a video and post it on YouTube for fun!
Don't be a tease, Brady.
