- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Highlight
- Report Inappropriate Content
on 19-01-2024 08:15 PM
s_n_d, can money come out of your savings account? I take eBay’s spiel about a savings account as meaning an account from which funds cannot be removed, since eBay need to be able to deduct funds in the event of a problem.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Highlight
- Report Inappropriate Content
on 19-01-2024 08:49 PM
A couple of years ago, I was prepared to walk hubby through the process of registering as he wanted to sell bits and pieces.
Lo and behold, they only asked for confirmation of the bank account they had on file.
i.e. BSB and account number.
I couldn't believe it.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Highlight
- Report Inappropriate Content
on 20-01-2024 04:26 PM
@countessalmirena wrote:s_n_d, can money come out of your savings account? I take eBay’s spiel about a savings account as meaning an account from which funds cannot be removed, since eBay need to be able to deduct funds in the event of a problem.
Of course money can come out of my savings account, that's how my bills are paid. I have fortnightly payments being sent from my savings account to my land rates, utility bills and credit card (the credit card is now over $2,000 in credit. In fact, so is the gas and electricity. Gas is nudging $3,000. I'm 2 years in front with the land rates).
If it was something like a Christmas Club account, then no, you couldn't have money taken from it, but a regular savings account, of course. I have accounts with 2 banks, and both the main accounts are savings accounts. I have no issues paying anything from either account.
If you can't pay anything from your savings account, how to people buy their groceries? Not everyone uses a credit card to pay for everything.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Highlight
- Report Inappropriate Content
on 20-01-2024 04:50 PM
There are actually 2 types of ''savings'' accounts, its confusing and it is just a terminology thing within the banks.
The general savings account is really a transaction account like S-N-D has described, it does everything, but it appears as a savings account, .
But than you have real savings accounts, where the only thing you can do is deposit funds to it from virtually anywhere, But can only withdraw funds to transfer to your own accounts, but no one like Ebay can actually get funds for thier transaction fee's. I have one of these as well, where I chuck all my spare funds into (reasonable interest rate), but last week I needed access to the funds, so first had to transfer it from my savings account to my transaction account (savings), before I could send it off to my intended recipient.
The banking system is stuffed and there are ''saving'' account and ''savings'' accounts''. Dont get me started about other ''accounts''
