How the NPP will revolutionise personal banking
Ever wanted to pay your bill with emojis? The New Payments Platform is slowly rolling out across Australia, and it’s going to revolutionise the way we bank.
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You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.
The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.
If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.
In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).
Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.
Deleting your bank account from PayPal is a simple three-step process:
You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.
There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.
Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice.
A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.
To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.
Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:
The money will take three to seven business days to reach your bank account.
Once you’ve made the transfer request, it can’t be withdrawn.
Checking your bank account balance online is a simple process. Once you’ve logged in to your online banking, clock on the relevant account and the balance should be visible.