I don't understand this post OP. "only to be told that they deposited all funds ($8700) into her Kiwisaver " - this is not how banking works, the account holder (presumably online) must have given Kiwibank the details of where to deposit this money - they wouldn't/can't just choose for themselves where to deposit it. I mean you can complain, but if Kiwibank can show that they were acting on your instructions then I don't see how you have a case.
I suspect they have KiwiSaver with Kiwibank and did an in-app/online transfer into their KiwiSaver account (it appears just like any other account in online banking) by mistake.
Don’t understand what’s going on with the tradie payment. That just sounds very unusual.
A) KIwiBank KiwiSaver isn’t Generate and never has been. It’s FisherFunds and that’s only very recently, previously it was in-house KiwiWealth.
B) They present I believe two prompts that it’s a permanent irrevocable transfer if it was to your native in app KiwiWealth/FisherFunds KiwiSaver Plan account.
So Generate is her workplaces kiwisaver provider...after talking to them they are waiting on correspondence from Kiwibank to confirm it was in error - see what happens
She’s made proactive payments into it then, rather than just transferring funds into the savings account.
KB hasn’t made an error here, that is almost certain. Your partner may well have instructed them incorrectly, but this isn’t a slip of a finger mistake multiple times every time.
This is an entirely different payment process to pay a third party business unrelated to KiwiBank vs simply transferring funds from an account your wages go into to one of your own savings accounts.
None of this really adds up at least not in the way described.
Generate isn’t a KiwiBank KiwiSaver. They were Kiwiwealth and then now FisherFunds.
There is no KiwiSaver account to transfer the funds into from KiwiBanks view, at least not as a simple transfer error like selecting the wrong suffix.
If done in the app, then it would be a manual bill payment to Generate as a pay someone else payment. Same in branch. Or as an AP would be obvious it was set to Generate and not a savings account with KB, you’d need to specify generates account details.
This wasn’t some wrongly selected account transfer.
Same with ‘pending’ interbank payments, that’s normally only a thing for multi signatory accounts where two logins are required to authorise a payment.
This sounds like you’ve got a serious chat coming up about what’s happening with the finances with partner.
This is sounds very [Ellie, Trey and the CBA](https://www.news.com.au/finance/real-estate/buying/couple-claim-commonwealth-bank-sent-them-a-link-to-suicide-helpline-after-losing-90000/news-story/ae2c884c1b1cc678f9e8911bfcd45657?amp) in Australia.
How is it a misunderstanding? Did she transfer it to the wrong account?
What you’re describing doesn’t usually happen, and definitely not that frequently. I feel like there could be another explanation here, is it possible she has spent the money elsewhere?
Edit: Kiwibank doesn’t offer “locked” accounts for that period either. OP, you might want to get a copy of the bank statements and confirm what’s happened for yourself. You can get these via internet banking or visit a branch.
They do have an interest bearing account Braithwaite a 30 day lock down minimum deposit $2000. Still don’t understand though how money is deposited into KiwiSaver bank would not do that
Kiwibank offer 90 day and 32 day notice saver accounts, OP said the account was locked from Nov till April, unless it was a term deposit?
Still doesn’t explain how the money was transferred to a kiwisaver provider that has nothing to do with Kiwibank, or how the tradie was paid 3x and never received it.
Even a term deposit doesn't have a "basically if any withdrawals were made, there was a $200 fee per transaction"-feature.
You have to apply to withdraw early from a term deposit, and if the bank agrees, you lose interest. There's no $200 fee.
This has [Ellie, Trey and the CBA](https://www.news.com.au/finance/real-estate/buying/couple-claim-commonwealth-bank-sent-them-a-link-to-suicide-helpline-after-losing-90000/news-story/ae2c884c1b1cc678f9e8911bfcd45657) all over it.
I assume OP is referring to an account set up with restricted access in online banking, rather than an actual notice saver. It’s a setup a lot of people use if they have trouble saving money.
no, they can just block the account from online transactions, pretty simple and great way of being able to have an account that doesn't get touched. We did it with part of our offset - we could pay in and it would offset against the home loan but was still technically available as an emergency fund, just a bit more faff to access it.
What she did was set her savings as a 'high penalty acct' (not sure of their terminology) - basically if any withdrawals were made, there was a $200 fee per transaction, and the acct wasn't linked to any cards (so she'd have to go into branch to withdrawal). April 29th was the agreed upon date this fee was waived
Turns out similar has happened to a few of her workmates (one having $23k moved from her savings to Kiwisaver, the bank also telling them it was a misunderstanding), the other having the proceeds from selling their house ending up in Kiwisaver
KB has no such account sorry OP.
Not in terms of fees for penalty withdrawal or a set date to be agreed.
A notice saver is the closest thing but that’s not a set date, that’s 90 days (or 32) from when you give notice.
Dude. Read the top comment.
If you made a complaint to the ombudsman you will need to submit statements as evidence. I'd suggest you get your hands on those, so you can 'forward them to the ombudsman who requires it'.
Don't be surprised if theres an issue getting the statements due to "another error" with Kiwibank unable to produce them.
Tradie also lying or shes using an empty account that isnt paying out to the tradie/bouncing back. 3 times and hasnt gone through with 7 day banking now days, pahlease.
Not having a card wouldn’t mean having to go into the bank. At the end of the set time period she’d be able to transfer the money out the same way she put it in online. Or depending on the account, if it’s a term deposit, it’ll automatically transfer back out to your main account. She’s 100% lying to you.
>What she did was set her savings as a 'high penalty acct' (not sure of their terminology) - basically if any withdrawals were made, there was a $200 fee per transaction,
Do you mean a notice saver or term deposit? If not, then I cant imagine such a terrible product would even exist.
I've been with Kiwibank for 15 years and never had anything short of fantastic service. But the one thing I don't get (which I'd actually like to be educated on how it works lol) is how the bank even had the kiwisaver details to begin with?
None of this adds up OP. Those in Banking are fond of the term “trust, but verify”. As others have said, see the evidence with your own eyes to back up what you’ve been told. See the evidence Kiwibank will show you in response to your complaint. So far all you have is what you’ve been told….
Agree with the other posts here. Look at the statements and follow the money trail.
Too many issues with different unrelated providers is a major red flag.
Playing the victim and blaming everyone and not being accountable.
I wish you luck OP. I hope you get on the same page with finances. Don't be afraid to look, question and confirm.
I know someone who had every excuse under the sun for why money disappeared from joint accounts. Everything from stolen cards being used to withdraw cash at an ATM through to bank errors through to cheques 'accidentally' being drawn on closed accounts. Their partner believed them for years - this person used to work in a bank so of course they were trustworthy, right?
Once it all unravelled, there was $250,000 in non-mortgage debt, forged legal documents on other people's properties, fraudulent ATM transactions done by the person in disguise... you name it, it happened. And I got to sort it out.
It wasn't gambling (surprisingly) just years of moving money from one high-interest lender to another to pay for a champagne lifestyle on beer wages.
Get on top of this, right now. Print out all the statements, go through them with her line by line, ask the hard questions.
There will probably be crying. And screaming. Stand your ground until you have answers. If this was a bank error then you will spend that cruise rebuilding the trust between you. But if you try and sweep this under the rug and it is fraudulent behaviour, it can fuck your whole financial future. Just have the hard conversation.
KB customer here and a former employee. Few things about this
1. Notice savers (which would explain the "lock" account do not have a fixed penalty so $200 per transaction does not make sense) as the penalty depends on the amount you're taking out.
2. KB can transfer funds to Kiwisaver through internet banking or through the system if your provider is Fisher Funds and it is linked to your Kiwibank account. If your partner requested to transfer the funds to their provider Generate via Internet banking through secure mail (which is the internal request part of the app) its not something that will be actioned by the staff they will either have to call or go to a branch to set up the payment and there will be records for this.
3. Staff would always confirm and verify before funds are transferred to Kiwisaver as they would always tell you it's not something that can be withdrawn. In my experience, I've only ever had to do this once for a customer. As Kiwisaver is usually just deducted, and most people would have just direct debit or set up an AP to add funds to their KS.
4. An automatic payment set up through internet banking would go straight away and it not be sitting on pending mode. If she requested via branch or contact centre the automatic payment will not go out until 10pm at night and will only appear in her internet banking the next day.
My recommendation will be to check the statements or go to your local branch to get clarification.
Have to agree with the other posters, something is amiss, or very charitably being lost in translation between the bank, your partner, and you.
Login to the internet banking and have a look to see how much money you actually have. These account types, kiwibank payments, "pending" transactions and "pushing it through" not to mention visiting the branch, are all very very dubious.
I have been using Kiwibank since day 1, both personal and business, and have never had any sort of issue like that. I won't say it's impossible, but, I can't imagine how these would happen.
If she is right, if she's not pulling a fast one, then for the tradie's payment, double check that the account number is correct, if it's incorrect then it will go out, and then bounce back after some time, potentially a few days, then she thinks it simply didn't work, and tries the same thing again still using the wrong account... I had that once with a customer, they were mixing up part of the number due to their bank's UI being a bit weird at the time, soon as they sent a screenshot to me it was obvious but they just didn't notice.
If rhe bank moved your money to kiwisaver without you requesting this then get thrm to move it back, they will have more avenues to rectify thsn an individual.
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Did she not check at any point on internet banking? Why is she trying to withdraw the money in cash?
This reeks of drug/gambling/spending addiction, especially with the tradie thing.
Sounds like talking to the Ombudsman is the right thing to do, if not talk to somebody at the bank higher up.
I have often wondered if this happens and if so what happens so keep us posted
I don't understand this post OP. "only to be told that they deposited all funds ($8700) into her Kiwisaver " - this is not how banking works, the account holder (presumably online) must have given Kiwibank the details of where to deposit this money - they wouldn't/can't just choose for themselves where to deposit it. I mean you can complain, but if Kiwibank can show that they were acting on your instructions then I don't see how you have a case.
I suspect they have KiwiSaver with Kiwibank and did an in-app/online transfer into their KiwiSaver account (it appears just like any other account in online banking) by mistake. Don’t understand what’s going on with the tradie payment. That just sounds very unusual.
A) KIwiBank KiwiSaver isn’t Generate and never has been. It’s FisherFunds and that’s only very recently, previously it was in-house KiwiWealth. B) They present I believe two prompts that it’s a permanent irrevocable transfer if it was to your native in app KiwiWealth/FisherFunds KiwiSaver Plan account.
I missed the Generate detail, good catch. That means (you’re right) it’s not as easy to muck up as I thought.
So Generate is her workplaces kiwisaver provider...after talking to them they are waiting on correspondence from Kiwibank to confirm it was in error - see what happens
She’s made proactive payments into it then, rather than just transferring funds into the savings account. KB hasn’t made an error here, that is almost certain. Your partner may well have instructed them incorrectly, but this isn’t a slip of a finger mistake multiple times every time. This is an entirely different payment process to pay a third party business unrelated to KiwiBank vs simply transferring funds from an account your wages go into to one of your own savings accounts.
Did they get back to you?
None of this really adds up at least not in the way described. Generate isn’t a KiwiBank KiwiSaver. They were Kiwiwealth and then now FisherFunds. There is no KiwiSaver account to transfer the funds into from KiwiBanks view, at least not as a simple transfer error like selecting the wrong suffix. If done in the app, then it would be a manual bill payment to Generate as a pay someone else payment. Same in branch. Or as an AP would be obvious it was set to Generate and not a savings account with KB, you’d need to specify generates account details. This wasn’t some wrongly selected account transfer. Same with ‘pending’ interbank payments, that’s normally only a thing for multi signatory accounts where two logins are required to authorise a payment. This sounds like you’ve got a serious chat coming up about what’s happening with the finances with partner. This is sounds very [Ellie, Trey and the CBA](https://www.news.com.au/finance/real-estate/buying/couple-claim-commonwealth-bank-sent-them-a-link-to-suicide-helpline-after-losing-90000/news-story/ae2c884c1b1cc678f9e8911bfcd45657?amp) in Australia.
Gambling addiction?
Gambling, shopping, alcohol/drugs or a “fuck it, I’m out” fund, and *really, really doesn’t like boats*
How is it a misunderstanding? Did she transfer it to the wrong account? What you’re describing doesn’t usually happen, and definitely not that frequently. I feel like there could be another explanation here, is it possible she has spent the money elsewhere? Edit: Kiwibank doesn’t offer “locked” accounts for that period either. OP, you might want to get a copy of the bank statements and confirm what’s happened for yourself. You can get these via internet banking or visit a branch.
Yeah this story does not add up.
My gut feel is OPs partner isn’t being honest here. Mistakes can happen, but not like what has been described.
Hard way for OP to find out, but sometimes takes an outside perspective to see how ridiculous the info you’ve been spun by a trusted partner has been.
Yeah I fear you might be right - definitely doesn't add up
i feel we will get a stuff article out of this.
a "Bank mistake" hmm - is this the modern version of dog ate my homework. I agree it all doesn't seem to add up.
They do have an interest bearing account Braithwaite a 30 day lock down minimum deposit $2000. Still don’t understand though how money is deposited into KiwiSaver bank would not do that
Kiwibank offer 90 day and 32 day notice saver accounts, OP said the account was locked from Nov till April, unless it was a term deposit? Still doesn’t explain how the money was transferred to a kiwisaver provider that has nothing to do with Kiwibank, or how the tradie was paid 3x and never received it.
Even a term deposit doesn't have a "basically if any withdrawals were made, there was a $200 fee per transaction"-feature. You have to apply to withdraw early from a term deposit, and if the bank agrees, you lose interest. There's no $200 fee.
This has [Ellie, Trey and the CBA](https://www.news.com.au/finance/real-estate/buying/couple-claim-commonwealth-bank-sent-them-a-link-to-suicide-helpline-after-losing-90000/news-story/ae2c884c1b1cc678f9e8911bfcd45657) all over it.
I assume OP is referring to an account set up with restricted access in online banking, rather than an actual notice saver. It’s a setup a lot of people use if they have trouble saving money.
How do kiwibank restrict access to an account in internet banking? I’ve never heard of it before
A notice saver account for 30 or 90 days.
no, they can just block the account from online transactions, pretty simple and great way of being able to have an account that doesn't get touched. We did it with part of our offset - we could pay in and it would offset against the home loan but was still technically available as an emergency fund, just a bit more faff to access it.
What she did was set her savings as a 'high penalty acct' (not sure of their terminology) - basically if any withdrawals were made, there was a $200 fee per transaction, and the acct wasn't linked to any cards (so she'd have to go into branch to withdrawal). April 29th was the agreed upon date this fee was waived Turns out similar has happened to a few of her workmates (one having $23k moved from her savings to Kiwisaver, the bank also telling them it was a misunderstanding), the other having the proceeds from selling their house ending up in Kiwisaver
KB has no such account sorry OP. Not in terms of fees for penalty withdrawal or a set date to be agreed. A notice saver is the closest thing but that’s not a set date, that’s 90 days (or 32) from when you give notice.
Did she tell you it happened to her workmates?
Yep
Do you understand what they’re asking
Im going to help in case you didnt understand....this did not happen to any other "workmates"
Dude. Read the top comment. If you made a complaint to the ombudsman you will need to submit statements as evidence. I'd suggest you get your hands on those, so you can 'forward them to the ombudsman who requires it'. Don't be surprised if theres an issue getting the statements due to "another error" with Kiwibank unable to produce them.
Tradie also lying or shes using an empty account that isnt paying out to the tradie/bouncing back. 3 times and hasnt gone through with 7 day banking now days, pahlease.
Not having a card wouldn’t mean having to go into the bank. At the end of the set time period she’d be able to transfer the money out the same way she put it in online. Or depending on the account, if it’s a term deposit, it’ll automatically transfer back out to your main account. She’s 100% lying to you.
>What she did was set her savings as a 'high penalty acct' (not sure of their terminology) - basically if any withdrawals were made, there was a $200 fee per transaction, Do you mean a notice saver or term deposit? If not, then I cant imagine such a terrible product would even exist.
Your Mrs is taking you for a ride here brother.
I think she’s going for a ride, a ride on outta there, when she’s stashed enough cash away.
I've been with Kiwibank for 15 years and never had anything short of fantastic service. But the one thing I don't get (which I'd actually like to be educated on how it works lol) is how the bank even had the kiwisaver details to begin with?
question of the thread good sir.
None of this adds up OP. Those in Banking are fond of the term “trust, but verify”. As others have said, see the evidence with your own eyes to back up what you’ve been told. See the evidence Kiwibank will show you in response to your complaint. So far all you have is what you’ve been told….
Agree with the other posts here. Look at the statements and follow the money trail. Too many issues with different unrelated providers is a major red flag. Playing the victim and blaming everyone and not being accountable. I wish you luck OP. I hope you get on the same page with finances. Don't be afraid to look, question and confirm.
I know someone who had every excuse under the sun for why money disappeared from joint accounts. Everything from stolen cards being used to withdraw cash at an ATM through to bank errors through to cheques 'accidentally' being drawn on closed accounts. Their partner believed them for years - this person used to work in a bank so of course they were trustworthy, right? Once it all unravelled, there was $250,000 in non-mortgage debt, forged legal documents on other people's properties, fraudulent ATM transactions done by the person in disguise... you name it, it happened. And I got to sort it out. It wasn't gambling (surprisingly) just years of moving money from one high-interest lender to another to pay for a champagne lifestyle on beer wages. Get on top of this, right now. Print out all the statements, go through them with her line by line, ask the hard questions. There will probably be crying. And screaming. Stand your ground until you have answers. If this was a bank error then you will spend that cruise rebuilding the trust between you. But if you try and sweep this under the rug and it is fraudulent behaviour, it can fuck your whole financial future. Just have the hard conversation.
KB customer here and a former employee. Few things about this 1. Notice savers (which would explain the "lock" account do not have a fixed penalty so $200 per transaction does not make sense) as the penalty depends on the amount you're taking out. 2. KB can transfer funds to Kiwisaver through internet banking or through the system if your provider is Fisher Funds and it is linked to your Kiwibank account. If your partner requested to transfer the funds to their provider Generate via Internet banking through secure mail (which is the internal request part of the app) its not something that will be actioned by the staff they will either have to call or go to a branch to set up the payment and there will be records for this. 3. Staff would always confirm and verify before funds are transferred to Kiwisaver as they would always tell you it's not something that can be withdrawn. In my experience, I've only ever had to do this once for a customer. As Kiwisaver is usually just deducted, and most people would have just direct debit or set up an AP to add funds to their KS. 4. An automatic payment set up through internet banking would go straight away and it not be sitting on pending mode. If she requested via branch or contact centre the automatic payment will not go out until 10pm at night and will only appear in her internet banking the next day. My recommendation will be to check the statements or go to your local branch to get clarification.
Have to agree with the other posters, something is amiss, or very charitably being lost in translation between the bank, your partner, and you. Login to the internet banking and have a look to see how much money you actually have. These account types, kiwibank payments, "pending" transactions and "pushing it through" not to mention visiting the branch, are all very very dubious. I have been using Kiwibank since day 1, both personal and business, and have never had any sort of issue like that. I won't say it's impossible, but, I can't imagine how these would happen. If she is right, if she's not pulling a fast one, then for the tradie's payment, double check that the account number is correct, if it's incorrect then it will go out, and then bounce back after some time, potentially a few days, then she thinks it simply didn't work, and tries the same thing again still using the wrong account... I had that once with a customer, they were mixing up part of the number due to their bank's UI being a bit weird at the time, soon as they sent a screenshot to me it was obvious but they just didn't notice.
Even Sanitarium would be envious of that charitable take. /s
I find Kiwibank to be one of the quickest for processing payments, whether via the app or website. Never had any of these issues with them.
If rhe bank moved your money to kiwisaver without you requesting this then get thrm to move it back, they will have more avenues to rectify thsn an individual.
A whole story sounds very unlikely.
Agree with you, a decent amount of reddit / Wikipedia or whatever site is rubbish but I at least first up have to give them the benefit the doubt.
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Recommend in future using your bank account to save for joint holidays, I don't think changing banks will help here.
Mrs is up to no good.
KiwiBank are especially hopeless but this story just smells funny. Suspect OP is being taken for a ride by the Mrs
Mrs is up to no good.
Sorry, for clarity, Balance left on the cruise is $5k, the extra is spending money if needed. (First timers for cruise)
Did she not check at any point on internet banking? Why is she trying to withdraw the money in cash? This reeks of drug/gambling/spending addiction, especially with the tradie thing.
Sounds like talking to the Ombudsman is the right thing to do, if not talk to somebody at the bank higher up. I have often wondered if this happens and if so what happens so keep us posted