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Money laundering at MBIE?

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  • Money laundering at MBIE?

    I am just wondering if anyone else has noticed something strange seems to be happening with our bonds.
    I lodge bonds in bulk. We have to use a cheque because with a trust account we can not pay by credit card.
    I lodged a cheque for some bonds last month. That cheque was presented at the bank on 7 th March but when I got the acknowledgements it showed we had lodged the bond on 21 March. The acknowledgement did not come through until 6 April. Does this means the money was somewhere else for two weeks. Two weeks interest on several million dollars would add up to a bit of money. Where does that interest money go? I wonder if it is going into some government servants pocket. I have absolutely no evidence this is the case but why the difference in dates?
    What do the rest of you think.

  • #2
    Originally posted by Glenn View Post
    I lodge bonds in bulk.
    Slightly on topic Glenn.

    Have you ever had bonds go missing or misplaced as you lodge them in bulk?

    www.3888444.co.nz
    Facebook Page

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    • #3
      Well, Glenn, that could be a sign of something called teeming and lading. (aka as delayed accounting and other expressions.)

      Years ago, a Hastings bailiff got caught doing such a thing. Very embarrassing for the Registrar, it was.

      I looked at the MBIE books a while ago. I dimly recall that there was $27 million in tenants' bonds on deposit. A pretty penny in interest that would earn. My guess would be between 1.3 and 1.5 million. I suspect that's why the MBIE harangue and chase LLs but not tenants. After all, that would be biting the hand that fed them, wouldn't it?

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      • #4
        Perhaps a special unit of landlords should be set up and paid by the govt to monitor MBIE and force them to operate in a businesslike manner.

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        • #5
          We process ours electronically now, no cheques any more. Haven't specifically checked the dates on the confirming letters, but it does mean we have a clear record as to when they receive the funds.

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          • #6
            Originally posted by Nice View Post
            We process ours electronically now, no cheques any more. Haven't specifically checked the dates on the confirming letters, but it does mean we have a clear record as to when they receive the funds.
            How do you do it electronically? I thought you had to use a credit card the same as payments for tribunal applications?
            These days now that we have downed sized we no long send off 20 are so a month. I just noticed and was a bit miffed with last month because we had a tribunal order against one of the bonds. It took close to four weeks to get paid out and that was after chasing it and having to send off a copy of the tribunal order back to them.

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            • #7
              Originally posted by Glenn View Post
              I am just wondering if anyone else has noticed something strange seems to be happening with our bonds.
              I lodge bonds in bulk. We have to use a cheque because with a trust account we can not pay by credit card.
              I lodged a cheque for some bonds last month. That cheque was presented at the bank on 7 th March but when I got the acknowledgements it showed we had lodged the bond on 21 March. The acknowledgement did not come through until 6 April. Does this means the money was somewhere else for two weeks. Two weeks interest on several million dollars would add up to a bit of money. Where does that interest money go? I wonder if it is going into some government servants pocket. I have absolutely no evidence this is the case but why the difference in dates?
              What do the rest of you think.
              Not with the MBIE, however I called out ANZ Bank for doing this to me a few months ago.

              I transferred a medium sized amount of funds onto a credit card, and once the showed as available funds I performed an internal transfer to an ANZ transactional account which should have shown instantly - it did not.

              I called the ANZ and challenged the delay, at which time I was told the transfer of my funds from my account to my other account was "between accounts and would show in the next few days".

              Once questioning if ANZ made a habit of taking customers funds from their accounts, holding them somewhere else at which point the customer did not benefit from interest, and then deposited the funds to another of the customers accounts when they felt it suited them and questioning if this was part of the capital calculated to establish the banks capital ratio during this time, the amount showed within 2 hours in the destination account.

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              • #8
                Hi Glenn
                Here's the link to MBIE lodging Bonds online makes it way easier but sadly the time frame to receiving the Bond Notifaction letter hasn't improved https://www.tenancy.govt.nz/rent-bon...odging-a-bond/
                Last edited by Perry; 08-04-2017, 11:16 PM. Reason: fixed typo
                Kaye
                www.streetsaheadpm.co.nz

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                • #9
                  How do you get away without putting the data in their form on line Kaye?

                  I started doing on line lodgments and stopped almost immediately. They wanted us to do the data entry for them. Buggar that. They've got the staff and I've not got the time.

                  www.3888444.co.nz
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                  • #10
                    Originally posted by Keys View Post
                    How do you get away without putting the data in their form on line Kaye?

                    I started doing on line lodgments and stopped almost immediately. They wanted us to do the data entry for them. Buggar that. They've got the staff and I've not got the time.
                    Same here, though not as many lodged as you Keys! I did one, that's it. Much faster to throw the form and a cheque in an envelope and post. Plus I could not input names with apostrophes. Though they might have fixed that now.

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                    • #11
                      I fill in the data and scan a copy of the Bond form and attach it. I don't have as many tenants as you have.
                      Kaye
                      www.streetsaheadpm.co.nz

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                      • #12
                        Originally posted by Keys View Post
                        I started doing on line lodgments and stopped almost immediately. They wanted us to do the data entry for them.
                        Sounds vaguely like the IRD's on-line forms submission processes.

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                        • #13
                          Originally posted by Kaye View Post
                          Hi Glenn
                          Here's the link to MBIE lodging Bonds online makes it way easier but sadly the time frame to receiving the Bond Notifaction letter hasn't improved https://www.tenancy.govt.nz/rent-bon...odging-a-bond/
                          We have been wondering why we were not using that option? Then remember the Account2Account option is (was) not available on business accounts from ASB. It was available on Classic but not Fastnet ?
                          The bank migrated us off classic to Fastnet because we exceeded it's capacity! Like too many creditors.
                          I must rattle some more chains and see if the bank is now big enough for us!
                          Goodness I do love problems like this.

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                          • #14
                            Originally posted by Glenn View Post
                            We have been wondering why we were not using that option? Then remember the Account2Account option is (was) not available on business accounts from ASB. It was available on Classic but not Fastnet ?
                            The bank migrated us off classic to Fastnet because we exceeded it's capacity! Like too many creditors.
                            I must rattle some more chains and see if the bank is now big enough for us!
                            Goodness I do love problems like this.
                            I have had another look and found the reason.
                            Here is a cut and paste from ASB web site on Account2Account services.

                            Does ASB support POLi or Account2Account?

                            Last Updated: 17 Jan 2017
                            We take the security and protection of our customer’s internet banking experience and information very seriously.
                            Using POLi or Account2Account’s payment system requires users to input their username and password to a third party which breaches ASB FastNet Classic’s Terms and Conditions.
                            We have never endorsed the POLi or Account2Account service, as we are unable to audit their security.
                            The comments from ASB are perhaps also making the same comments as I am about an organization that is full on about us not being professional.
                            Perhaps another reason why professional landlords need to be wary when doing business with MBIE.

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