One of our most common support requests is, “When will my deposit arrive?” While we have no control over the Australian banking system (specifically the direct entry payment system), we do have the ability to improve our deposit approval process.
You may have already noticed that depositing in CoinJar Filler is now a much quicker process. We have been trying to fully automate deposit approvals, so that at least some of our customers (CBA NetBank and cash deposits) have access to near-instant deposits.
The record time from deposit notification’s creation to its approval is just 40 seconds! One of our customers remarked he received his SMS confirmation before even leaving the bank branch. So how did we achieve this?
We have a system which continuously checks our bank in real-time to monitor all transactions happening in our account. This means that any transactions that are reported to us are processed immediately. Of course, as machines lack the creativity of humans, any transfers without an exactly correct reference will be marked for manual review.
Since NetBank transfers and cash deposits are almost immediate, we are able to process and approve deposits from Commonwealth Bank within 5 minutes in most cases. If you are transferring from another bank, it will still take about 1 business day for the transfer to clear. Many interbank transfers arrive between 7pm to 10pm on the day of transfer.
While we have been working really hard to reduce deposit times, there are still no service guarantees that we can provide. From time to time there may be service interruptions with the bank’s system (more likely) or our own system (less likely) and the transfers may be delayed. Also if the reference is not exactly correct (e.g. extra spaces or characters, wrong spelling, etc) the deposits can be delayed by one business day.
In any case, we strive to provide an efficient facility for you to buy and sell bitcoin at any time you choose with the balance already cleared in your CoinJar Filler account.