Where does all the money Go ?

[Fares_Fair]

Some Financial Questions on the Go Card system.

I ask this regarding the Go card and it's significant financial storage system, whereby money is kept on the card account/s.

1. How much money does it maintain and to whom or where does the interest go ?

2. If this is the customers money, and it is until used, then shouldn't the interest, by law, go to the customer who owns the account ?

3. Is this kept in a central location, e.g. 1 big account divided between the many registered users ?

4. Is it controlled by a bank, e.g. the Reserve bank or a commercial one ? Is so who ?

5. Are unregistered cards stored in the same account or separately ?

6. What are the rules for control of these accounts ?

These are legitimate questions, and I am curious as to how the system actually works.

Regards,
Fares_Fair.

[HappyTrainGuy]

Don't take my word on it but to my knowledge its almost exactly the same as when translink first formed.

Any intrest doesn't go directly to the end user paying for their bus/train/ferry ride as they have paid Translink to provide a service for them. Translink is not a bank, they provide a service and thus by law they don't have to pay the end user their share of the intrest earnt (Basically GoCards are just rechargable gift cards if that makes more sense).

Profits and intrest would go back to Translink/Queensland Government. It doesn't matter if your card is registered or unregistered. The database goes by credit assigned to your GoCard number. Lose your card, lost all your stored money. Lost your registered card, transfer your account to a new card (Minus the card fee).

Its the same as any other service business except its run by the Queensland Government.