Australia is a Banana Republic see.....:)

The clip begins with the words ''once upon a time'' and tells how the price of banana smoothies rose after storms ravaged banana plantations and pushed up the price of bananas.

Trying to pacify the masses with stories of "Once upon a time...." may work on our children.

I wonder what they will come up with for the grown-ups.;):D

Regards JO
 
I received the following email:

Dear Mr .........,

On behalf of Westpac, I'd like to explain our recent rate change.
Westpac recently made the difficult decision to raise its variable home loan rate by 0.45%p.a. This change took effect on 4 December 2009.

As you have your home loan with us, I realise that this has a direct impact on you. I'd therefore like to say that the decision to raise the rate wasn't taken lightly.

Why we increased the rate.
In looking at the amount of the increase, we wanted to be fair to our customers, at the same time ensuring we maintain a sustainable business model, that will see us continue to improve our service and continue to provide home loans to a considerable number of Australians.

Where you can find more information.
For more information and to help you further, we've set up westpac.com.au/interestrate which covers commonly asked questions, gives tips on lessening the impact of rate rises and has a calculator to see the impact on your repayments as a guide.

Who to talk to if you have more questions.
If you have any more questions, please talk to your local Bank Manager in branch, or call us on 1300 368 765. Or please feel free to email me at pdhanlon@westpac.com.au

You have my commitment that if and when funding conditions change we will be just as responsive in reviewing our rates.

Yours sincerely,



Peter Hanlon
Group Executive
Retail and Business Banking.
 
So I replied back:

Dear Westpac,

I'd like to explain our recent bank change. We recently made the difficult decision of transferring our business to another bank.

As you have a home loan and personal banking with us, I realise this has an indirect impact on you. I'd therefore like to say the decision to change financial institution was forcibly made by you. Congratulations Einstein.

Why we changed
We wanted to be fair to our children, as it is nearly Christmas, at the same time ensuring we maintain sustainable business that will continue to see our receipt of service improve, like other Australians.

Where you can find more information
At a call centre in India, because you have obviously now outsourced your financial decision making process to them, along with your customer service!!! Did you get a package deal for bundling more than one service???

Who to talk to if you have more questions
My Accountant, as she is finalising our new accounts so we can close yours you thieving scoundrels.

You have my commitment that I will not be back. Ever.

Yours in ridiculous financial matters,



....My name.....
House Executive
Common Sense Department


Privacy Policy: Please feel free to forward to all your ill informed colleagues and to your shocked shareholders.
 
Classic.....LMAO!!!:D

Dear Westpac,

I'd like to explain our recent bank change. We recently made the difficult decision of transferring our business to another bank.

As you have a home loan and personal banking with us, I realise this has an indirect impact on you. I'd therefore like to say the decision to change financial institution was forcibly made by you. Congratulations Einstein.

Why we changed
We wanted to be fair to our children, as it is nearly Christmas, at the same time ensuring we maintain sustainable business that will continue to see our receipt of service improve, like other Australians.

Where you can find more information
At a call centre in India, because you have obviously now outsourced your financial decision making process to them, along with your customer service!!! Did you get a package deal for bundling more than one service???

Who to talk to if you have more questions
My Accountant, as she is finalising our new accounts so we can close yours you thieving scoundrels.

You have my commitment that I will not be back. Ever.

Yours in ridiculous financial matters,



....My name.....
House Executive
Common Sense Department


Privacy Policy: Please feel free to forward to all your ill informed colleagues and to your shocked shareholders.
 
Hi Rolf

Thanks for the link

I enjoyed that promo.

Westpac do a nice job with their promo material.


It's easy, sitting here in this exclusive Forum of property investors, to make snarky remarks about what the banks and other lenders are doing.

Whether it's Westpac or the Bandywallop Credit Union, they buy or rent money just as we end-users do.

After Cyclone Larry, Bananas were over $7 per kilo - in some stores, well over $7 per kilo.

The rollover fee for wharehousing facilities for one lender I was speaking to last month, has gone from $12,000 each three months to $300,000 each three months.

Fixed Rates up to 15 years are available to the customer but I'll bet that no 15 year fixed rates are available to the lenders right now.


Anyway, I think that 'educational' material such as this is very important and Westpac gets the Elephant Stamp from me for being courageous enough to actually tell it like it is.


Cheers
Kristine

Anyway, it's all about the rabbits!
 
Hi Rolf

Thanks for the link

I enjoyed that promo.

Westpac do a nice job with their promo material.


It's easy, sitting here in this exclusive Forum of property investors, to make snarky remarks about what the banks and other lenders are doing.

Whether it's Westpac or the Bandywallop Credit Union, they buy or rent money just as we end-users do.

After Cyclone Larry, Bananas were over $7 per kilo - in some stores, well over $7 per kilo.

The rollover fee for wharehousing facilities for one lender I was speaking to last month, has gone from $12,000 each three months to $300,000 each three months.

Fixed Rates up to 15 years are available to the customer but I'll bet that no 15 year fixed rates are available to the lenders right now.


Anyway, I think that 'educational' material such as this is very important and Westpac gets the Elephant Stamp from me for being courageous enough to actually tell it like it is.


Cheers
Kristine

Anyway, it's all about the rabbits!


I obviously have a different opinion. I feel able to qualify because I own a Com IP in Innisfail, the town affected by Cyclone Larry. I did NOT put rents up for my tennants because Banana crops were wiped out. Nor do I appreciate Westpac's reference to that situation as it is out of context and not relevant. A cheap shot at best and insulting to our (customers) intelligence.

Westpac is not making a loss, quite the opposite is true, their executives are still reaping huge bonuses for irresponsible and unethical rate hikes like this 45 basis point rise.

So as a Westpac customer and property owner in the actual area of interest (the Banana town) I think I have felt the affects just as much, if not more than Westpac (when placed into context) I still did not rip by tenants off with some low intellect reference to the price of bananas. Westpac executives have obviously been eating too many of them lately.

My 2 cents ;)
 
Dear Westpac,

I'd like to explain our recent bank change. We recently made the difficult decision of transferring our business to another bank.

......

You have my commitment that I will not be back. Ever.
V. funny Indifference :).....

.....however, CBA & ANZ were v. close behind WBC with their increases (0.35 & 0.37%), and NAB will undoubtedly close the gap when it feels the time is right. Which thieving scoundrel will get your business next time ?

I feel CBA & ANZ have received virtually no bad publicity from this, & NAB haven't received much of an accolade.... WBC & NAB are the temporary losers, and next year it'll all be forgotten.

Some may recall approx 1 yr ago Bankers Trust (owned by Westpac) unilaterally told me (& all other customers) they were starting to deduct insurance premiums from my super. I was mad, I emailed & spoke to their people, I swore that I'd move my (piddly amount of) super on principle.... I still haven't got around to it :eek:... I think many will be equally lazy.
 
I got the letter in the mail yesterday. I think a lot of folks will take it as insult to their intelligence. They make business decisions as do we and neither of us have any loyalty to each other, really. Business is business. Fortunately for them it's a real hassle (and expense) for me to change lenders at present.

Love the reply Indifference. :D
Kudos.
 
Hi Kristine

If you have a bo peep at my previous comments about pricing, the whole thing is the strom in the teacup.........I really dont mind what lenders do, its a free market, we can all vote with out feet ( usually).

The Comparison used in this PR idea is indeed NOT a good one in my view because Westpacs income stream does not just come from bananas, like a securitised lender's income does.

On the basis of the logic applied by WBC, the smaller funders ( mainly mortgage loan only funders), with minimal or no other income or revenue streams must raise their rates considerably higher than wbc............and in general, they havent. One can draw their own concusions from such results.

In reality, for brokers, Westpac has done a really good thing, and the more dust the lenders throw out there, the more confusion the disloyalty they foster, the more borrowers will be looking for someone that can see through all that dust.

Westpac's CEO was recently quoted about wanting to have deeper relationships with their customers........................

ta
rolf
 
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