Bank linked wrong accounts to my net bank facility - where do I stand?

[wylie]

We have a new loan number for a loan we've had for a while. Brother went to the bank today to ensure it is added to our net banking. He explained it was to be added to his and to mine. They looked up my details (I was not there to provide them).

He explained we ran the account together, and I was his sister. They said is that "sally bloggs" (his wife). He said "No, that is my wife. This loan is to be added to the net banking account my sister "susie smith". He said this new loan account was NOT to be added to his wife's net banking account.

Tonight I log on and the old loan facility has disappeared (as expected) but instead of the new one, I have my brother's housing loan on my net banking account.

He also has had his personal housing loan (in his name and his wife's name) added to the his non-personal net banking account. He has a private net banking account with his private accounts, and the one we both operate, and can both access separately, which has nothing to do with his personal banking.

His wife has her own net banking account and we don't know what she has access to, but it could likely be that she now has access to a bank loan with a LOT of money available for redraw, to which she has no claim.

So, the bank has totally stuffed up. I guess we wait until Monday to try to get it sorted.

My questions are -

1. If his wife decides to dabble a little and transfer some money from the loan account to which she is not a party, would the bank have to cover that loss to us?

2. If I decided to dabble a little and transfer some funds from my brother's housing loan, would the bank have to cover that loss to him?

I'm simply gobsmacked at how they could have got this so wrong, when it was clearly explained to them.

Just amazing... :roll eyes:.

 

[geoffw]

Two thoughts.

1. Is there a weekend emergency line you could contact? Perhaps after 8am?

2. If not, could you cut access to the online account by entering the wrong password a few times- just to ensure brother's wife can't get in either?

 

[impala67]

I'm simply gobsmacked at how they could have got this so wrong, when it was clearly explained to them.

Just amazing... :roll eyes:.

Seriously annoying - I had a new loan application incorrectly filled in and witnessed earlier this week by a loans manager at a city branch. New mortgage docs had to be redone.

 

[Colin Rice]

I'm simply gobsmacked at how they could have got this so wrong, when it was clearly explained to them.

Just amazing... :roll eyes:.

I tell my clients to call me whilst they are in the bank if the bank emplyee contradicts (aka undermines) my instructions to avoid loan contamination for example.

Had a CBA employee tell my client that her linked offset will have no benifit as the loan is interest only

Also had an ANZ employee tell my client it didn't matter if the disbursed funds for an IP loan stays in her personal offset/transaction account and her broker was wrong in telling her to transfer it back into the loan available as redraw. I explained to her why I wanted it done and she said "that's very strange and she had never heard of contamination of funds"

Happens on a regular basis. I dont mind it keeps me in business.

 

[wylie]

Two thoughts.

1. Is there a weekend emergency line you could contact? Perhaps after 8am?

That is what I plan on doing. Thanks Geoff. Trouble is we have no confidence they will get it right either. But it is worth the call.

2. If not, could you cut access to the online account by entering the wrong password a few times- just to ensure brother's wife can't get in either?

Neither of us has the new loan bsb or account number showing on our net bank accounts. But I now have my brother's housing loan available for me to do what I like with.

We don't know what his wife can see as she has her own account, but seeing the bank thought she was his sister, even though he made it very clear she was not to have access to the "new" loan, they've stuffed the other part of this up, so goodness knows what is visible to her, or available to her.

And we cannot cut access to that loan account by entering the wrong password because it is not even on our net bank accounts. It "could" be on his wife's account (but that is her private business) and I guess it could be on anybody else's account too???

Someone might think they've won the lottery this morning with a new loan showing on their net banking account. Someone might think they'll buy a new car this morning with the money sitting there. With luck this new account has not been added to anybody else's internet access, but half of this has been stuffed up, and I have no confidence about what has happened to the other account. It is not attached to our net access, so fingers crossed it just is not yet active. On the other hand...

I guess my main concern is that wherever our loan facility has been attached, if it is accessed by someone other than the two people who legally are able to access it (me and my brother) does the bank have to cover any losses we incur due to their error?

Seriously, I've said it before, and I say it again... my poodle could have done a better job.

Edit - Just called and his wife has lost the housing loan from her net bank account, but the trust loan that she has no link to, at least is not showing on her net bank account. My brother has the trust loan added to his private net bank account, but he has lost the housing loan from the private account.

Their housing loan has been attached to both his and my net bank account. That is all well and good because I'm not about to raid his housing loan, but what if...?

This is just completely incompetent.

After hearing this, I'm going to wait and we will go to a branch on Monday. If I try to "fix" this over the phone, goodness knows what else they will stuff up. At least face to face in a branch we might be able to see and confirm they've linked the right things to the right places.

 

[Terry_w]

I would think you would have a strong case if the wife stole some money. The bank woul be liable for the loss - but they would then chase the wife for the money. Criminal offences too.

 

[Anh]

Hi Wylie,

Not sure which bank you are with but i am with CBA and they can be contacted 24/7. In the past the branch staff stuffed up my account setup ( linking the wrong offset to the wrong loan, paid to the wrong account amongst my loans) and i called up and they fixed it for me ( i had to provide phone password and other identification over the phone).

So you might want to call your bank ASAP even on the weekend.

I believe they would have to reverse any unauthorised transitions.

Ta

Anne

 

[handyandy]

Is there no trust in your extended family?

By the way I saw a car with the number plate 'Wylie' the other day and instantly thought of you. Was going to take pic but we didn't stop before they turned off.

 

[Redwood]

Is there no trust in your extended family?

By the way I saw a car with the number plate 'Wylie' the other day and instantly thought of you. Was going to take pic but we didn't stop before they turned off.

And of course you would not take a picture while you are driving.....

 

[Paul@PFI]

This is a serious breach of privacy and banking laws. You should make a complaint to FOS and the Bank's own privacy officer. There are serious penalties that can be applied. At a minimum all affected account numbers need to be re-changed.

 

[wylie]

Is there no trust in your extended family?

That is not the point.

This is a serious breach of privacy and banking laws. You should make a complaint to FOS and the Bank's own privacy officer. There are serious penalties that can be applied. At a minimum all affected account numbers need to be re-changed.

This is the point. How do I know what was added to whose net banking account and who could be busy transferring our funds.

I was going to call the bank Saturday but we had a much bigger issue come up over the weekend. That is now resolved (and I have 27,000 more grey hairs than I did Saturday morning). Now I will make my displeasure known at the bank.

My brother phoned them, and they apologised and will correct it. They took the wrong loan account. This could have been a big problem and I have no faith in the bank anyway. We've finally had another issue resolved that took six months to fix.

Do we move our business to another bank? Is any other bank any better? No need to answer that .

 

[wylie]

This is a serious breach of privacy and banking laws. You should make a complaint to FOS and the Bank's own privacy officer. There are serious penalties that can be applied. At a minimum all affected account numbers need to be re-changed.

Thanks Paul. Do you suggest we write a complaint letter to the Bank's privacy officer and send a copy to the FOS? Would that put into jeopard our line of credit? I don't want to find the next thing we get is a letter calling in the loan because we've upset the applecart.

I'm sick and tired of banks stuffing us about. It's not like they don't make enough profits to ensure their staff have a clue about how to do things.

If this account had been attached to someone other than me, my brother's housing loan could have been cleared out over the weekend. If they accidentally attached our line of credit to some random customer's net access, we could have suffered a much bigger loss. I guess the bank would have to reimburse it, but this is just so bad it beggars belief.

 

[perthguy]

My brother phoned them, and they apologised and will correct it. They took the wrong loan account. This could have been a big problem and I have no faith in the bank anyway.

Was the set-up done based on verbal advice or did you have to fill out forms and sign them? When I refinanced all my loans with another bank, I had to do all the setup and linking using the bank's forms. Because it was all in writing, they managed to set everything up correctly.

Do we move our business to another bank? Is any other bank any better? No need to answer that .

I spent a year trying to get an account linked to my business partner's log-in for another bank. This was despite correctly filling out the bank's form for processing.

 

[Meagf]

Hi Wylie

Westpac recently stuffed up my refinance loan. Charged me stamp duty when they shouldn't have and didn't link my loan to the offset account. Anyway they rectified the issue eventually. I however have called the bank's retention team, expressed my dissatisfaction and threatened to walk.....result....they have given me a reduction on already low interest rates on more than one loan product.

You can only ask? Perhaps you will get more value from a lower interest rate than a complaint letter?

Banks...grrr....