Banks Tell BIG Fibs

[sailor]

I am soooo over banks this week. Started the refinancing process 3 months ago by contacting my MB -- who has worked hard at making this all happen.

Finally Bank A and Bank B said they were ready to settle with Bank C (who's refinancing me). Settlement planned for 30/6/08. Didn't happen. Bank C reported that Bank B were not ready! Bank B's excuse: "which properties were to be released?"

After a few days I took the matter into my own hands, and phoned Bank B to tell them to get organised, release ALL 3 properties, and make settlement happen. Bank B blamed Bank C for not being ready.

On 10/7/08 MB told me settlement would be 11/7/08. Then yesterday morning MB said Bank B wasn't ready and couldn't settle, because they didn't know which properties to release. (Hello! They already had the paperwork and my telephone conversation confirming same.)

So I called Bank B, who were still blaming Bank C for not being ready. I did my nanna, and they gave me a private ph number to call the Discharge Dept of Bank C, which I did.

Bank C Discharges were upset because Bank B shouldn't have given me (the customer) direct access to them. Not to waste the time of the minion on the ph arguing this point, I asked to speak with her boss.

Boss came on the line and quoted dates of emails & phone calls they'd made to Bank B to get a settlement date. She also said that as the properties were all in QLD, she being in NSW couldn't settle them. I told her that was only relevant to new purchase properties, and didn't relate to refinancing. She then agreed, and said my Bank B files had been sent to Brisbane, returned to Sydney, then to Brisbane and were now back in Sydney. I said we had to settle TODAY! She said it wouldn't happen.

So I phoned Bank B again and said Bank C were ready to settle. Bank B said they couldn't settle until next Tues. I said it had to happen TODAY. She went away and came back with "next Monday". I repeated it had to happen TODAY! (Don't these people understand English!) Finally she understood the word I was using, and said they could settle today if Bank C could.

So I phoned Bank C again and got straight back onto the Discharges Boss. And yes, she would have to make arrangements and would let me know. Well she phoned back 15 mins later and said settlement would be within the half hour.

Bank B Discharge Boss phoned 1/2 hour later, stating settlement had occurred. I was pretty happy about that!

Now I'm asking myself...just where is the money...cos it's not in my account!

 

[Rolf Latham]

Hiya Sailor

Weekly occurence at our office Im afraid

Its not that they are telling lies...............they just dont know


ta
rolf

 

[Spectre]

And a few banks (coincidentally) had their commission change to their brokers July 1 as well.
So your broker might not be rapt about it either
And a lot of the banks - now that stamp duty on the mortgage has been removed in queensland - can refinance before notifying the outgoing lender even knows what is going on
So hopefully that will speed up a few things.

 

[Perp]

The lack of professionalism of lenders never ceases to amaze me. How any of them make a profit I have no idea. Imagine if they did things efficiently and competently...

 

[Qlds007]

I am with Rolf weekly or sometimes daily at the moment.

You can book in a date and then be told oh sorry we need 21 days for that to happen.

NAB / Westpac are the worst with the Big C following in line.

Lukes comments are very true and all we can hope is that the removal of SD in Qld will speed the process up.

 

[Dazz]

Sailor, it sounded like there was only one party that really wanted the transaction to take place.....but then, that's always the case to get a deal over the line.

You just need to keep pushing and pushing until you grab them all by the scruff of the neck and drag them over the line, kicking and screaming if need be.

Being nice and pleasant, especially over the phone, rarely gets you anywhere.

That's a perfect example of the type of frustrated action that is commonplace amongst winners, and also an example of the type of barriers that stops the whingers and "it's all too hard" moaners dead in their tracks.

Well done for getting over the hurdle.

 

[Perp]

Sailor, it sounded like there was only one party that really wanted the transaction to take place.....but then, that's always the case to get a deal over the line.

You just need to keep pushing and pushing until you grab them all by the scruff of the neck and drag them over the line, kicking and screaming if need be.

Being nice and pleasant, especially over the phone, rarely gets you anywhere.

Yes, I kept getting postponed and postponed on a re-fi about a year ago. When I was told for about the third time that settlement had been postponed, my broker's assistant told me there was simply "nothing that could be done" to speed things along.

I knew where the lender's loan processing was done, so I showed up around 1pm with a magazine, coffee, and a folding chair (they don't have any visitors' chairs because they don't want visitors), plonked myself in their foyer, and told them that I wasn't leaving until settlement was complete and my cash in the bank. It was done within the hour.

 

[GoAnna!]

Whenever I settle a loan with a bank I am always left with the amazing impression that it's the first time they have ever gone through the process. They forget the most simple of things and there is always that last minute document that needs to be hand delivered to make it all happen.

Couldn't some-one write them a flow chart to follow!??? I am sure that most of us could!

 

[Perp]

Whenever I settle a loan with a bank I am alwasy left with the amazing impression that it's the fist time they have ever gone through the process.

That would be funny Except that it's so true...

 

[D.T.]

I recently sold a property and had to pay penalties to the buyer via the conveyencer as my bank said it takes 21 days to do a discharge. I rang up and helped them with the process... saying you receive cheque from buyer, deposit it into my loan, close the account and forward what's leftover to me. A process that'd take a maximum of 6 minutes if you had a coffee break in the middle.

Upon hearing that they reduced it to 13 days. Still had to pay 8 days worth of penalties.

 

[wishing_well0]

Yes, I kept getting postponed and postponed on a re-fi about a year ago. When I was told for about the third time that settlement had been postponed, my broker's assistant told me there was simply "nothing that could be done" to speed things along.

I knew where the lender's loan processing was done, so I showed up around 1pm with a magazine, coffee, and a folding chair (they don't have any visitors' chairs because they don't want visitors), plonked myself in their foyer, and told them that I wasn't leaving until settlement was complete and my cash in the bank. It was done within the hour.

Just too funny.....I did a similar thing - I called from my mobile in the bank reception area. Even more funny when the loan chappy wouldn't take my call and informed the receptionist that he was unavailable as he was not in the office (Got to love the speaker phone) she tried to relay the same message to me at which point I ended the call and you can only imagine how quickly things were resolved from then

 

[Mamaof3]

been through all that more times than i would like to remember so totally agree with you there Sailor

every now and then you come across 1 really helpful person who makes it all happen....we try and keep that person's contact details so when next time things aren't going smooth, we try and speak directly to that person to see if they can do anything and alot of the times they can

Just slightly off on another topic..........Westpac are notorious for not knowing their own products....we've spoken to possibly 20 different branch lending managers, several hundred brokers and possibly all the staff on the customer service line ...and of all those hundred odd people we talk to, we only managed to find 1 Westpac staff member who knew that something was possible (everyone else said absolutely NOT possible). So everytime we put a deal through Westpac, we have to track this person down and make sure he ensures our file gets directed to the 1 Credit Officer who knows it can be done. Its an absolute nightmare!!!

Point is, when you find someone really helpful...be really nice to them and keep their contact details

 

[sailor]

Mortgage duty changes

And a few banks (coincidentally) had their commission change to their brokers July 1 as well.
So your broker might not be rapt about it either
And a lot of the banks - now that stamp duty on the mortgage has been removed in queensland - can refinance before notifying the outgoing lender even knows what is going on
So hopefully that will speed up a few things.

...mortgage duty will not be payable where:
[FONT=Meta Normal LF,Meta Normal LF][FONT=Meta Normal LF,Meta Normal LF]• the date the mortgage is first signed is on, or after, 1 July 2008; or
• if the mortgage is first signed before 1 July 2008, the date of the advance, or further advance is on, or after, that date; or
• an instrument that first becomes a mortgage or evidences the terms of a mortgage on, or [/FONT][/FONT]after, 1 July 2008.
Ref: http://www.osr.qld.gov.au/forms_publications/duties/info_sheets/mdabolition_june08.pdf

This is indeed good news for me. Signed the mortgage docs in June 08...and still haven't had funds released. So no SD for me.

 

[sailor]

...You just need to keep pushing and pushing until you grab them all by the scruff of the neck and drag them over the line, kicking and screaming if need be.

Being nice and pleasant, especially over the phone, rarely gets you anywhere.

That's a perfect example of the type of frustrated action that is commonplace amongst winners, and also an example of the type of barriers that stops the whingers and "it's all too hard" moaners dead in their tracks.

Well done for getting over the hurdle.

Thanks Dazz...I was beginning to wonder if I was being "the customer from hell", I was soooo insistant that settlement had to happen "TODAY". I was intransigent. I was indeed quite surprised that they actually made it happen. But then, I'm only beginning to test my fledgling wings of power...feels nice! I could get to like this!

...Weekly occurence at our office Im afraid
Its not that they are telling lies...............they just dont know
ta
rolf

Rolf that is atrocious. They mess with everyone's time and plans, without any consideration to the flow-on effects.

I knew where the lender's loan processing was done, so I showed up around 1pm with a magazine, coffee, and a folding chair (they don't have any visitors' chairs because they don't want visitors), plonked myself in their foyer, and told them that I wasn't leaving until settlement was complete and my cash in the bank. It was done within the hour.

Tracey, I couldn't help but smile...I had visions of you in your chair all set up to wait. We have a saying in the Navy, when people don't do as they're told. We tell them to "Make it so" (said in a very very stern voice).

...every now and then you come across 1 really helpful person who makes it all happen....we try and keep that person's contact details so when next time things aren't going smooth, we try and speak directly to that person to see if they can do anything and alot of the times they can.
Point is, when you find someone really helpful...be really nice to them and keep their contact details

Good advice...thank you. I will keep the names and phone numbers for next time.

I spent another hour on the phone to Bank C yesterday morning. Customer Service Officer was incapable of providing service to customer! She said that as it was a Saturday there was no-one who could help me. (So why do they have a 13 xx xx number, when there's no-one who can assist?)

I demanded to speak with someone higher up, so she put me through to a "banker" in Melbourne. (Go figure!) He explained what he could see on his computer screen: "yes, settlement completed", "yes, 3 properties listed with their addresses", "no, nothing to say how much money was involved", "no, no instructions entered by your banker to say what was to happen", and "no there is nothing I can do - you will have to wait until Monday".

I asked him to tell me exactly where the money was. He said he didn't know. How can a bank not know where they've put hundreds of thousands of dollars? Gosh...if I was to lose hundreds of thousands of their dollars they would be furious and taking legal action!

Then I phoned my MB. She was amazed. She said at 3:30 pm on Friday, my banker told her he was transferring the funds into my account, as they were speaking. She was not impressed.

I've decided the universe has sent me this episode as a learning experience. (Taking this stance has calmed me down somewhat.) I've learned:
1. When banks are refinancing, I have to phone them every day to wipe their noses, and make sure they have clear instructions as to how to do their job. And that means all banks involved.
2. Don't talk to the Customer Service Officer on the phone. Ask to speak to their boss, and if not helpful, to their boss...and so on.
3. Get names and phone numbers from each person I speak with, and keep contemporaneous notes of each conversation, including times and dates.
4. Don't take NO for an answer. Be insistent. Be VERY insistent and tell them when and how I want things to happen. Just tell them to "make it so".
5. They won't hang up on me...they're not allowed to. So I can rant and rave all I want.

Yep, it has been a worthwhile learning experience.

 

[LynnH]

sailor

Problems with THE BANK are certainly no laughing matter, but I had to have a bit of a chuckle reading your posts - they reminded me so much of the various run-ins with banks that I have had over the years!!!

Your summary in the above post is absolutely spot on! Yes, you have to keep on their case, you have to speak to someone who is actually capable of making a decision, you have to keep a record of your conversations with them, and you have to TELL them what you want done.

I wasn't aware, however, that they're not allowed to hang up on you. Geez, I would have hung up on me dozens of times over the years!! A good point to keep in mind for future reference.

Good onya for standing your ground!

Cheers
LynnH

P.S. Tracey, I like your style! Must remember the 'fold-up chair, coffee and magazine' approach if ever I need it!

 

[wylie]

My sister-in-law did this once when the bank "lost" money from her passbook account. I think at 53 years old she is probably the youngest person in Australia to still use a passbook .

Anyway, she did the same thing, refused to be fobbed off with "we will let you know when we find your deposit" and refused to leave the branch. They closed the doors and she stayed put until somebody "found" her money.

 

[LynnH]

wylie

My sister still uses a passbook account at age 53, too! I've managed to get her to buy a computer - but am still working on getting the internet banking up and running!

Cheers
LynnH

 

[bernly]

I still have a Passbook! I've had it since I was at school and it was the one account I kept in my name after I married. It's my "Running away from Home" account and my husband says that these days it will probably get me as far as the first bend in the river. I love it as much as tellers hate it.

Hang in there, Sailor. Let us know what transpires on Monday morning.

Cheers

 

[sunshine]

I asked him to tell me exactly where the money was. He said he didn't know. How can a bank not know where they've put hundreds of thousands of dollars?

Then I phoned my MB. She was amazed. She said at 3:30 pm on Friday, my banker told her he was transferring the funds into my account, as they were speaking. She was not impressed.

Ahh the old money in the account trick..... Just had the same painful experience.

In my case the funds were deposited (bank cheque, same bank for cheque AND account deposited to). Next day - nothing in account. Following day shows up in account as being deposited the day before!! THEN has a 3 day clearance. What the!! Of course Bank still charges me 5 days interest on the funds I couldn't use....

I just keep telling myself, if it was easy, everybody would be doing it.. if it was easy....

Hope your funds turn up tomorrow

Sunshine

 

[Spectre]

sailors (and everyone elses) comments of the 'missing money' - for some reason remind me of that simpsons where Chief Wiggam is typing on his invisible typewriter...

it must be the money is there... its just........