CBA's Transactional Offset

Blacky said:
I havent heard about the waiving of the $95 fee for those on the wealth package... Will have to ask my mgr.


Blacky
Click to expand...


That's what I believed too. Bank Manger emailed me saying no fee. Still not believing it I asked another on the phone when querying another matter.
 
CHAOS said:
That's what I believed too. Bank Manger emailed me saying no fee. Still not believing it I asked another on the phone when querying another matter.
Click to expand...

I asked about her waiving the fee. She said no can-do. :(
Im not going to make a fuss over it - its a once off fee, and no ongoing costs. So Im happy enough.

Blacky
 
zubs said:
So is the fee ($95) payable even if you are on the Wealth Package thing?
Click to expand...

This is direct from CBA

The launch date is still the 8th of October 2013 and all Mortgage Advantage Package clients will receive the offset feature as part of the package moving forward.

Also a strict grace period will also apply, where this offer will be extended to:
? Customers who commence an application on or from Thursday 1 August 2013, with new borrowings of $150,000 or more are eligible for the $95 ?Everyday Offset Fee? waiver, providing the loan funds and an Everyday Offset is opened within 4 months from this application creation date
? Customers who have applied for a Home Seeker prior to Thursday 1st August which converts to a new home loan providing an account number is created between Thursday 1 August 2013 and Tuesday 31 December 2013.

Please note existing clients with new borrowing of $150,000 or more are eligible for the $95 ?Everyday Offset Fee? waiver

Otherwise existing clients can pay an initial non-refundable fee of $95.00; and a $10 monthly offset fee, regardless of the number of Complete Access accounts with the Everyday Offset feature linked to your eligible loan.

? These above fees apply under your Home Loan contract when we link your Complete Access account with the Everyday Offset feature to your eligible home loan.

Note: the $10 monthly offset fee does not apply if you have Mortgage Advantage Package holder
 
Rang up today - and was told that it's been delayed until the end of October - seriously???? Must be a mistake.. I guess better I call back on a Tuesday.. or go into a branch..

anyone else?
 
Rang back and spoke to someone who seemed to know more.

Says that I can visit a branch from TOMROROW (Ie sunday 6th) to have it enabled, OR I can call the call centre on Friday the 11th. Apparently they received an email this morning advising of the 'few day' delay.

I'll just visit a branch on Tuesday I think and see how I go.
 
Yep. Mines been up and running for a couple of weeks now. My card has arrived and all.

But I was on an 'advanced' trial :)

Blacky
 
OK so today i'm told that only the WESTERN states (NT/SA/WA) have the new features. Eastern states won't get it until a 'code drop' this weekend.
so another week of waiting.
 
Nope.

Called them again today asking for it to be set on my MAV. They said they're experiencing issues with their roll-out in the system as it doesn't work the way it supposed to, so their IT is working on it but cannot give an exact date on when it will be rolled out. Just "hopefully, by the end of this year".

Or probably my loan is too little for them and they don't want to bother :rolleyes:
 
I rang this morning and was told can be setup in branch currently but not over phone. I've emailed my branch manager to see if they know how to set it up.

I was also told that "one offset account can be linked to multiple home loans and that CBA were the only bank that offered this." I suspect the staff training needs a bit more work.

Jason
 
jrc77 - pls post back and let us know how you go - especially seeing you are in Sydney.

Someone at the my branch, as well as the call centre, both tell me I need to wait till Saturday (ie more likely Monday 14th).
 
zubs said:
jrc77 - pls post back and let us know how you go - especially seeing you are in Sydney.

Someone at the my branch, as well as the call centre, both tell me I need to wait till Saturday (ie more likely Monday 14th).
Click to expand...

My branch manager says they can do it - probably won't be able to go in until Thursday though to find out.

Regards,

Jason
 
This is more from a broker's perspective - If your using a broker, your broker as of Yesterday can apply for the switch for existing client using the updated CBA switch form.

I have already sent in a handful of request; it's a 48hrs turn around ( apparently) :p

--------------

Yes you can link multiple offset under one mortgage ( At no cost under the MAV)

Ie Mr A and Mrs B buys a property and they wish too have 3 accounts ( ALL LINKED TO THE MORTGAGE OFFSET)

Offset account Mr A
Offset account Mr B
Offset account Mr A and B

^ this is great for couples who wants to have seperate account and joint accounts....also useful for JV purchases.

-------

The CBA offset was available as of yesterday ( WA/NT and SA had access a few weeks ago) but i guess they are asking each branch too slowly roll this out ( for existing customers) as you can imagine the number of request ;)
 
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