my ever loyal bank just turned on me.

bast*rds.

ANZ bank - i have been with them for the best part of 10 years.

i have kids accounts, business accounts, personal accounts and my SMSF account with them.

i've been "flagged" apparently as a credit risk by them because - wait for it - i was 3 days overdrawn last month. which 3 days? Friday, Saturday and Sunday.

they have recinded all priveleges, which are not insignificant.

first was my $5000 automatic cheque clearance.
second was my $2000 CC overdraft.
third was my personal $500 overdraft.

the second i was informed of this, i told the guy i was switching banks. before he could wind up to protest - and he was about to, i just hung up. then they called me back saying we could work something out. i said "sorry buddy - you shot first".

so - who can recommend a good bank for business accounts, trust accounts and SMSFs....? personal as well i imagine.

cheers.
 
Hell, I thought ANZ were one of the better ones. Cant recommend NAB unless you get a really good business banker.

Just wondering, if the reason is that you were overdrawn, isn't one of the privileges they give about having that facility anyway? But obviously,if you take them up on that, then you are cut adrift?
 
Friend of mine has a similar experience with ANZ. The bank made an error and charged a $50 fee a s a result. Then they said don't pay it. Then when she went to get a top up loan against home equity a few years later, they said "no way", you're in default.
She even tried to pay the $50 to just make it all go away. But they had closed the account and couldn't accept payment for the fee.
Seems they can be somewhat inflexible.
Not sure the others are any better, though.
Everyone has a horror story about one bank and a good news story about another.
Good luck!
 
Westpac is alright by me. I can't say the same for St George.

However, I have big $ loans cross collateralised with Westpac. On the other hand, they seem sympathetic to get me the loan I want when I was within a few hours of closing of the special offer of 4.99% 3 year fix interest. Then too, top up was not a big hassel to arrange with my resi IPs. They make mistakes but they also make an effort to sort out quick smart.

A culture of being interested in helping get what I want and valuing me as a customer seems to come through with less arguments. :)
 
st george were being very difficult with us - so we moved everything over to westpac, and they have been wonderful ... however, a lot of that is the local branch manager is wonderful so that makes all the difference.

(and - i know - westpac and st have merged!)
 
I keep saying get out there and talk face to face.
Forget this this email, sms phone BS.
Nothing beats eyeball to eyeball

Even though those numbers don't even register, with all do respect,
get of your bum and get down there and talk to them.
Introduce yourself, tell them about yourself, meet the person who makes the decisions, and ask them why.
You can whine on a forum, or go do something about it.
The fact that anyone uses a broker is no excuse for not being known to your bankers.
Otherwise (as you just noticed) your irrelevant and insignificant and will remain that way.
 
Hiya BC

I have 3 rules

Rule 1 Dont place all or the majority of ur business with ONE lender.


Rule 2 You are only EVER as good as your last repayment

Rule 3 Refer to Rules 1 and 2


Credit scoring, dont ya just luv it...........as PB says, a lot of the time, 2/3rds is common sense, just that mostly lenders dunna have much of that anymore

Ta
rolf
 
Days of reciprocal loyalty are gone, if you were a new customer they would love you, they obviously assume if you are with them for 10 years you won’t change?
 
Different banks have different setups. With NAB, we got our own "personal banker" on the other side of Australia, then it got changed to someone local who was superb, then we moved and it got moved to someone who was a bit of an idiot. With CBA/Colonial, it's a bit of a mish mash when you can walk into a CBA branch, they can help you with some account stuff, but you have to speak to Colonial directly about other stuff. There are no winners with banks IMO. :mad:
 
Days of reciprocal loyalty are gone, if you were a new customer they would love you, they obviously assume if you are with them for 10 years you won’t change?

I don't believe this for a second.
I phoned ANZ and asked for $20K to be available to draw on, and the reply was "Yes we can approve 20K unsecured, and it will be effective immediately. It will cost $100 for 30 days + your normal interest rate. Would you like to go ahead with it?"
And yes I've been overdrawn.

Do I have to state the bleeding obvious that this could be your most powerful negotiating tool?
Once they say "I'm sorry we can reverse that fee" they are on the ropes and you can throw in a few more punches before the gong. You can only beat a bank when they're down. But most people choose to walk away.
I've greatly benefited from their mistakes, most of which (like this one) are automatically computer generated and not human action.
 
bast*rds.

ANZ bank - i have been with them for the best part of 10 years.

i have kids accounts, business accounts, personal accounts and my SMSF account with them.

i've been "flagged" apparently as a credit risk by them because - wait for it - i was 3 days overdrawn last month. which 3 days? Friday, Saturday and Sunday.

they have recinded all priveleges, which are not insignificant.

first was my $5000 automatic cheque clearance.
second was my $2000 CC overdraft.
third was my personal $500 overdraft.

the second i was informed of this, i told the guy i was switching banks. before he could wind up to protest - and he was about to, i just hung up. then they called me back saying we could work something out. i said "sorry buddy - you shot first".

so - who can recommend a good bank for business accounts, trust accounts and SMSFs....? personal as well i imagine.

cheers.

Bluecard,

When you say you were overdrawn, were you still within your overdraft limits, or did you exceed these?? Have you missed payments of any other kind for you to be flagged on their system??

Regards Jason.
 
Hiya BC

I have 3 rules

Rule 1 Dont place all or the majority of ur business with ONE lender.


Rule 2 You are only EVER as good as your last repayment

Rule 3 Refer to Rules 1 and 2


Credit scoring, dont ya just luv it...........as PB says, a lot of the time, 2/3rds is common sense, just that mostly lenders dunna have much of that anymore

Ta
rolf


Rule 4. There is no Loyalty past the front desk.


....Blue Card........you know this......:eek:


Apart from knowing this through clients , I have had my own personal experience with Westpac as a Business client for 25 years.:(

Move on and don't let it eat you up. I know it is frustrating.

As to which bank? You will hear good and bad about them all.

Regards JO
 
Once they say "I'm sorry we can reverse that fee" they are on the ropes and you can throw in a few more punches before the gong. You can only beat a bank when they're down. But most people choose to walk away.
I've greatly benefited from their mistakes, most of which (like this one) are automatically computer generated and not human action.

I have to agree with PB on this one. Use this to your advantage - sounds like they already know how stupid it looks so will owe you one. Going off on principal isn't going to increase your wealth one iota. A banker that feels he owes you a favour though...

Go through the complaints line - tell them you have been a loyal customer for a decade blah blah blah and this type of completely unreasonable thing just suddenly blows up in your face and what are they planning on doing about it to make sure it doesn't happen again? I have had excellent results with the complaints line - those guys actually do generally know about customer service. Starting off at first base with another bank is just going to put you in the same position in ten years time - the consensus everywhere is that they are all the same but you know that already...
 
Banker- who has just one? Left hand does not need to know what right hand is doing as long as your representations are not misleading.:)
 
i'm with westpac
they've been first to give me a credit card, when everyone else declined for some reason, even though i had a job and no debt whatsoever (and i was only asking for 500 bucks so i can make purchases on the net)

been with them ever since, only had couple of issues which were quickly resolved.
 
I must admit the relationship thing is very important to me.
Im with CBA but im with them because of my assigned relationship manager.
Ive told him many times if he switches jobs i switch lenders but he seems happy enough.
 
Top