NAB - More Take, Less Give, Rubbish Service

[Aaron_C]

At the end of the day, banks are in the business of lending you money for an interest rate. If you want to be treated like a King, you need to lend other people your own money. That's when people will beg for your business.

 

[Angel13]

I haven't had any personal experience with NAB but a friend of ours just moved all his loans (home, business -a few mil worth) from NAB to CBA. He was very upset with NAB.

I bank with CBA and I have to admit, their service is totally awesome every time.

Angel

 

[sash]

Yep....all good now after being very persistent...rate is now 6.42% on one and 6.51% on the others after the cut!

CBA service when compared to NAB is pretty good. Working on another institution where their service is even better. Given there are very little penalties to move...I am shopping!

Can't wait till rates are down at 5.79% fixed!!

Sash, didn't you previously have a go at CBA for their service issues when they last increased their rates above the RBA?

 

[RedCat]

I am in the process of moving $1.7M in lending from NAB due to service. I don't have 2 hours free right now to detail all the problems I've had in the past 18 months but here's an example of how much I hate them.

3 months ago I needed to get a business loan to buy a piece of equipment. I walked into the local branch to discuss it and was told they couldn't help and I would have to deal with my bank manager. I despise him SO much that instead, I walked across the road to Bank of Melbourne and took out a personal loan with a much higher interest rate just to avoid having to attempt dealing with him.

Even in point form I would need to type for an hour to include every issue. I can not wait to be free of them.

FYI the personal loan was a short term fix in frustration due to urgency. Bank of Melbourne are going to change it to a business loan on a lower percentage shortly,

 

[sash]

Great stuff... I will keep you on the list of brokers not to use.

Just a quick question.....what do you think will happen to a bank if the customers don't seem them as good value??

At the end of the day, banks are in the business of lending you money for an interest rate. If you want to be treated like a King, you need to lend other people your own money. That's when people will beg for your business.

 

[Aaron_C]

Just a quick question.....what do you think will happen to a bank if the customers don't seem them as good value??

Banks' loan books have an average lifespan of 5 years. Any bank that remains uncompetitive will die within a short space of time. That doesn't mean that they have to bend over backwards for every customer - they are a business, after all. While the relationship between a bank and a borrower is symbiotic - in the vast majority of cases the bank is the one with the power.

 

[BernieLarkham]

their SVR is still lower than the other banks regardless.

SVR is irrelevant though, who pays it? I'd prefer a life of loan discount of 1% v 0.7%