Our offset account was NEVER linked

[Kirsti]

I have a couple of these on the go at the moment

One has been an ongoing mess for months. We are talking about 500 k sitting in an offset that magically delinked all by itself: (

no hurry to fix it either : (



Hi Rolf



Offset reconstruction is a lengthy process and would take up to 6 weeks to completed, I have asked our processing team to treat below case as a matter of urgency, it will be actioned in 5 working days, once completed we will send client an interim statement showing the interest adjusted.



Regards

Martin

6 weeks? That's nuts.
I'm the accountant at a credit union. Happy to say we've never not linked an offset account but if interest needs to be recalculated for any reason (missing or unauthorised transactions etc) then I'm the one that has to do it.
Yesterday I recalc'd two years worth of interest on two different accounts. Took an hour, not six weeks (granted, the transaction activity was on the low side).
I can't imagine their staffing is so tight that no one can spare a couple of hours to deal with it, even if it means pushing less urgent work aside for a day or two.

 

[womble66]

Hi,

How can you find out whether your offset account is linked to your morgage

THanks

Ring your bank and ask them to confirm the details of your offset linkages but only after you have consulted you original lon doc's to ensure it was actual specified or requested an offset account and actual account was opened or nominated. Its what I do everytime I use the portabilty function of my loan package. No issues so far.