Given a couple of posts about problems with finance, which institution has provided you with the worst service. Multiple responses okay.
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Your worst banking experience
- Thread starter twobobsworth
- Start date
I rang Citibank (a number of years ago now) to run by a scenario we were looking at regarding purchasing an IP. We didn't go ahead. A few months later I called with another "what if". Each time we were looking at selling something and buying something else and needed to know whether Citibank would look at financing us.
The woman I spoke to the second time actually said to me "Just how many scenarios do you want to run by me?" or something equally pithy. Her message was quite clear that I was wasting her time with my "what if" phone calls. How can you work out whether you can afford to buy an IP if you don't ask the bank?
Anyway, next time we wanted to buy something, we went to a broker because I didn't want to have to deal with Citibank again and feel like I was wasting her time. This broker put us into a different bank and I got a call from a man at Citibank trying to keep our business
They didn't want to deal with us when they had us, but tried to keep us when we got fed up with their treatment.
That phone call empowered me and was the first time I felt like the banks valued our custom (even though it is only because of the huge interest we pay them). For the first time, I felt like I was important and they wanted our business, but way too late for Citibank. They had made me feel insignificant too many times.
Wylie
The woman I spoke to the second time actually said to me "Just how many scenarios do you want to run by me?" or something equally pithy. Her message was quite clear that I was wasting her time with my "what if" phone calls. How can you work out whether you can afford to buy an IP if you don't ask the bank?
Anyway, next time we wanted to buy something, we went to a broker because I didn't want to have to deal with Citibank again and feel like I was wasting her time. This broker put us into a different bank and I got a call from a man at Citibank trying to keep our business
They didn't want to deal with us when they had us, but tried to keep us when we got fed up with their treatment.
That phone call empowered me and was the first time I felt like the banks valued our custom (even though it is only because of the huge interest we pay them). For the first time, I felt like I was important and they wanted our business, but way too late for Citibank. They had made me feel insignificant too many times.
Wylie
I don't think we've actually had a real "bad" experience. A few minor details (like the bank consultant forgetting to send some forms for interest prepayment out to us!! ) and repeated requests for the same forms, but overall nothing too traumatic.... (well, maybe it was so traumatic I have blocked it from my memory?)
Cheers,
The Y-man
p.s.
Currently using:
Westpac
Bendigo
St George
Commonwealth
Citibank
Macquarie
and some small securitised lenders
) and repeated requests for the same forms, but overall nothing too traumatic.... (well, maybe it was so traumatic I have blocked it from my memory?)Cheers,
The Y-man
p.s.
Currently using:
Westpac
Bendigo
St George
Commonwealth
Citibank
Macquarie
and some small securitised lenders
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Our bank and it's solicitors just paid $400k for a $330k house we settled Tue.
Now my LOC is $0 and there is a $70k cheque floating around in the wind somewhere (slowly making it's way to our door via the post) which I need to access next week.
Here I thought we'd finally settle and now it's clean up time. Extra interest needs to be calculated and recovered, etc etc. Sigh.
The up side is IT's Friday!
Now my LOC is $0 and there is a $70k cheque floating around in the wind somewhere (slowly making it's way to our door via the post) which I need to access next week.
Here I thought we'd finally settle and now it's clean up time. Extra interest needs to be calculated and recovered, etc etc. Sigh.
The up side is IT's Friday!
Hi 2Bob,
I was refused a loan by ANZ twice when they already had preaproved my loans.
The 2nd time they even wanted me to pay LMI for a deal where I had put down a 20% deposit.
I told them where to go, I closed up all my ANZ accounts and handed back my ccards.
Their refusals costed me time and money.
I have since told my experience to hundreds of people.
I bet they lost a lot of customers as a result.....
Cheers
I was refused a loan by ANZ twice when they already had preaproved my loans.
The 2nd time they even wanted me to pay LMI for a deal where I had put down a 20% deposit.
I told them where to go, I closed up all my ANZ accounts and handed back my ccards.
Their refusals costed me time and money.
I have since told my experience to hundreds of people.
I bet they lost a lot of customers as a result.....
Cheers
i was thinking the same think Daz. My guess would be that CBA has the biggest share of the morgage market. We should try a poll "which bank do you use?"
An additional poll option is needed for "Other". My worst banking experience is with ING.
I refinanced and the refinanced amount was substantially more than the amount owing on the previous loan. I had given them instructions regarding the additional funds but upon settlement, they put the extra funds into "cyberspace". Took me a couple of weeks and lots of stress to get the money back. I never found out what happened.
I refinanced and the refinanced amount was substantially more than the amount owing on the previous loan. I had given them instructions regarding the additional funds but upon settlement, they put the extra funds into "cyberspace". Took me a couple of weeks and lots of stress to get the money back. I never found out what happened.
I think the biggest problem the banks have, is high staff turnover.
They lose their best personnel and they are left with inexperienced ones
who give people a hard time.
A few days ago a friend of mine who has a Westpac rocket loan
he called up Westpac asking to revalue his IP and refinance to access his equity.
This is such a simple thing but he spent an hour on the phone talking to bank staff and got nowhere.
They offered him an equity loan which is not what he wanted,
someone else told him to find an IP first and then come back so that they can crosscol both his IP's.
In the end he lost interest and hang up, he will go through a mortgage broker instead.
Cheers
They lose their best personnel and they are left with inexperienced ones
who give people a hard time.
A few days ago a friend of mine who has a Westpac rocket loan
he called up Westpac asking to revalue his IP and refinance to access his equity.
This is such a simple thing but he spent an hour on the phone talking to bank staff and got nowhere.
They offered him an equity loan which is not what he wanted,
someone else told him to find an IP first and then come back so that they can crosscol both his IP's.
In the end he lost interest and hang up, he will go through a mortgage broker instead.
Cheers
My worst experience with Wespac. The offered rocket repayments, and 'forgot' to link accounts to make offset working. The result is about $1700 are taken as an interest. I called them 3-4 times, they promised to fix it. Now it's the third week, and nothing is fixed.
The funny thing - this is the second time they do it!
FIrst time they processed the deposit by one day later when it was deposited. It took 4 calls (20 minutes each) to get my money back. Another trick was with a lifeline insurance, when they promised first month free over the phone, but in papers did not. and again they took money first, then went for 2 months to return them.
I wonder, if I miss my payments, the bank fines me at least $50. Can I demand from the bank similar sort of compensation, in case they are makeing mistake?
BTW I seriously think of changing the bank, and move my loan to more 'honest and responsible' institute. and I don't want to pay exit fees. Is is possible?
The funny thing - this is the second time they do it!
FIrst time they processed the deposit by one day later when it was deposited. It took 4 calls (20 minutes each) to get my money back. Another trick was with a lifeline insurance, when they promised first month free over the phone, but in papers did not. and again they took money first, then went for 2 months to return them.
I wonder, if I miss my payments, the bank fines me at least $50. Can I demand from the bank similar sort of compensation, in case they are makeing mistake?
BTW I seriously think of changing the bank, and move my loan to more 'honest and responsible' institute. and I don't want to pay exit fees. Is is possible?
suncorp for me probably.
i had my day to day banking with them, and when it came time to buy my ppor i got a home loan from them. one day i go to pick up my car from the mechanic, try to pay by eftpos and it got denied. what? whip out the cc and pay with that (slightly embarrased), go to the atm to get out some cash and check my balances. denied.
turns out they'd created the loan account, but frozen all my accounts till settlement. great it was just an everyday atm account in no way associated with my loan account except they were at the same bank, didn't get any warning about it either.
on settlement day i don't know exactly what happened but it seemed everyone turned up except the suncorp rep with the cheque. it was my first purchase so pretty stressful, but it did eventually get sorted out.
i rang them up later on to refinance, never got a call back.
then for the refinance cba/colonial seemed to lose my loan app ... haha
i have to say, dealing with banks and real estate agents is a pain in the ***. especially because im somewhat young (27), 90% assume im just some idiot who cant afford anything and has no idea what he's doing (though the latter may be the case ) so they just ignore me. getting info from someone who is nominally trying to sell me something can be like pulling teeth, serious attitude.
I arranged to buy some shares the other day (admittedly through my employer which may have smoothed the path), filled out 8-10 pages of forms, sent it off, got finance approval and a call from a rep ready to buy the next day. no agents, no tennants, no banks, it was a lot easier. investment banks may be mercenary, but at least they can get things done.
i had my day to day banking with them, and when it came time to buy my ppor i got a home loan from them. one day i go to pick up my car from the mechanic, try to pay by eftpos and it got denied. what? whip out the cc and pay with that (slightly embarrased), go to the atm to get out some cash and check my balances. denied.
turns out they'd created the loan account, but frozen all my accounts till settlement. great
it was just an everyday atm account in no way associated with my loan account except they were at the same bank, didn't get any warning about it either.on settlement day i don't know exactly what happened but it seemed everyone turned up except the suncorp rep with the cheque. it was my first purchase so pretty stressful, but it did eventually get sorted out.
i rang them up later on to refinance, never got a call back.
then for the refinance cba/colonial seemed to lose my loan app ... haha
i have to say, dealing with banks and real estate agents is a pain in the ***. especially because im somewhat young (27), 90% assume im just some idiot who cant afford anything and has no idea what he's doing (though the latter may be the case
) so they just ignore me. getting info from someone who is nominally trying to sell me something can be like pulling teeth, serious attitude.I arranged to buy some shares the other day (admittedly through my employer which may have smoothed the path), filled out 8-10 pages of forms, sent it off, got finance approval and a call from a rep ready to buy the next day. no agents, no tennants, no banks, it was a lot easier. investment banks may be mercenary, but at least they can get things done.
Pretty insignificant really, but annoying just the same.
I was just fined $35 for being 2 days late with a Visa payment of $21.
Bankwest fees and charges Bah!.
I was just fined $35 for being 2 days late with a Visa payment of $21.
Bankwest fees and charges Bah!.
Not just Bankwest- they're all like that.Pretty insignificant really, but annoying just the same.
I was just fined $35 for being 2 days late with a Visa payment of $21.
Bankwest fees and charges Bah!.
You can even pay on the due date- after 5PM- and you will be fined.
Or, in one case, the due date was a holiday Monday in my state- so the Monday payment was not credited until Tuesday, and I was charged.
I have a real problem with STG bank returning my emails. I had a meeting last Tues 5th June with my "personal banker" who is desperate for me to change some of my loans back to them. I complained that on 30th May, I'd emailed the "other person" (who is supposed to handle all my account queries), with 3 queries, and hadn't replied, even after a follow-up phone call. And here we are on 10th June, and still no reply.
Just how hard is it for them to tell me why they debited my LOC for $3.5K? And why did they credited it for $950, because "refund" is not sufficient? I hate "misc" debits and credits with a passion. It makes it nigh on impossible for Quickbooks to interpret...poor little accounting system just can't cope!
Just how hard is it for them to tell me why they debited my LOC for $3.5K? And why did they credited it for $950, because "refund" is not sufficient? I hate "misc" debits and credits with a passion.
It makes it nigh on impossible for Quickbooks to interpret...poor little accounting system just can't cope!I think that is something I have found across the board - most banks don't seem to have discovered emails yet - well at least their front line cutomer contact people haven't.
Cheers,
The Y-man
That's sad. I think I just lost my CBA's margin loan account manager - my emails to him bounced back
Cheers,
The Y-man
That's sad. I think I just lost my CBA's margin loan account manager - my emails to him bounced back
Cheers,
The Y-man
He probably had enough and moved on...
cheers
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