NAB Thieves

[Julia]

I've never had anything to do with NAB. Have been with ANZ pretty much for ever and never had a single problem. Have used CBA, BOQ, SUN for term deposits and found them perfectly fine too.

I think you have to take responsibility yourself for ensuring a rolled over term deposit is done to your advantage. I always check the rates on the day it matures and advise the bank what I want done accordingly. If I do this over the phone I request immediate email confirmation of rate and term, followed by mailed letter.

Any reason you (or the ex Mrs Burns) can't take these very simple measures?

How have you lost $6000?

 

[jono1887]

Almost every confirmation letter I get from NAB is wrong.

They always have the default interest rate in there not the agreed one and sometimes letters don't arrive at all.

There was no letter of confirmation received for the change to 90 days.

They did send a letter when it initially expired, dunno what happened there but when I saw the term and the rate I put a stop to that immediately.

The ex made notes on that letter, copy at the bank now.
That cost about $6000 if I stole $6000 from them I'd be in jail.

There are thousands of people out there getting the default rate because they aren't able for some reason to look after themselves.

The bank are thieves, simple.

The CBA are pretty good with their letter. My mum has heaps of term deposits, and we get a few letters every month as each of them mature... never missed one to my knowledge..

 

[jono1887]

I've never had anything to do with NAB. Have been with ANZ pretty much for ever and never had a single problem. Have used CBA, BOQ, SUN for term deposits and found them perfectly fine too.

I think you have to take responsibility yourself for ensuring a rolled over term deposit is done to your advantage. I always check the rates on the day it matures and advise the bank what I want done accordingly. If I do this over the phone I request immediate email confirmation of rate and term, followed by mailed letter.

Any reason you (or the ex Mrs Burns) can't take these very simple measures?

How have you lost $6000?

Exactly.. you simply can't put in 500k in a bank TD and expect them to make sure you get the maximum profits. Its all about being prudent about your finances and checking rates from different banks and when they're going to mature..

 

[MrBurns]

Any reason you (or the ex Mrs Burns) can't take these very simple measures?

How have you lost $6000?

NAB don't send email confirmations, you have to wait for a letter which may or may not arrive and may or may not be correct in any case as I've said.

$6000 = 3 months interest on $600,000 for 3 months @ 4.2%, not only didnt we get the rate and term I organised but they paid ZERO interest because we closed the account early.

So they had the money for 3 months for nothing.

 

[MrBurns]

Exactly.. you simply can't put in 500k in a bank TD and expect them to make sure you get the maximum profits. Its all about being prudent about your finances and checking rates from different banks and when they're going to mature..

Geez go back and read what I posted.

I found out about it a month later, rang them and said change it and put it in for 90 days at a decent rate, got 4.2 or thereabouts.

3 months later my ex goes to the bank to see whats happened as she had a note that the TD had expired and was told it was still in for 12 months at 2.4%

 

[drsmith]

The ex Mrs Burns had over $500k in a term deposit with the NAB -
They rolled it over for 12 months at the insulting default rate of 2.4%

I've been considering advertising for a future Mrs Smith along the lines of needing a good woman that can clean, cook and be financially secure. Minimum requirement is financial security so with a $500k term deposit the ex Mrs Burns may do the trick.

Seriously though, why is your former lovely lady fluffing around with term deposits when she can get 4%+ from all the major banks with their online savers ?

 

[MrBurns]

I've been considering advertising for a future Mrs Smith along the lines of needing a good woman that can clean, cook and be financially secure. Minimum requirement is financial security so with a $500k term deposit the ex Mrs Burns may do the trick.

Seriously though, why is your former lovely lady fluffing around with term deposits when she can get 4%+ from all the major banks with their online savers ?

You can get over 4% from TD's as well but you have to be dealing with bank staff that can take a simple instruction but that may be the next move I think, though it's with the CBA now and they seem to be ok.......so far.

 

[So_Cynical]

Cant help but think...500K that doesn't have your full and undivided attention = u have way too much money.

And then u carry on about 6K u missed out on cos u weren't paying attention to the 500K u already had....:headshake

Sorry...had to be said.

 

[MrBurns]

Cant help but think...500K that doesn't have your full and undivided attention = u have way too much money.

And then u carry on about 6K u missed out on cos u weren't paying attention to the 500K u already had....:headshake

Sorry...had to be said.

You shouldn't make statements without reading what I posted in the first place. Sorry .......had to be said

I played plenty of attention it was the bank that didnt follow through or do we agreed.

Just go back and read my posts.

 

[drsmith]

I agree with you MrBurns. The banks are thieves.

Just whinging about it might provide an initial feel-good emotion but beyond that does not achieve anything. As with every other business you purchase from they are not going to give you their best offer up front.

 

[MrBurns]

I agree with you MrBurns. The banks are thieves.

Whinging about it might provide an initial feel good emotion but beyond that does not achieve anything. As with everything else you buy they are not going to give you their best offer up front.

It goes deeper than that, I fixed the problem, brought it back to 90 days at a reasonable rate, the person I was dealing with obviously took another call after mine and just forgot about it.

We didnt find out till months later.

 

[drsmith]

It goes deeper than that, I fixed the problem, brought it back to 90 days at a reasonable rate, the person I was dealing with obviously took another call after mine and just forgot about it.

We didnt find out till months later.

From a negotiating perspective I would have done two things.

Fristly I would have stuck to my guns regarding what was agreed on the 90 day rate. This puts the bank in a position of saying you are a liar if they wish to disagree.

Secondly I would have kept the money with them during negotiations. This may well have avoided the break interest penalty in any agreed outcome. The $500k while it was with NAB was your best negotiating card.

 

[gooner]

As much as I hate to admit it, Macquarie Bank are the only bank I've ever dealt with who send out true and correct statements on their products in a timely manner.

NAB are bad mate.

gg

........................................................................


http://itoastgg.blogspot.com/

GG, you have obviously changed your mind about MQG - I seem to recall you believed they were about to go bust?

 

[Julia]

You shouldn't make statements without reading what I posted in the first place. Sorry .......had to be said

I played plenty of attention it was the bank that didnt follow through or do we agreed.

Just go back and read my posts.

You arranged the improved term deposit via phone for 90 days.
Wouldn't you have expected a confirming letter within a couple of days after doing this, even if the NAB don't do email confirmation first?
When that didn't arrive, didn't any alarm bells go off, prompting you to phone and say "where is my confirmation letter of phone call such and such a date?"
And be able to quote the day, time and person to whom you spoke when making the new arrangement.


If I were investing $500K, I wouldn't be taking such a casual attitude.
The best businesses can stuff up, and it's then up to the customer to follow up.

And for that matter, I wouldn't be investing $500K in a lump sum, but would do it in no more than 5 x $100K, so that if you need some of it unexpectedly, you are not being penalised for breaking the whole deposit.

And agree that presently there are many online a/c's for more than 4%.
I just rolled several matured TD's into an online a/c at 4.25%.

 

[Glen48]

Nun The Wiser
Congrats you do cover a big Parish no doubt pump priming.
Do you also Bank with the Vatican?

 

[nunthewiser]

Nun The Wiser
Congrats you do cover a big Parish no doubt pump priming.
Do you also Bank with the Vatican?

if i understood the meaning to this i would give a reply

 

[nunthewiser]

Nun The Wiser
Congrats you do cover a big Parish no doubt pump priming.

anybody else care to explain what this may mean ?

 

[Wysiwyg]

anybody else care to explain what this may mean ?

Too many ciggers.

 

[Tink]

You can get over 4% from TD's as well but you have to be dealing with bank staff that can take a simple instruction but that may be the next move I think, though it's with the CBA now and they seem to be ok.......so far.

Well good to hear you moved it..

If they cant take a simple instruction, I would have been angry too

I dont think its up to us to be running after the banks..

Once said should be enough..

 

[Nyden]

MrBurns, out of curiosity - can I ask why the TD? I'm still baffled as to why people are locking in rates now, when the general consensus is that rates are headed up, not down?

I understand the concept of hedging ones bets, but there are at-call rates of 5%, with interest paid monthly. So, again - why lock yourself in with smaller rates, and possibly lesser frequency between payments?