NAB Thieves

[MrBurns]

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..

I did. They have copies of notes made at the time.

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.

I have more than double that with them in 2 other accounts, that will go, but leaving it there for the moment.

I closed the first TD because the idiot there tried to stop me by telling me we'd get nothing if we closed it. They had it locked in for 12 months at 2.4%which is worse than nothing, I was so insensed by this attitude that I immediatley closed it.

 

[MrBurns]

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.

At all times in the past what I did was god enough, the letters regularly arrive from the National with wrong information or dont arrive at all and in any case this would have gone to my ex and she didnt tell me it didnt arrive for the same reason, they sometimes dont and she wasnt alarmed

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.

It wasnt casual it was how I worked with the NAB, I could always draw some down if need need be and only paid penalty on the amount drawn down early, no problem with that.

 

[MrBurns]

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?

Why not a TD ? I only locked it in for 3 months at a time always allowing for possible rate increases.

The rates were always about right so I didnt nit pick.

 

[Grandpop]

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?

Nyden,

I see Bankwest are offering 4.5% at call, but I can't find any 5% deals ...

Mike


Edit: Oops, sorry, just found Ubank offering 5.11%

 

[Julia]

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..

Well, perhaps it should. And Mr Burns says his instructions have been largely adhered to in the past.

But if some clerk has stuffed up, are you going to stand on the principle of "it's not up to us to be running after the banks" to the extent that if a letter of confirmation doesn't arrive, you don't chase it up?

 

[tech/a]

I wouldnt bank with NAB if they were the last bank on the planet.
They will happily give it out but if you get in the Poo dont expect this bank to give you a hand.

 

[Tink]

Well, perhaps it should. And Mr Burns says his instructions have been largely adhered to in the past.

But if some clerk has stuffed up, are you going to stand on the principle of "it's not up to us to be running after the banks" to the extent that if a letter of confirmation doesn't arrive, you don't chase it up?

For one, I wouldnt have gone to a clerk, I would have spoken directly to the manager and told them what I wanted.

If the manager stuffed up, you bet they would hear about it.

But going by what Mr Burns has said, that they have taken notes regarding his conversation, I do think he will be paid.

I have never had a problem with banks. My brother was with NAB because of his job at the time, but quickly jumped out.. problems plus with them..

 

[Quincy]

I agree with you MrBurns. The banks are thieves.

The above comment reminded me of a site that I came across a while ago : - http://www.banksarethieves.org/

 

[awg]

For something that important you didn`t get the name of the person you spoke to about making the change. I take note of the individuals name dealing with businesses because I can reference them if an agreement isn`t executed as per conversation. No matter how small.
You want to hope they record conversations.

I usually do the same, but this does not totally ensure the desired outcome.

After several recent situations where I have had to waste my time arguing the point, I am on the verge of implementing a new idea.

That is recording every relevant phone conversation that I have.

Just have to work out the technical issues, so any advice is welcome

shouldnt be too hard with todays technology.

I realise I have to tell them I am recording the conversation.

This has come about, as I have noticed a disturbing trend that persons over the phone will say anything at all.

I know it is an easy method to adopt, especially by call centre staff, whose calls are usually timed, so the quicker for them, the better.

Will make them more careful to give correct advice, and will give me a little thrill as well, because it ****s me a bit that they record my conversation, so now we will all be even

 

[Wysiwyg]

After several recent situations where I have had to waste my time arguing the point, I am on the verge of implementing a new idea.

That is recording every relevant phone conversation that I have.

Brilliant idea! A fellow calls me the other day, gives his name as Ivan, and tells me he represents Telstra. He asks me if I am (my name) and abruptly hangs up. Now I did rib fat cat Thodie a week or two earlier so it may have been a little payback.

I realise I have to tell them I am recording the conversation.

I didn`t know that was the law.

 

[awg]

Brilliant idea! A fellow calls me the other day, gives his name as Ivan, and tells me he represents Telstra. He asks me if I am (my name) and abruptly hangs up. Now I did rib fat cat Thodie a week or two earlier so it may have been a little payback.


I didn`t know that was the law.

Under most circumstances it is unlawful to covertly record both sides of the conversation under the "Listening devices Act"

There are a few outs, however, especially if you wish to replay the conversation to a third party, ones needs to exercise caution.

Asking and recording permission to record is the best way, as it puts the other person on their best behaviour to start.

With regard to the practicalities, after some thought, and a little research, the easiest way, is to put the phone on to "speaker mode" and record that, using either a sound recording software on yr PC,( you can download freeware, the built in sound recorder only runs 60 sec).. or in my case, as I am a amateur musician, using the portable "Zoom" digital recorder, with built in microphone, which I aim to purchase soon anyway, cost about $450.

Or even on yr mobile phone sound recorder.

The approach of recording over the speaker apparently alleviates the "Listening Devices Act" as you are not intercepting a call directly over the line.

Dont want to sound like Richard Nixon, but have had a few instances of sales persons, and others, telling untruths to me recently

 

[gooner]

Under most circumstances it is unlawful to covertly record both sides of the conversation under the "Listening devices Act"

There are a few outs, however, especially if you wish to replay the conversation to a third party, ones needs to exercise caution.

Asking and recording permission to record is the best way, as it puts the other person on their best behaviour to start.

With regard to the practicalities, after some thought, and a little research, the easiest way, is to put the phone on to "speaker mode" and record that, using either a sound recording software on yr PC,( you can download freeware, the built in sound recorder only runs 60 sec).. or in my case, as I am a amateur musician, using the portable "Zoom" digital recorder, with built in microphone, which I aim to purchase soon anyway, cost about $450.

Or even on yr mobile phone sound recorder.

The approach of recording over the speaker apparently alleviates the "Listening Devices Act" as you are not intercepting a call directly over the line.

Dont want to sound like Richard Nixon, but have had a few instances of sales persons, and others, telling untruths to me recently

Whilst you are on hold (as always happens), state " For quality control purposes all calls are recorded, please advise if you do not wish your call to be recorded".

Voila - have told them

 

[Prospector]

The NAB decided to close a branch that was situated within a few metres of our offices, and they duly sent me a letter stating "for my convenience there is a Branch located at Hutt Street".


I duly went along to the Branch that was closing. There was no-one serving at the counter, and a queue was starting to gather for service. But the tellers were doing things to their computer and we could see each other. A guy behind me yelled out 'Oi, you have customers here and no-one serving" Finally a guy grudgingly left his computer.

So the conversation I had went along these lines in relation to the closure "Well, that Branch has been there for years, it shares a car park with a busy city service station, and if it was so convenient for me, then why wasn't I using it right now!" He said I could always use the car parks designated to the service station!

So then I said I was thinking of moving our business personal and share accounts (and we are talking very nice dollars) to a Credit Union. To which he replied that Credit Unions were not good for Business needs. So of course I said, perhaps they dont offer all the bells and whistles but at least they offer customer service.

The problem with moving Banks is that it would take me days to untangle all our accounts. Which of course, the Bank knows.

 

[Julia]

The problem with moving Banks is that it would take me days to untangle all our accounts. Which of course, the Bank knows.

Well, Prospector, I reckon it would be worth the trouble if that's the sort of rubbish you are getting from the NAB.

 

[drsmith]

I did. They have copies of notes made at the time.

So they have aknowledged that the conversation regarding the 90 day term and rate took place ??

 

[888]

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 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%

I hit the roof and called them, of course no one can remember the conversation, so I told them to close the account and we took it next door to the CBA.

Because we closed the account early we get ZERO for the 3 months they had the money.

I'm working with the bank manager at present but I will take it to the district manager then the state manager then to Crikey and any other media that will listen.

I agree banks are bunch of thief, but why do you care so much if it is your EX's money?

 

[jono1887]

I agree banks are bunch of thief, but why do you care so much if it is your EX's money?

hahah..obviously he still cares :

 

[drsmith]

hahah..obviously he still cares :

If you're wanting to get in the queue for the ex Mrs Burns just remember that my selection criteria are not quiet as restrictive as yours.

 

[Mofra]

Ohhhh touchy touchy no sour grapes here nun, I'd probably like Geraldton if I could find it only joking now:

You'd love Gero Burnsie - sun, fishing & cheaper housing than the capital cities I hear

 

[Mofra]

You do realise BTW that it would cost them $450 if you took your complaint to the banking ombudsman? It may not yield results but at least you're taking a little of their hard-earned.

Tip for young players - anyone can compliant to the B.O. if they have an unresolved complaint made with a bank.