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.
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.
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?
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?
Well, perhaps it should. And Mr Burns says his instructions have been largely adhered to in the past.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?
I agree with you MrBurns. The banks are thieves.
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.
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.
I realise I have to tell them I am recording the conversation.
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
Well, Prospector, I reckon it would be worth the trouble if that's the sort of rubbish you are getting from the NAB.The problem with moving Banks is that it would take me days to untangle all our accounts. Which of course, the Bank knows.
So they have aknowledged that the conversation regarding the 90 day term and rate took place ??I did. They have copies of notes made at the time.
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?
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.hahah..obviously he still cares:
You'd love Gero Burnsie - sun, fishing & cheaper housing than the capital cities I hearOhhhh touchy touchy no sour grapes here nun, I'd probably like Geraldton if I could find itonly joking now :
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?