Which is the worst/best bank in Australia?

[banjo_pete]

Give us your horror stories and also your feel good stories!

Ill start.

When our leasee went Bankrupt, we had to come in and run the buiness. We talked to the leasees bank (nab)to orginise the purchase of the goods a chatles(market value of 20k). The bank came back with a figure of 60k, mmmm, We told them we were not able to pay this amount and could we come to an agreement (25k to 30k). The banks reply was and i quote, "60k or we will come and take it all to the tip! I now have my back up. What to do! Called my soilictor and his advice was a masterstroke. He said to me let them take it all and when i say all, he meant all. Not only the beds and chairs, he said make them take the air cons in the wall, take everything, but if you leave a whole in the wall, you need to fix it and brick it up, you need to take all piping and anything to do with the chattels. Reply from the bank we accept your offer of 25k, Managed to get them for 20k.

give me your stories

 

[Prospector]

This is a bad story that ended up OK in the end. NAB (funny, same bank : )recently publically advised that some customers had been incorrectly charged fees. We had some investment mortgages with the bank 12 months ago.
We didnt think anything of it until last month when $2000 was deposited into one of our accounts, and $250 into another account. Got an extra diamond bracelet before partner found out! So I feel good!

 

[banjo_pete]

ill say Commbank

 

[bullmarket]

This is not a plug for Commbank as I'm sure they have their fair share of disgruntled customers like the other banks but overall I have no complaints against CBA.

I have banked with CBA ever since primary school when we were given one of those tin bank money boxes. A bank rep would come to our school once a week or fortnight (can't remember now) and we would make deposits or withdrawals and have our passbooks updated.

I remember a few of the kids planned to hold up the bank rep one week (well not really, I just made that up )

Anyway, I just continued to bank with them throughout school, uni and then during work. Mrs bullmarket and I had our home loan with them and we still do all our banking with them today.

But always living in a city probably makes it easier regarding getting access to info, help, service or whatever than in rural areas.

cheers

bullmarket

 

[Julia]

Ditto the essence of bullmarket's remarks but substitute ANZ with whom I have never had the slightest problem.
And regarding the thread re tellers at CBA being required to perform as essentially sales reps, I have never had any remotely similar experience as an ANZ customer.

Julia

 

[professor_frink]

Ditto the essence of bullmarket's remarks but substitute ANZ with whom I have never had the slightest problem.
And regarding the thread re tellers at CBA being required to perform as essentially sales reps, I have never had any remotely similar experience as an ANZ customer.

Julia

I'll tell my girlfriend to apply there then
My vote goes to westpac. :swear:
Made my dad's life hell for awhile a few years back. A customer of his owed him a few thousand dollars and was taking awhile to pay. He missed a payment on his loan, because business in general was slow at the time, he contacted the bank and informed them of the situation, and that as soon as the customer coughed up, he would pay the month he missed.
They proceeded to spend the next 6 weeks harrassing him- he would get a phone call EVERY SECOND NIGHT from someone demanding payment. After awhile he stopped answering the phone! I had to screen all of his calls until his customer payed him. That was the only time he had ever got behind on paying them in 20 years of banking with them.
Needless to say he doesn't bank there anymore, neither will anyone else in my family.

 

[Savage_One]

Alex Zollo v National Australia Bank

"The former builder says he took out mortgage insurance in 1987 but when he attempted to claim it after a workplace accident the bank told him the policy didn't exist and never had"
Kelly Nester: National Nine News
Broadcast Date: 16 Jan 2008

http://www.supportzollo.com

 

[roland]

mmm, Westpac, wouldn't give my wife her first credit card - said she didn't qualify. She has her own business, 2 bank accounts with Westpac, always in the black, she runs the accounts for my business which also has 2 x accounts - always in the black.

I called them and said I'll close all the accounts if they don't reconsider.

She had a credit card that afternoon!

 

[Struzball]

Recently I got a credit card with ANZ and the limit is only $3000 per month. I also have a card with CBA with a $5000 limit that I need to cancel.
So I tried to raise the limit on the ANZ card and they told me that financially I'm fine, but I need to have the card with them for 12 months!
I told them I need it raised so I can cancel the other card, they said there's nothing they can do.

Though I'm sure they wouldn't hesitate to give me a $300,000 home loan hah.
Oh well, I'm sure I can live off $3000 a month (I pay off the full balance monthly).

I still prefer ANZ, they're always really helpful and I never have to wait on hold to speak to somebody, I go to remote towns often for work and there is usually an ANZ ATM/branch in each town.

 

[tech/a]

NAB

Cost me my Arze in the late 80s
Happy to throw money at you not happy to work through hard times.

 

[roland]

maybe we should do an ASF group share raid on all the banks, buy up their stock and sack all the board members, that'd teach 'em!!

 

[nioka]

maybe we should do an ASF group share raid on all the banks, buy up their stock and sack all the board members, that'd teach 'em!!

I thought they were all overpriced and not worth the outlay. Which one do you suggest to start on. The only one worth thinking about if you want to go that way is to become a depositer in a local franchise of the Bendigo Bank. ( we don't have one but I have thought of getting involved in one.)

 

[Bovinewaste]

They are all shocker I suppose. I am with NAB and I find them shocking as far as knowing what the hell the are doing. Or more than likely dont care.
I joined NAB and applied for a credit card and they said no as I did not have a credit rating (always used cash) but come back after a few months and try again. I went into the local branch and after a bit of haggling I was granted a credit card with a 500 limit, monthly repayments of 12.50. The told me to apply for an increase in 3 months time so I did - online. I got a letter from the online advisor saying my application was declined. No reason was given. So I wrote back straight away and asked why they had declined amy application. I earn over 100,000 a year, no kids, no debt and single. There was no evidence of me not paying the repayments, and in fact I pay the full balance every month before the due date. The new application was for a 2000 limit (payments 50 per month). I had not defaulted and I had history of paying 10 times more than the minimum 50 required.
The response I got was that my limit was increased overnight and I got 2 letters from NAB, on the same day one saying no the other saying yes. Hopeless use of paper and time, but I suppose it keeps the postie in a job.

Also, when taking/purchasing with your credit card it comes out straight away. But when a shop, or you, crdit it it takes a few days? Why is that? Who gets the interest off that?
The conclusion is that banks and retailers, like NAB and JB HIFI for example, rip millions of people off a day - and charge us for that privilage. It may be only a few cents you are losing but times that by a million or so.

What to do?

 

[Mr Wilson]

I have banked with CBA ever since primary school when we were given one of those tin bank money boxes. A bank rep would come to our school once a week or fortnight (can't remember now) and we would make deposits or withdrawals and have our passbooks updated.

This was the same for me also when attending primary school,
This make's me think it's a great marketing scheme,

I am still with CBA I like there service's and they suit my needs, I also intend to invest when the price is right.

I did have an account with NAB that I have since closed, due to No negligence on there behalf, I just didn't need two account's with two different providers,

As for creditors I had an account with GE Money,
This company I personally did't like but that's only because I didn't read there terms and conditions and was also young and naive,

It's my opinion that a good or bad experience is entirely up to you,

 

[DB008]

I've cycled through a few banks, and l'm only in my early 30's.

• St George seems to be pretty good. Good customer service, website is easy to use, both share trading and normal banking. I still use St George for some stuff.
• CBA, nothing special. Can only comment on their banking side, not Commsec.
• Westpac, again, nothing special. Their Internet Banking site is sh!thouse, share trading isn't much better either, look/feel like from the early 90's eek. Compare that to St George, it's Chalk and Cheese.
• BoQ, their mortgages are on the expensive side of the market. I think that most BoQ branches are franchisee owned, feels like they go out of their way to help you more than other bank branches (in-store). Couldn't get a 2nd mortgage organised with Aussie for months, walked into a BoQ with all my paperwork out of sheer frustration and was good to go after 20 minutes. Their internet banking interface is average (but does the job), they also have security tokens (which I used), so even if someone hacks into my account I won't lose sleep over it one iota. Random 8 digit code which changes every minute.
• Haven't used NAB or Bendigo.

What would l like to see...a bank which has all of these;

• Bank branded Virgin/Qantas credit card with good earning potential (min $1=1 point, or $1=1.5/2 points)
• Competitively priced mortgages
• Fair priced everyday accounts (fee-free if ~$1000 per month goes into the account)
• Extended opening hours, 1 day a week till 9pm or open on a Saturday 9pm-5pm
• Above average website with a good share trading platform
• Takes internet security seriously with free tokens/sms code
• Competitively priced online share trading (with mobile app), including international shares/options available through the app

I'm dreaming right?

 

[PeoplePower]

Ditto the essence of bullmarket's remarks but substitute ANZ with whom I have never had the slightest problem.
And regarding the thread re tellers at CBA being required to perform as essentially sales reps, I have never had any remotely similar experience as an ANZ customer.

Julia

ANZ is definitely the worst. they don't care about their customers like they used to and they only want more and more.....there is no structure there anymore, and you speak to so many people about the one thing, that everything gets mixed up and each ones says they fixed the problem, but all that is done, is each has added another problem!

Even the branch employees comment on another employees work they have done on your account, only to do something silly themselves, and the next employee then comments on the last person who did something that they shouldn't have to your account, and so on! ANZ is bloody terrible now, and the reason things are going so wrong for them is because all they care about is money, which isn't new, but their obvious greed now shows instead of being masked by good customer service.

This has been going on for way too long now, and l know of many people who have the same issues with them.

They lied to me today, and it was such a big, fat one that l doubt that they can find their little recordings to prove it.

Such a shame, as l used to love this bank, but now, l have had enough.

 

[awg]

ANZ is definitely the worst. they don't care about their customers like they used to and they only want more and more.....there is no structure there anymore, and you speak to so many people about the one thing, that everything gets mixed up and each ones says they fixed the problem, but all that is done, is each has added another problem!

Dont even think about using ANZ if you have a SMSF with corporate trustee, each section will try and fob you off to another, and you will be very lucky to find someone that can assist. (even if they want to)

I am mandated to use ANZ as a hub for my SMSF, and when I emailed their complaints section to ask them to address the above issue. They did not reply. When I emailed them again and pointed out that their website resolved their complaints within 7 days, and enquiring if completely ignoring a complaint qualified as a resolution, a very haughty woman rang me and more or less said I could take my business elswhere, I pointed out that was not simple really, and how about they get their act together instead.

* note..the branch staff were good, its the phone firewall that stuffs you


Rabobank are by far the easiest I have dealt with.

I also like CBA, they have treated me well on several occassions

 

[Julia]

Dont even think about using ANZ if you have a SMSF with corporate trustee, each section will try and fob you off to another, and you will be very lucky to find someone that can assist. (even if they want to)

I changed my SMSF to a corporate trustee a couple of years ago and ANZ could not have been more helpful in the process.

Perhaps you need to establish a relationship with one person at your local branch, someone who has some authority, and channel all your problems through that person. I've been with the same branch for 20 years and have never had any query or difficulty that wasn't immediately attended to.

 

[awg]

* note..the branch staff were good, its the phone firewall that stuffs you

I changed my SMSF to a corporate trustee a couple of years ago and ANZ could not have been more helpful in the process.

Perhaps you need to establish a relationship with one person at your local branch, someone who has some authority, and channel all your problems through that person. I've been with the same branch for 20 years and have never had any query or difficulty that wasn't immediately attended to.

Hi, As noted I did do that, and they were frustrated as well!

The nub of the problem is ANZ, has a Super dept, Business, Personal...so a Pty LTD SMSF has element of all 3.
(other banks have this problem as well, to some extent)

I am especially aggrieved they offer a much lower rate of interest on pty ltd super accounts than personal name super accounts..try rabo!

 

[Julia]

I am especially aggrieved they offer a much lower rate of interest on pty ltd super accounts than personal name super accounts..try rabo!

Yep, I use Rabo also. Very customer friendly and they don't over complicate things.