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  1. #1
    Join Date
    Jan 2009
    Location
    Northland
    Posts
    115

    Default Westpac Admin Fee

    I've been dealing with loans for a long time, and have to admit that they have not been my lender of choice for a while. Have just had a case where client has 4 loans and wants to jump ship. No break fee involved, but being charged an admin fee of $300 per loan.
    Have they been doing this for a while, or some new way to make money from those that are leaving anyway, so don't have to keep them happy.
    Client was only thinking about it - now absolutely sure they want to go elsewhere. $1,200 - ripoff!

  2. #2
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,876

    Default

    • Administration fee
    • Documentation fee
    • Application Fee
    • Credit check fee
    • Processing fee
    • Coming in the door fee
    • Cash handling fee
    • Clearance fee
    • Answering the phone fee
    • Text (SMS) inquiry fee
    • Internet Access Fee
    • Break fee
    • Creative excuses fee
    • Service fee

    The list of ahhh, creative descriptors for lightening
    peoples cash burden is almost endless.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  3. #3
    Join Date
    Apr 2004
    Location
    Auckland
    Posts
    1,907

    Default

    Westpac charged $25 for me going over my credit card limit.
    I deliberately have a low limit and expect transaction to be declined if it is reached.

    A bit of an ear bashing got them to refund it.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

  4. #4
    Join Date
    Jan 2009
    Location
    Northland
    Posts
    115

    Default

    Well they have not been my preferred lender & never will be at this rate!

  5. #5
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,319

    Default

    It's just banks I reckon.

    A while back I didn't receive my ANZ Mastercard statement in the post so I ddin't pay it off like I do most months. So when the next statement showed up, there was a $25 interest charge and a $25 late payment fee.

    So I rang them, explained I didn't get the bill and they reversed it. But then next month there was a $2 interest fee again. I wondered what this was since I was paying it in full each month and was paying before the due date so shouldn't have incurred any interest. Turns out it was interest on the interest charge.

    So they had reversed the $25 fee but by the time I rang about it, $2 had already accrued on that. And to top it off, the young woman on the phone couldn't do anything about it because only supervisors can waive interest and the supervisor was on a break. So what I expect is they'll reverse it, but there'll be like a 20c interest charge on my next statement - this being interest on interest again... how far do you go!
    Last edited by Davo36; 29-10-2009 at 03:39 PM.

  6. #6
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,876

    Default

    As you observe: "It's just banks I reckon."
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  7. #7
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,086

    Default

    Davo - if you pay it off every month, and are confident of being able to do so, set up an direct debit for it to pay on the due date.

    If there is a larger than normal bill, and you want to pay the 20% interest, there is time between the statement and the due date to adjust the payment if necessary.

    cube
    DFTBA

  8. #8
    Join Date
    Mar 2008
    Location
    Auckland Wide
    Posts
    1,244

    Default

    I have to say ASB have been very impressive with their break fee calculations. It builds up good will I reckon, every one at the bank seems so helpful and quick as well. Rates are not always the best though.
    Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
    My Website
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  9. #9
    Join Date
    Jan 2009
    Location
    Northland
    Posts
    115

    Default

    I'm a big fan of structure myself, & hedging your bets (covering all your bases). If concentrate on that then there is far less focus on rates.
    Building in some flexibility & choice - with a certain level of stability is far more important in my book.

  10. #10
    Join Date
    Sep 2007
    Location
    Christchurch
    Posts
    1,259

    Default

    Quote Originally Posted by MoatMaster View Post
    Have just had a case where client has 4 loans and wants to jump ship. No break fee involved, but being charged an admin fee of $300 per loan.
    Is this in the middle of a fixed rate term? If so, I'd have expected to be charged a break fee. If it's not fixed, yeah, that sucks bigtime.


 

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