Stupid Banks

[PTILoveYou]

What the hell are banks thinking these days.

Westpac demanded these conditions as part of my new loan.

Conditions:
1. Salary DC to WP.
2. credit card.
3. Savings account or term deposit
4. two years DOA.
5.Fix at least 30% of total loan.


Do they think I'm stupid?

Sure I will transfer over my salary (that I will just transfer back in two weeks),

have a new credit card (that I will never use, and cancel within two months),

open up a new savings account (I don't save so I won't use),

accept the two year DOA ($4650 is worth it),

and fix 30% of total loan (who the hell will accept a higher floating rate when I can fit lower 6 months?)


Finally, do they think I will just transfer all my business and daily banking to them?

Not.

A.

Chance.

Banks are getting more and more stupid by the day.

[Tan]

I found with BNZ a few years ago they wanted a savings account and DC salary. The savings account was for them to transfer the loan payment from, and I set up a DC from my main account at another bank, they never checked for actual wages.

Sounds like they really want you!

[PTILoveYou]

I found with BNZ a few years ago they wanted a savings account and DC salary. The savings account was for them to transfer the loan payment from, and I set up a DC from my main account at another bank, they never checked for actual wages.

Sounds like they really want you!

It's not just Wespac, it's BNZ and Kiwibank too.

Bloody irritating!

I have my ways of doing my accounts and run my business, and I'm not going to change my habits just for these pricks.

[Bluekiwi]

Not sure what DOA is.

But if you havent been getting finance regularly from banks in the last 12 to 24 months, then you wouldnt have realised that its changed from hoops to more of an obstacle course.

I think you got off lightly, try borrowing from Resimac if you want the experience of a lifetime.

Bank staff are also over loaded and not always high calibre.
Leading to all sorts of mistakes and delays.

[PTILoveYou]

Not sure what DOA is.

But if you havent been getting finance regularly from banks in the last 12 to 24 months, then you wouldnt have realised that its changed from hoops to more of an obstacle course.

I think you got off lightly, try borrowing from Resimac if you want the experience of a lifetime.

Bank staff are also over loaded and not always high calibre.
Leading to all sorts of mistakes and delays.

DOA is a condition that if the customer changes bank inside two years, the bank will take back the cashback they gave you at the start.

I have not refinanced out of Westpac for the past 3+ years.

I have ASB/BNZ/Kiwi/ANZ/Wes that's enough to deal with!!!

[JBM]

Yes the banks staff aren't getting smarter that's for sure a BNZ Business manager stated to me borrowing money from my houses equity to invest within my company would have to be charged at commercial rates i.e 6.7% even though even if the small loaned amount was lost completely it still wouldn't push me over 50% LVR in total .....this was a first after muti banks an several years being charged residential rates..
dumb dumb BNZ

So off to Westpac ,,see what they offer I know for one that they won't charge me commercial rates

[Bob Kane]

Finally, do they think I will just transfer all my business and daily banking to them?

I have my ways of doing my accounts and run my business, and I'm not going to change my habits just for these pricks.

Seems you want the banks to dance to your tune.
Why don't you stop asking them for money?

[Perry]

DOA is a condition that if the customer changes bank inside two years, the bank will take back the cashback they gave you at the start.

That's a relief. Dead On Arrival did seem a tad severe, for a loan.
Dead On Departure, maybe. But only just.

[ivanp]

Deed of Agreement

[PTILoveYou]

Seems you want the banks to dance to your tune.
Why don't you stop asking them for money?

Well my complaint is more around the fact that these stupid conditions are set to prevent customers from leaving or keeping their business to Wespac.

However, customers aren't stupid, those conditions won't change the customers behaviours at all.

So these conditions are just there to irritate the customers!

I have one classmate (who has a bigger portfolio than mine) who has chosen to refinance to BNZ instead of Wespac, because BNZ didn't ask for all these stupid conditions.

[ivanp]

Gary, you are underestimating the banks - there are quite a lot of clients around who just silently agree and fulfil these "requirements"... banks make profit on these clients.

For example, I have a friend who with partner have just purchased their first home - originally they even didn't ask for any cash back, they just asked to give them "special" interest rate, as advertised on TV or internet (BNZ 5.15% for 2y). I told them that they should always negotiate and they've quickly managed to get 5.00% and healthy $6K cash back...

Same for insurance - they were considering using house insurance offered by bank, without shopping around, talking to insurance brokers etc.

[PTILoveYou]

Gary, you are underestimating the banks - there are quite a lot of clients around who just silently agree and fulfil these "requirements"... banks make profit on these clients.

For example, I have a friend who with partner have just purchased their first home - originally they even didn't ask for any cash back, they just asked to give them "special" interest rate, as advertised on TV or internet (BNZ 5.15% for 2y). I told them that they should always negotiate and they've quickly managed to get 5.00% and healthy $6K cash back...

Same for insurance - they were considering using house insurance offered by bank, without shopping around, talking to insurance brokers etc.

Yes of course there are clients like that, that's why banks have residential and business managers.

I thought the business banking would be smarter and easier to deal with, but apparently it's not!

[Bluekiwi]

My best friend of 40 years is in Insurance.
I regularly tell him that everyone in insurance is a criminal.
Never dance with devil, Ivan you should have told your clients to use an Insurnace Broker (Like ILG).
Insurance companies will rob you at both ends.

Same with banks and tenants.
Would you ever do brain surgery on your children ?

[speights boy]

Bloody irritating!
I have my ways of doing my accounts and run my business, and I'm not going to change my habits just for these pricks.

Thanks for the heads up Gary.

I may have to consider increasing my shareholding in Westpac.