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Thread: Stupid Banks

  1. #1
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default Stupid Banks

    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.

  2. #2
    Join Date
    Nov 2008
    Location
    Karratha WA
    Posts
    1,444

    Default

    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!

  3. #3
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default

    Quote Originally Posted by Tan View Post
    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.

  4. #4
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,859

    Default

    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.

  5. #5
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default

    Quote Originally Posted by Bluekiwi View Post
    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!!!

  6. #6
    Join Date
    Apr 2004
    Posts
    757

    Default

    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

  7. #7
    Join Date
    May 2008
    Posts
    3,533

    Default

    Quote Originally Posted by Gary Lin View Post
    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?

  8. #8
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,770

    Default

    Quote Originally Posted by Gary Lin View Post
    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.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  9. #9
    Join Date
    Aug 2014
    Location
    Auckland
    Posts
    722

    Default

    Deed of Agreement

  10. #10
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default

    Quote Originally Posted by Bob Kane View Post
    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.


 

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