All Topics / Finance / ANZ Bank – Incompetence and Fraud

Viewing 16 posts - 1 through 16 (of 16 total)
  • Profile photo of Andrew KAndrew K
    Participant
    @andrew-k
    Join Date: 2009
    Post Count: 1

    The ANZ set up a mortgage offset account against one of my property investments.

    Behold, when I attempted to transfer money into it from another bank, the ANZ rejected the funds and then charged my bank a fee for the magnificent service of rejecting my money.

    They even sent me a letter (on their letter head). When queried, the ANZ denied sending the letter. In fact, despite them having an ANZ reference number and letterhead, they blamed my other bank for sending the letter.

    Needless to say, after complaints letters, being transferred from one department to the next on their phone banking system, I've decided to give up and never bank with them again.

    It beggars belief how they stay in business.

    Profile photo of DWolfeDWolfe
    Participant
    @dwolfe
    Join Date: 2009
    Post Count: 1,253

    Hi Andrew,

    Have to say they sure do suck! I could tell you stories about the NAB that would make your hair curl but yet again I will go cap in hand to them or anyone else who will lend me money. By the way you cannot actually transfer (via direct debit) to the NAB from any other bank (no you cant I really have tried and wasted part of my life trying). I want (read need) more properties and need someone else to pay for them who I will then pay back (I promise!) I hear your pain but unfortunately they really are all the same……..crap!      

     

    DWolfe | www.homestagers.com.au
    http://www.homestagers.com.au
    Email Me

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    Andrew K wrote:
    The ANZ set up a mortgage offset account against one of my property investments.

    Behold, when I attempted to transfer money into it from another bank, the ANZ rejected the funds and then charged my bank a fee for the magnificent service of rejecting my money.

    They even sent me a letter (on their letter head). When queried, the ANZ denied sending the letter. In fact, despite them having an ANZ reference number and letterhead, they blamed my other bank for sending the letter.

    Needless to say, after complaints letters, being transferred from one department to the next on their phone banking system, I've decided to give up and never bank with them again.


    Andrew you are only at defcon level 5 with your complaint-

    Its time to go to defcon level 3

    Time to get the banks attention and make a claim for financial damages, being the fee charged to you and the loss of mortgage interest savings from the offset account balance while they declined your transfer . If the offset account contract did not have in writing about a limitation of transferring money into the offset account from other banks of the fee charged to your other bank
    or limitations and no one also told you about them (oral contract) then you may have a good case to claim damages and possible failure of disclosure of terms of the contract by the bank.

    Check out the next stage in your complaint process –
    Click on the website link below for what to try next

    http://www.fos.org.au/centric/home_page/resolving_disputes/how_to_lodge_a_dispute/how_to_lodge_a_dispute_banking_finance.jsp

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    Andrew K wrote:
    The ANZ set up a mortgage offset account against one of my property investments.

    Behold, when I attempted to transfer money into it from another bank, the ANZ rejected the funds and then charged my bank a fee for the magnificent service of rejecting my money.

    They even sent me a letter (on their letter head). When queried, the ANZ denied sending the letter. In fact, despite them having an ANZ reference number and letterhead, they blamed my other bank for sending the letter.

    Needless to say, after complaints letters, being transferred from one department to the next on their phone banking system, I've decided to give up and never bank with them again.

    It beggars belief how they stay in business.

    How is that fraud?

    Best to talk to someone in their complaints department and they will sort it out. No big deal.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    Terryw wrote:
    Andrew K wrote:
    The ANZ set up a mortgage offset account against one of my property investments.

    Behold, when I attempted to transfer money into it from another bank, the ANZ rejected the funds and then charged my bank a fee for the magnificent service of rejecting my money.

    They even sent me a letter (on their letter head). When queried, the ANZ denied sending the letter. In fact, despite them having an ANZ reference number and letterhead, they blamed my other bank for sending the letter.

    Needless to say, after complaints letters, being transferred from one department to the next on their phone banking system, I've decided to give up and never bank with them again.

    It beggars belief how they stay in business.

    How is that fraud?

    Best to talk to someone in their complaints department and they will sort it out. No big deal.

    It is not fraud just robbery via extra fees.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    It is hardly robbery either. Just a stuff up. These things happen.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    If it was stuff up then why didn't ANZ rectify the mistake when Andrew informed them of the stuff up. This would be known as good customer relations or also known as good customer service. By my business ethics that they care in any way about customers concerns and the effect of their corporate policies on customers.
    It becomes more than just a stuff up when they treat customers with contempt and withdraw money from their bank accounts without permission or a signature (thieft)
    I may be one of the many job seekers that ANZ stiffed in their graduate recruitment waste of time process that left me still unemployed.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Duckster

    He probably got the run around from the wrong staff. Are you saying this was intentional.

    I don't think they stole his money either. Sounds like he was trying to transfer into his offset from another bank and they didn't accept it.

    This is hardly fraud or stealing. To suggest it is is ridiculous!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of YoungInvestorYoungInvestor
    Participant
    @younginvestor
    Join Date: 2003
    Post Count: 377
    DWolfe wrote:
    Hi Andrew,

    Have to say they sure do suck! I could tell you stories about the NAB that would make your hair curl but yet again I will go cap in hand to them or anyone else who will lend me money. By the way you cannot actually transfer (via direct debit) to the NAB from any other bank (no you cant I really have tried and wasted part of my life trying). I want (read need) more properties and need someone else to pay for them who I will then pay back (I promise!) I hear your pain but unfortunately they really are all the same……..crap!      

     

    Hi DWolfe,

    This can be done, and happens all the time.

    Let me know if you still need help with it.

    Cheers,
    YI.

    Profile photo of DWolfeDWolfe
    Participant
    @dwolfe
    Join Date: 2009
    Post Count: 1,253

    Thanks YI,

    I'm done with it! It took a lot of effort but I am done……I will waste no more time with my b%$^tard whoops I meant bank .

    Have a great day all!

    D

    DWolfe | www.homestagers.com.au
    http://www.homestagers.com.au
    Email Me

    Profile photo of never too latenever too late
    Member
    @never-too-late
    Join Date: 2009
    Post Count: 18

    Hi DW
    Every week i transfer out of my ANZ( thru pay anyone) into my NAB and it's there next day. Not by sight on Internet banking with either immediatley but is there same day according to later statements. Have been doing that for a year or so with mortgage.

    I had to set up recently over phone conversation with NAB for the same feature. They don't give you access to pay anyone unless they set it up for that facility. They send you an sms with code you must enter there and then  on Internet banking. Then the transfer goes thru. 
    Cheers  Jane

    Profile photo of cubman09cubman09
    Participant
    @cubman09
    Join Date: 2009
    Post Count: 37

    Hi Guys,

    ANZ are having a lot of trouble with issues like this as there processing has been partially transferred offshore.

    I would be in touch with the Ombudsman.

    Kind Regards,

    AM

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    They are not alone.

    At least 1 of the other majors has its mortgage documents prepared in Mumbai.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of gibboaugibboau
    Member
    @gibboau
    Join Date: 2010
    Post Count: 11
    YoungInvestor wrote:
    DWolfe wrote:
    Hi Andrew,

    Have to say they sure do suck! I could tell you stories about the NAB that would make your hair curl but yet again I will go cap in hand to them or anyone else who will lend me money. By the way you cannot actually transfer (via direct debit) to the NAB from any other bank (no you cant I really have tried and wasted part of my life trying). I want (read need) more properties and need someone else to pay for them who I will then pay back (I promise!) I hear your pain but unfortunately they really are all the same……..crap!      

     

    Hi DWolfe,

    This can be done, and happens all the time.

    Let me know if you still need help with it.

    Cheers,
    YI.

    Do you work for the ANZ YI?

    Gibbo

    Profile photo of DWolfeDWolfe
    Participant
    @dwolfe
    Join Date: 2009
    Post Count: 1,253

    Lol maybe, if he gets paid broking a mortgage for them!

    Gnight all!

    DWolfe | www.homestagers.com.au
    http://www.homestagers.com.au
    Email Me

    Profile photo of YoungInvestorYoungInvestor
    Participant
    @younginvestor
    Join Date: 2003
    Post Count: 377

    Not the ANZ, but another bank.

    U?

Viewing 16 posts - 1 through 16 (of 16 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.