Join for free
Bruce's Avatar
Bruce
Chatterbox
Bruce is offline
Wollongong, Australia
Joined: Apr 2012
Posts: 15,218
Bruce is male  Bruce has posted at least 25 times and has been a member for 3 months or more 
 
19-03-2019, 10:31 AM
1

Bastards in Banking

I have been spurred into action, I won't pay the lazy tax anymore.

At this moment I am in the process of changing from my credit union to a mainstream bank (Westpac).

I have been with the same Credit Union for decades, I joined when it was BHP Credit Union in the early 1980s, some years later it joined with BP Credit Union to form Blue Sky Credit Union and it continued to give great service until it was taken over by Australian Unity. Since then the service has gone down, first they wanted to charge an annual fee for credit cards (they got mine back in bits) then they started to reduce interest rates they paid on term deposits and reducing the service on ATMs.

It has now got to the point where, as far as I am, concerned there is no advantage remaining with them so today I opened a fee free account with Westpac and will be transferring all my assets/term deposits across as they become available. After that is completed (May) I shall be writing a sour letter to them telling them what a mob of useless bastards they are.

They have already received several letters from me complaining about their lack of service and the shortcomings of their website (none of which they have corrected)

I have already told Centrelink to start paying my pension into the new account, next will be my super fund, then any ongoing payments - I hope I don't forget any!

BTW I only chose Westpac because they own my credit card after buying out Virgin Money.

Anybody else got so frustrated with their financial institution that they changed bank, Building Society or Credit Union?
Julie1962
Chatterbox
Julie1962 is offline
Surrey
Joined: Feb 2013
Posts: 42,846
Julie1962 is female  Julie1962 has posted at least 25 times and has been a member for 3 months or more 
 
19-03-2019, 10:41 AM
2

Re: Bastards in Banking

Few years ago Barclays refused to take cash from my husbands business, so we took it elsewhere never known a bank not want money before. Lloyds let us down when they closed our account accidentally (should have been another person with same name) that caused us so much grief we moved to Royal Bank of Scotland and we have been with them since. I don't feel we ask much just accept our money and keep the account open so our rent gets paid. Not so much to ask I don't think.
Mr Magoo's Avatar
Mr Magoo
Senior Member
Mr Magoo is offline
London
Joined: Sep 2014
Posts: 2,400
Mr Magoo is male  Mr Magoo has posted at least 25 times and has been a member for 3 months or more 
 
19-03-2019, 11:18 AM
3

Re: Bastards in Banking

During my professional career I did come across the Credit Union business model. I was impressed by their ethos and completely understood how they helped ordinary people in a way that the banks could not. I saw that it depended on the dedication of the voluntary officials. When people asked for a loan the decision was made people who actually knew the applicant and his/her ability to repay. I would guess that the changes that Bruce related reflected a thinning out of that public service ethos. Without it you are better off with a bank in spite of the anonymous nature of the relationship.
Bruce's Avatar
Bruce
Chatterbox
Bruce is offline
Wollongong, Australia
Joined: Apr 2012
Posts: 15,218
Bruce is male  Bruce has posted at least 25 times and has been a member for 3 months or more 
 
20-03-2019, 11:51 AM
4

Re: Bastards in Banking

Originally Posted by Mr Magoo ->
During my professional career I did come across the Credit Union business model. I was impressed by their ethos and completely understood how they helped ordinary people in a way that the banks could not. I saw that it depended on the dedication of the voluntary officials. When people asked for a loan the decision was made people who actually knew the applicant and his/her ability to repay. I would guess that the changes that Bruce related reflected a thinning out of that public service ethos. Without it you are better off with a bank in spite of the anonymous nature of the relationship.
I would agree with you. I think the problem with Australian Unity is that it has turned into a conglomerate - still a mutual society but offering Health Insurance, Banking, Disability services, dental centres, financial services and a host more.

The Credit Unions it swallowed were just that - Credit Unions, banking was all they did - they paid higher interest on deposits but lent money at lower interest (compared to banks) they had fee free credit cards and many more excellent services. Australian Unity has just slowly whittled away at those services until they are no better than the banks.

If they are no better than the banks then might as well use a bank they have branches everywhere. Even better the two girls in my local Westpac branch are lovely and really helpful.
Senex
Member
Senex is offline
California, USA
Joined: Jan 2018
Posts: 29
Senex is male  Senex has posted at least 25 times and has been a member for 3 months or more 
 
05-04-2019, 03:43 AM
5

Re: Bastards in Banking

Years ago, when the banks all decided en masse to drop free checking accounts, I closed down the two checking and one savings accounts at three different banks (Chase, Bank of the West, and US Bank), and switched to two credit unions. Got my free checking accounts back, plus no $7 monthly service charge on the savings. Best of all, no sneaky attempt to overdraft me, like Chase tried to pull. Credit Unions have done me right. Banks not so much, although I liked Washington Mutual and US Bank, but WaMu went under, and while I liked U.S. Bank...not enough to pay $7 a month for what the credit union gave for free.
 

Thread Tools


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.