I have now received my money and am finally able to put this sorry affair behind me. Did not receive any apology like Lenny, my application was probably too small. I also noticed that the refund was initiated from the Commonwealth Bank mobile app, which to me seems a bit inappropriate to me?
What annoyed me a fair bit about this is that I stopped receiving email updates as to what was going on back in October last year. Of course, since then there have been multiple extensions, but I did not receive any correspondence about these extensions. In addressing my complaint about this when submitting my withdrawal request, they simply stated "As for not having received email correspondence regarding updates since last October, this is due to our company secretary having been on extended leave since that time." This is, quite simply, unacceptable. They were capable of extending the offer multiple times, but could not provide updates to existing applicants as to what was going on? I propose that they selectively removed people from receiving updates hoping that they would forget about their application and therefore would not withdraw..
For those that might be interested, there has been a smaller pool of application monies with each prospectus refresh: $1,970,500 to $1,514,000 to $1,358,500 to $1,249,000. Note that this value is now near the $16million minimum for the fund to get off the ground. The fact that this continues to be extended is disconcerting to say the least! If the money is just sitting in a CBA account, then those behind the fund are earning interest on application monies with there being little evidence to suggest that the fund will get off the ground.
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