Australian banks are backed up by the government so your money...

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Justis

58,985 Posts.

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02/06/19

10:49

Post #: 38865892
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Originally posted by kingpins: ↑

I have been with the CBA for 60 years in various ways and there is one certainty -- loyalty does not exist as far as the CBA is concerned, it was there years ago but no more they will rip you off in a heartbeat

I have other bank accounts and none of them give the sort of service or care that we should receive

Spoke to a lady recently and she laughed when I brought up Australian banks and she told me I was crazy as they banked overseas and would never change back, they are just a hard working ordinary workers, not rich business people

I suppose with internet banking and most of us do not use cash there is little disadvantage if the bank is in another country if you can get better service

There does not appear to be any purpose in having money in Australian banks as they charge you more than the interest that you get on your money

Also don't forget that it has been reported that the big four have exposure to derivatives to the tune of forty trillion dollars.

Derivatives= a CFD ---------- so is your money safe there anyway

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Australian banks are backed up by the government so your money is safe.

It's typical of banks not to reward existing loyal customers but they made more effort when regulations came in to make switching lender simpler.

I had a equity loan facility with Westpac for many years, the value of the property had increased substantially and I need to increase my limit. Westpac knocked back my request, so started to shop around and seems this smaller bank/building society had links to Westpac as not long after speaking to them I got a call from Westpac saying they had a change of heart and would approve the increase in my limit.

More recently (two years ago) I applied for another increase, probably should not have told them it was to buy out my business partner as that complicated it. But anyway got knocked back, like wise ANZ knocked me back. Ended up getting help from a finance broker and got a loan from a non-bank lender, higher interest rate but interest is mostly tax deductible and it allows me to park excess funds from the business in the loan and redraw when required.

Was not long after that Westpac and ANZ were calling me saying they want my business, told them I was locked in for two years and now the 2 years are nearly up they have been in touch and I have appointments next week and week after. They will have to offer a good deal as while I pay a higher interest rate the facility I have works fine

Last edited by Justis: 02/06/19
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