on 25-05-2018 08:26 PM
The second term of my term deposit has just matured. At the end of the first term, I received a letter which said that I could just do nothing and have the term deposit rolled over. I decided to do that, expecting that the term deposit would be rolled over on THE SAME TERMS. Buried in the text of the long letter was a new interest rate which was almost half the rate applying to the first term. The table outlining the amount of interest payable didn't list a rate, just said 'Interest at maturity'. Surely it is unethical to ask someone to sign on to terms without saying what they are, or flagging very clearly/warning that the rate was significantly different. Doesn't seem to be a very transparent way to do business. I've been a loyal BankWest customer for 20 years. I asked them if they could resolve the issue and was told they couldn't, even though I wasn't the first person to have been caught out in this way. Time for me to bank elsewhere!!
on 25-05-2018 08:45 PM
The rate it reverted to for my term (7 months) was 1.50%. If I had reduced the term to 6 months at that time instead of rolling it over, the rate I would have been offered was 2.60%. 🙄
on 26-05-2018 04:24 PM
I'm sorry to hear you feel this way @Unhappy - Whilst your interest rate is locked in for the term of your current deposit, they are subject to change on maturity and we can't guarantee that the same rate would be available if you allow the deposit to roll over automatically. The letter does invite you to contact us to discuss your options and what rates are available. Our current interest rates are always available for you to view via our website (https://www.bankwest.com.au/personal/save-invest-rates#content-raf-1239482896).
If you are unhappy with your term deposit you are welcome to contact us via the below form to discuss your complaint further.
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on 27-05-2018 07:17 AM
How you have described it in your post is much clearer than it was in the long letter I received at the time. Clearly I would have called if I thought I needed to discuss my options, however I thought I had rolled over in the same terms - no discussion needed.
I have lodged a complaint. Hopefully this will result in a change to the letter such that it is clearer and more transparent, such that customers know what they are signing onto. Funny that the easiest option for the customer is weighted in the banks favour. Still unhappy.