Bankwest Forum

Ask a new question
Reply
Senior Contributor

Customer Options Team has little negotiating power

[ Edited ]
Posted by cgm cgm
Message 1 of 2 360 Views

I just thought I would share some feedback regarding the inflexibility Bankwest provides to the Customer Options Team in negotiating with customers to keep their custom.

 

My home loan rate recently increased to 5.22%, before speaking to Bankwest about this I sourced a better deal at 3.89%.

 

I phoned Bankwest today to find out about applicable discharge fees charged by Bankwest, and was ultimately directed to the Customer Options Team.  Discharge fees end up roughly being under $600.

 

During that conversation I was offered 4.44% to stay with Bankwest. Still 0.55% short.

 

I countered offered by asking for my Qantas World MasterCard annual fee to also be waived. So by the end of the conversation I was willing to stay with Bankwest and accept 4.44% plus the waiving of my $270 annual credit card fee. Fee free banking appeals to me.

 

This is essentially a net loss to me considering the 3.89% deal I have been offered. The Customer Options Team advised that this cannot be achieved. It seems they only have capacity to offer other home loan products, such as the Complete Home Loan package, which has an annual fee of $395 plus only allows you to have a Qantas Platinum MasterCard.

 

Bankwest would continue to receive interest from my home loan account if it was willing to waive my credit card annual fee of $270.

 

Now I am going to take my home loan to a subsidiary of one of the competing Big 4's at 3.89% and will be saving at least $1000 a year which easily covers my World MasterCard annual fee.

 

This type of inflexibility in negotiating comes at a net loss to Bankwest. It just doesn't make sense to me from a business perspective.

 

Why the inflexibility in negotiating?

 

Frequent Contributor

Re: Customer Options Team has little negotiating power

Posted by thewinchester thewinchester
Message 2 of 2 353 Views

Can't say I've experienced this on home loans @cgm, but have seen the same issue with credit cards.

 

As a result of their inflexibility, I've walked the largest portion of credit card business across to American Express five months ago; because they had no power to negociate. And like you too, I hold the World card in the days before it was an announced product.

Reply
0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking
© 2017 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.