Loans

[#1]

Had a Bankwest home loan for 4 months now and have been very frustrated with the internet banking and call centre people. I have had to call 3 times to clarify why my statement makes no sense.

So the last time I was told that statements only show interest and not principal repayments. WHY?? 

On the last call I was told I'd be sent an Account Position Statement that would explain eveything.... got that today and it's one line! It explains nothing.

Called again 15 minutes ago and got this rude lady who just kept saying this is how we do it and kept interrupting me. She organised some case manager to call me back at any time within the next 24 hours and would not send me anything in writing. Apparently Bankwest will never send anything in writing. What does that even mean?

NOT GOOD ENOUGH!  YOUR CUSTOMER SERVICE SUCKS!!

In the last 3 months our surplus has been going down despite overpaying and we've noticed that transactions are showing up with dates in the future in internet banking. I'm sure there will be reasonable explanations for all this but I just want to know what they are so I don't have to think about it any further. Why is it so difficult??

[#2]

Hi @Rodnort, I'm sorry for any confusion caused and I hope that I am able to help clarify this for you today.

Firstly, the reason that principal repayments are not shown as a transaction on your account or on your statements, is because these are not charges to the loan like interest is. Rather, these are reductions from the limit/the original amount you borrowed, which you will be able to see decreasing monthly using the "Balance" listed within your Online Banking, or by comparing your statements once they are issued.   

Whilst I won't be able to view your account via the Forum for security reasons, I can confirm that the surplus amount and interest charged would fluctuate based on how much you are paying, as well as the interest rate and the number of calculated days in the month. With regards to the future dated transactions, this generally occurs when a payment is initiated outside of standard business hours. The next business days date would be shown, as this is when the bank would process it.

If you would like to discuss this further, please send me your full name, Forum username and best contact number to Forum@Bankwest.com.au and I will arrange for a specialist to give you a call and assist with your specific account.

Thank you.
 

[#3]

Hi @DanaeC,

Thanks for the response. Let me addsress what you've said.

1- I understand how the repayments are displayed in the statements, what I don't understand is WHY? Think of this from your customer's point of view. Bankwest is excluding part of the transaction history and forcing customers to "compare" statements as you've mentioned. If the bank just showed the complete transaction it would give your cusomters the full picture without the need to calculate & compare every month. Even if it was done in two lines it would be better than not at all. Doesn't the fact that the call centre gets this question all the time tell you it's a problem for your customers?

2- Again, I understand what you are saying. What I'm saying though is that we are significantly over paying our loan yet our surplus is going down. It was going up, but then started going down. I can't imagine why AND I can't calculate why becuase I'm missing half the information on the statement!

3- Future dates. If we have a scheduled payment set to go on the 25th for example, we should not have funds deducted from our account on the 24th and then dated the 25th. I don't care if it's business hours or not. Computers do not work that way. Payments should come out no earlier than the day we specify, and transaction history is exactly that, HISTORY.

4- Your call centre already arranged for someone to call me within 24 hours. Now like most of your customers, I work... I can't talk about my mortgage while I'm in the office. Why can't your staff book in a time to discuss this at a time that is suitable to me, your customer?? Is this too much to ask?

[#4]

I appreciate your concerns @Rodnort, and I will ensure that all of your feedback is passed on to be addressed.

As mentioned for security reasons I can't view your account via the Forum to calculate the repayments and surplus for you, however I can arrange for a specialist to contact you within WA Business Hours at a rough time that may be more convenient.

I would just need you to send me your full name and contact number to Forum@Bankwest.com.au, thank you.

[#5]

Hi @DanaeC, 

I didn't ask you to view my account. I'm not sure why you keep mentioning this. You already have my email, full name & PAN as part of this forum anyway...

I have not received a call from the case manager the call centre said they'd arrange for me on Tuesday.

Have also noticed that if I search for this topic or my name in the forum I cannot find my post. Has it been hidden from public view has it? 

[#6]

I can assure you that your post has not been hidden @Rodnort.

I've mentioned that I can't view your account to advise you that I can't give you specific information regarding your enquiry, as I am unable to identify you. As above I am happy to arrange a call back for you at a time which may be more convenient to you however I would need you to send me your contact number to Forum@Bankwest.com.au, as we cannot identify you to assist you via email, or on the Forum itself.

I do apologise that you have not been contacted in the timeframe in which you were advised, however I am trying to help ensure you are contacted at a more suitable time.

[#7]

Hi,

I know this post is old, but I have similar question regarding the surplus being deducted for some reason. 

Can someone have a look at my account and get back to me.

Thank you 

[#8]

Hi JingH,

If you get an answer to this please post here. After all this time I still haven't recieved an acceptable response to my concerns about these issues.

We still notice odd behaviour with our surplus. One month it'll look like it's a couple of grand down. Then it will appear right again the following month. It's basically all over the place. As there's is no transaction history it's impossible to see what the hell is going on behind the scenes. All transactions should appear on the statement in my opinion. 

BankWest more or less told me, this is how we do it so deal with it.