WestCrap

Am in the process of refinancing our mortgage because I am sure that there is a better deal out there and that my current bank Westpac seemingly gouges fees left right and centre continuously.  This process is underway and I am in the middle of getting the documentation together for this, but I had an incident yesterday with Westpac that pretty much sums up the relationship I am currently having…

We operate a savings account which doesn’t fully offset the mortgage (there is a long reason why, but that is another Westpac bureaucratic issue) so we operate our savings account on the margin to ensure all our dollars stay in the redraw account to save interest.

So on Wednesday I get an email from my sister in law Jill that the $200 she sends us for Niki to look after her son is on its way into the bank via internet direct deposit.  This is a process that has been repeated regularly for near 2 years without failure.  I think good, that $200 will cover the $130 Medibank direct debit that is coming out on the Thursday.  On Saturday however I check the accounts and am rudely awakened to the follow transaction details:

Wednesday:      $200 Balance, Available Funds $0 (pending clearance)

Thursday           $130 Direct Debit  Balance $70 Available Funds -$130

Friday:              Direct Debit Dishonoured, $130 credited to account, Balance $200, Available $0.

                        $200 cleared.  Available $200

                        FEE:  $50 for Direct Debit Dishonor, Available $150.

The bastards were sitting on $200 for 48hrs, didn’t clear it (why?) and yet chose to default on my Medibank payment, clear the funds AND THEN charge me $50 for their trouble.

Well I rang Westpac yesterday and ranted at them for a good 30 minutes in which they apologized, waived the fee and I still demanded to receive my last 6 months of mortgage statements because I was taking my business elsewhere.  I was very angry and I am still needing to go and see Medibank Private to pay them our monthly premium, but it was a very cathartic experience to virtually yell at a call centre employee and his manager… nothing beats a good rant at a poor sap at the other end when they do (well their company) does truly deserve it.

See you later Westpac… you’re goneskis!