Forum Replies Created
Richard,
Have I contravened the Terms of Use, any applicable law or is what I posted considered by PropertyInvesting.com to be offensive or irrelevant for any reason? If so, then I'd expect that my post would already have been removed without discussion. If my post is removed, I will be requesting information as to the grounds.
As a matter of courtesy, I will provide the context of my post.
I am seeking knowledge of banks' processes, procedures and culture with respect to loans, the targets of sales teams and how those sales teams are driven to achieve results (eg. one mantra might be to "do whatever it takes to arrange a loan for the consumer").
As with any industry, there are those who are diligent and professional and then there are those who have no conscience. Those who would like to reveal the dark side of the industry in an effort to improve the sector clearly represent those who are professional and have morals; therein lies the incentive.
Regards,
M
Hi Yours in Finance,
If you're not sure where this is going, why would you feel there is anything untoward? My post should be read how it reads, not how you perceive it to read.
If my post does not violate the TOU, I cannot see that would be justification to remove my post and would only violate one's freedom of speech.
Cheers,
M
Hi thecrest,
What are you asking me to explain? I have indicated what (who) I am seeking and there is no double or implied meaning behind what I have requested. Maybe I am starting up a financial services business, or maybe I am simply after information specific to the types of people I have referred to.
Cheers,
M
Hi Rob,
Apologies for not getting back to you sooner, but I hadn't received any notifications about the last few posts.
There were no documents provided to me regarding the terms and conditions around LMI (let alone refunds), and I raised this issue of non-disclosure with FOS as CBA should have either: a) disclosed the T&Cs for the LMI product; or b) disclosed the separate agreement they have with Genworth, so that an informed decision could be made.
I have Genworth's policy re LMI refunds (which the bank liked to refer to) and am also happy to provide you correspondence I have had between CBA, Genworth, and FOS.
Let me know if you would like me to send these through.
Cheers,
Max
Hi all,
I've posted a similar topic which relates to fraudulent lending called "Commonwealth Bank (CBA) – serious example of maladministration/fraud – ASIC denies systemic issue" at https://www.propertyinvesting.com/forums/legal-accounting/4348169.
Any feedback on that topic would be greatly appreciated!
Thanks,
Max A
***
SUCCESS! The offer below by CBA is 10% of the LMI fee paid, rather than the 20% that I believe I was entitled under the Genworth Policy. A slight win though is better than no win at all. I hope this serves others who are with CBA and have paid LMI and paid out their loans in the first or second year.
***From: ***@cba.com.au
To: ***@hotmail.com
Date: Fri, 22 Oct 2010 12:32:05 +1100
Subject: RE: Financial Ombudsman Case #222679, CBA Case # 440703 – ANDERSENGood Afternoon Mr Andersen
RE: Financial Ombudsman Case #222679, CBA Case # 440703 – ANDERSEN
I am writing regarding your complaint registered with the Financial Ombudsman Service (‘FOS’).
Thank you for taking the time to speak with me again today. I apologise for the concern this matter has caused you.
As discussed, the Bank is prepared to offer you the amount of $1,140.00 to resolve your complaint. This offer is made as a gesture of goodwill and without the admission of liability.
If you wish to accept this offer, please complete and return the attached resolution agreement to me via email or fax on 02 9841 7700 by Friday 29 October 2010. I will arrange for the payment to be credited to your account on the day I receive your signed agreement.
If you have any questions about this email, or wish to provide additional information about your complaint, please contact me on (02) 9841 6483 (02) 9841 6483, Monday to Friday 9:00am – 5.00pm (AEDST).
Yours sincerely
__________________________________________________
Commonwealth Bank
Peter Cash
Customer Experience Manager (Banking & Finance)
CBA Group Customer RelationsLevel 19, 150 George Street
Parramatta NSW 2150
P: (02) 9841 6483 (02) 9841 6483
F: 1800 028 542E: ***@cba.com.au
Determined to put a smile on Australia’s face. Thanks for helping make us Money magazine’s Bank of the Year.
Hi Andy,
Good to see there are others who are willing to take matters further. I had complained to FOS about a month ago and got a response back from CBA last week. Having given CBA a chance to resolve the matter, but to no avail, it is now with FOS for their investigation.
I will email you tonight a copy of the "final report" I got from CBA where they make their case (ie. denying responsibility). Mind you, it took the "Customer Experience Specialist" three attempts to send me a correct report as he had incorrect figures and references throughout the document.My dispute to FOS is this:
"
I paid $11397 to the CBA for Lender's Mortgage Insurance, for a loan that was established on 24 November 2008. Recently, I paid out the loan and subsequently made enquiries into getting some of this fee back. Unfortunately, although CBA's insurer (Genworth) has an Underwriting Policy which would entitle me to a refund of 20%, the CBA apparently has their own undisclosed agreement with Genworth which means, according to CBA, I am not entitled to get anything back. Refer to news article http://au.todaytonight.yahoo.com/article/36014 which refers to banks not disclosing all information to consumers. The CBA didn't advise, clarify, nor provide information as to their policy on refunding mortgage insurance premiums. The CBA did not advise me that they have their own agreement with Genworth which nullifies my right, under Genworth's Policy, to receive a refund. The CBA didn't provide any documentation from Genworth advising of the agreement between Genworth and CBA.
"I believe it comes down to CBA not fully disclosing the product, but could be seen as misleading consumers. As far as CBA-Genworth blame-game goes, CBA has accepted the money (on behalf of Genworth), so I'm going after them.
When I hear back, I will let you know.Cheers,
Max
Thanks for your feedback guys! Much appreciated.
I hope someone out there can help though
