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Ancient CBA Steamline Account - Fees?

Discussion in 'Property Finance' started by albanga, 29th Nov, 2015.

  1. albanga

    albanga Well-Known Member

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    So my mum just told me this week she went into a CBA branch for the first time in a long time. Upon sitting down with a banker they open up her account and the first response is "oh my god". The response was due to the banker discovering mum has an account older than Willie Nelson (slight exaggeration). Basically the account has fees that are associated with the amount of withdrawals that you do plus a monthly fee.
    The banker worked it out and turns out mum has been paying atleast $400+ a year in fees. Now not trying to start a sob story but mum has always done it tough, at the moment she is my pops carer as nan past away a couple of years ago after a long battle with cancer. So $400 which isn't much to most would mean a lot to my mum.

    Anyway the banker was very nice but said she could only go back to January this year to reimburse fees but that's as far back as they can go.

    I have a hard time swallowing that, I mean the streamline account probably stopped being offered over 10 years ago! Mum had been in a branch within that period and it was never picked up and surely they have some responsiblity to alert people that they have an account that old.

    So I just wanted to ask if anyone has any experience with this or knows anything about this? I have advised mum to call CBA and question this and failing that call the ombudsman to clarify.

    It just seems really wrong! And I would think she is entitled to a payback if atleast half the fees over the period that account stopped being offered. So say $2000
     
  2. SeafordSunshine

    SeafordSunshine Well-Known Member

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    I am not sure, but maybe your Mum can have a discussion with the banking Ombudsman?
    Start asking questions like, Why was I never informed of this? You ( Commonwealth) knew I was looking after my very ill Mother? This account was made obsolete 10 years ago, so shouldn't you reimburse me for the ten years? They may be able to help her! PS she sounds like a really nice Lady looking after your elderly relatives!
     
  3. wombat777

    wombat777 Well-Known Member Premium Member

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    I would raise it with the Financial Ombudsman.

    The process is to make a formal complaint first with the bank. Give them a short time to respond. If they don't respond favourably the raise it with the financial ombudsman.
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Streamline isnt that old............. prob 3 years shelved


    ta
    rolf
     
  5. albanga

    albanga Well-Known Member

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    Oh really, mum said she has had the same account for a very long time and from the reaction of the bankers it sounded like it would have been much longer shelves than that.

    What is your experience with this Rolf? Would it be worth pursuing anything further?
     
  6. hobo

    hobo Well-Known Member

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    Pretty sure I still have a Streamline account (my first ever keycard account) but I rarely use it these days so I guess I never approach fee territory.
     
  7. rhinsor

    rhinsor Well-Known Member

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    Just tell them you would like to log a complaint and see what they can do, if you are not happy escalate it.
     
  8. bob shovel

    bob shovel Well-Known Member

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    You should check it.

    I had the same I recently rang cba,account was opened in 86. I hardly used it in recent times but I recall getting a letter or saw on the statements that there $5/mth fees. I took the cash elsewhere and once the fees chewed up the last of the small amount, after a year or 2 of inactivity they closed the account
     
  9. Wall Street

    Wall Street Well-Known Member

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    The streamline account was my first 'Big Boy' account after my dollarmites account (simpler times!). It's a rubbish account, but I have too much account activity and can't be bothered updating it.

    I don't like the chances of getting much more money out of the bank, though the FOS threat is likely to see them increase the offer just to avoid the hassle and cost of any dispute. Unfortunately I don't think there would be strong grounds for complaint though.
     
  10. Phar Lap

    Phar Lap Well-Known Member

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    Have the old Streamline account (started 2009) that was converted into a Smart Access acc and is now a Everyday Offset.
    Never had a fee ever. Maybe cause of Wealth package?

    But yes, get the Ombuds involved.
     
  11. Wall Street

    Wall Street Well-Known Member

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    Yep the Wealth Package kills the fees which is handy
     
  12. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Sorry I have to disagree here. Your mom should have done something about it ages ago off her own bat. I don't understand this victim mentality. What grounds does she have to go to the ombudsman? They are a business in the business of making money from fees and interest margins.

    Realistically all she had to do was ask and they would have given her an alternative years ago or she could have walked to another bank / credit union etc if she wasn't happy. Apathy is not grounds to complain to an ombudsman but it certainly helps drive the big 4's profits.
     
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  13. Vixs

    Vixs Member

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    Glad I'm not the only one Marty. Take some ownership. Your post starts with "she walked into a branch for the first time in a long time and sat down with a banker..." so they've asked her how they can assist and identified something they can do to help when given the opportunity - basically, they did their job.

    Noone tells me I can buy shirts cheaper at other shops when I go shopping, or that the milk is cheaper somewhere else, why is it my own bank's job to do my homework for me?

    Those accounts aren't that old, it's a good outcome that she's paying less fees so why not just move on.

    Sorry your mum's done it tough, my mum's done it tough too and now that I think about it those scum at ANZ haven't once proactively contacted her to give her a discount on her line of credit.
     
  14. albanga

    albanga Well-Known Member

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    @Vixs
    I agree the bankers who attended to her did a great job so no qualm there but to say "take some ownership" i take offense to.

    Have you not heard the saying "you don't know what you don't know?". What would trigger a 65 year old to one day magically decide to go into a bank and ask about accounts when that is all she has known for the past 10 years?
    Yes @Marty McDonald i agree they are in the business of making money but it doesn't make it right. Where is a simple duty of care to send a simple mail out saying "hey this product is shelved, come in and we can help you move to Y?". If you ignore that then so be it but at the very least it should be mandatory to advise clients IMO.
     
  15. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Hey I don't want to have a go at your Mom but you said "what would trigger a 65 year old to one day magically decide to go into a bank". What about her monthly bank statements with all the fees on them?
     
  16. HUGH72

    HUGH72 Well-Known Member

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    Interesting how CBA are very quick to try and close offset accounts that haven't been used.
    Unfortunately in this instance there are few grounds for a complaint IMO. The statements would have clearly shown what fees were being charged.
     
  17. EK01

    EK01 Member

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    If she lives in a council area that provides debt assistance counselling she may be able to get them to act on her behalf against the bank.
     
  18. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Why would a debt counsellor get involved with this. Wrong side of the ledger?
     
  19. EK01

    EK01 Member

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    An 'old lady' (no disrespect albanga) coming to them with a problem will get assistance at some of these place regardless of the type of financial problem
     
  20. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    I'd be offended if I was her. 65 is hardly non-compos mentis for most people