CBA Premier / Private Banking

My Sister has an Amex Centurian . Big Advantage , We rang to book in at a certain restaurant last week and were told the only time available was 8.45 . She rang up and got us booked in ( same place , same day ) at the time we wanted ( 6.30 )

They also advise on up and coming new restaurants and never steer her wrong .

Cliff

 

The discounts are not sharper than what you can probably get yourself or at a smaller bank.

You use premier/private because you want convenience, access to other products etc and knowing someone’s going in to bat for you (but he’ll still screw you at the right time). Eg other day day i got ANZ private to set a usd account up, no frills no hassles. I wanted to refi a commercial loan so I asked Westpac private to figure it out, don’t call me until all docs are ready.

 

Yeah this definitely put you on the higher priority support line as you give them a lot more fees than other clients -

also you can call the Comsec one direct line, there is a team dedicated to it and you get to speak to someone one on one without the hassle of going through a call centre

 

We were offered premier banking with CBA a while back. They couldn't understand our trust structures and told us we were already maxed out. Went to a broker and she got us another mil with them.

 

How did you go @aroe?

 

Premier banking did not help me. Ultimately a @Commbank "error" 10 months ago has cost me half my assets. https://www.news.com.au/finance/rea...ws-story/95bf370632337d073aa3c73724ff678d?amp

 

Sorry that happened to you.
However, from the article it seems you bought at Auction without a per-approval in place for the finance? Just curious as to why you did that? It states you weren't working at the time so how were you under the impression you would be able to get the finance for that purchase?
This is a lesson for anyone considering buying at Auction

 

Back in 2018, we got a random call from CBA private banking inviting us to join private banking. A private banker came out and gave us an hour long presentation on the benefits of private banking and because it was no cost to us, we agreed to join. They changed the background on our CBA banking app to black and that's was pretty much it.

2 years later, we decided to refinance and asked CBA private to come up with a refinance strategy. 3 weeks later, they sent an excel sheet with higher than standard rates. We refinanced with another bank with much better rates.

Meanwhile zero contact from CBA private other than a feedback email every 6 months which I kept deleting because there was no service to provide feedback on.

A few months ago, they called us and asked us to move loans back to CBA private if we wanted to keep the 'private banking benefits'. I told them that only benefit we ever received was a 'black background' on the banking app and we declined to move loans to CBA.

CBA private is NOT for investors or savvy customers who compare rates or are trying to optimise their borrowing. It's really a product for CBA or any other bank to package higher fees or rates into a 'prestige offering' to appeal to a certain high margin segment.

I have a friend who is ultra rich and only premium banking product he recommends is AMEX black due to benefits around booking and managing travel if you are travelling a lot on business.

 

Pretty much across the board with any banks offering this 'premium/private' option unfortunately. I think some people like to use it as a bragging tool at the Sunday BBQ.

 

I am a premier banking customer. I am eligible for private banking. I am wondering if I should ask to upgrade to private banking. What are the benefits to be private banking compared to premiere customers?

 

a black screen?

 

These things are often a loyalty retention things. And we know banks generally give their most loyal customers less benefits than new customers.

 

Premier banking is mainly a marketing differentiator like many here have mentioned. Having your own “relationship manager” certainly helps but that’s no different to having a relationship with a lender or a broker. Hard to quantify the tangible benefits and really depends on your individual needs as well.

 

Telstra gave me a dedicated relationship manager. But they lived in a different time zone in the phillipines and i couldnt understand them. I switched nbn calls mobile etc to a local provider. They have since given up on the idea. Too late

 

I can't remember when I got it but I found that they answered email quickly.

You can also drop an email to a real person asking for a preapproval for an incoming auction, and it can be done similar to an email to my broker.

So I think if you have loans with them, just use it as I think that it won't cost extra.

 

Read the article . It’s all explained …

cliff

 

I did read it.
People need to take personal responsibility for their own actions, bid and bought at Auction without finance pre-approved and just assumed they could afford it while not earning any income based on selling two other IP's (which she hadn't even begun advertising because she wasn't planning on buying at Auction). In reality they shouldn't have bid for the property in the first place as they didn't have their ducks lined up.
As I said, it's a lesson for anyone considering buying at Auction.