Poor service from Private Bankers

Discussion in 'Financial Planning' started by Car tart, 16th Sep, 2020.

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  1. Car tart

    Car tart Well-Known Member

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    I have never been thrilled with the service provided by the private banking division of the banks. But I think today’s poor service from “which” bank takes the cake.

    Charming, attentive, well dressed and interested in my business and investment affairs is the best things I can say. Unhelpful in all matters is probably the best summary.

    Today I received a settlement of a very large 7 figures into my zero interest trading account, so I rang my PB and told her I don’t need it for a few months, what’s the best at call rate she can offer.
    She looked up her computer and told me 0.25% I thanked her.

    I looked up “ratefinder” and could find 0.6% at call with her bank as at today which I confirmed on their website and then opened an at call bank account with Suncorp at 1.3%.

    So I often wonder of what value these helpers are if they can’t even find the best bank account for their customers.

    I can happily say that my MacBank PB is a good few steps above that level.
     
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  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    And?

    Private banking is like FF points. Its a way to make clients feel good while committing them to profits. I used to handle 1000+ smsfs for a private bank arm of a listed bank. Few had a benefit. Its like the qantas club during covid
     
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  3. Fargo

    Fargo Well-Known Member

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    You have to experience it to know how unbelievably incompetent some of these private ******* are now, the CEO's sacked all the good ones to save costs and get a bonus. My private ****** told me me I could transact as normal when I fixed my interest rates, told him 3 times that is not what the terms and conditions say, 3 times he explained to me that I could but it didnt make sense to me. After weeks of research and planning strategy for reporting season sold my first tranche to find funds could not be redrawn on account linked to share trading account, and I am now getting charged interest on funds I cant use. He offered to fix it but was clueless. Didnt know the difference between the share register and broker. I had to tell him how it could be fixed, he didnt understand that I could change the account where credit can be deposited simply by logging into share register and changing banking details, but for the debit for buying, account details for Broker need to be changed. Thanks for reminding me I have a MAQ bank account i forgot about.
     
  4. Piston_Broke

    Piston_Broke Well-Known Member

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    There was a time when the share trading accounts had the best returns.
    That seems to have changed after the banks took over.