What is the cost of not being able to settle?

Could you have transferred your daily limit online each day for the last 6 weeks?

Just looking at whether this could have been avoided.

 

too confusing for me. good luck

 

The High Interest Bank will not allow any transfers. They have said three times that the funds sought will be transferred, and this has not happened. I've got that in writing. It should have been a very simple matter, but by not replying for three weeks and telling lies the High Interest Bank has made it very messy. I'll get compensation, not a problem, but it will take time. VCAT take ages to list a matter. Fortunately, once I get access to the funds I can pay for the vendor's costs.

 

who is hte high interest rate bank?

 

Bank of Nigerea ?

 

I use ING and its never failed me. That said I had to jump through hoops to setup the secure methods.

Have you tried to use OSKO ? You can do a pay ID in real time and its not limited in $$$$ balances outside your control. Its linked to a BSB and account # you link to that ID. Most HISA (high interest savings acct) cannot be linked to OSKO so you must transfer from deposit to the OSKO supported transaction account first. Then use the Fast Payt Platform to transfer in real time to bank account C.

And the same email address CANNOT be used for different banks.

Note that a $1k limit (ING) applies. You must call them to set a higher temp limit. Then drop it back afterwards

 

As the matter is before VCAT I am reluctant to state the name of the bank. The only way to get the funds is via an online transfer. I've tried everything but the High Interest Bank will not contact me and keeps telling lies. When the dust is settled I'll be seeking a review of the bank's suitability to trade. of course this will have no effect but it may wake them up. Plus the VCAT publicity..

 

Is it a new account that you have not used before? Thats always a risk.

So are you able to do online transfers or not? Max the daily transfer amount and get the money out that way?

 

It's a new account, set up for the IP sale proceeds. The bank will not give decent advice. I cannot do any online transfer. There is no way I expected a bank to conduct matters this way.

I just had a small laugh. On Monday 19 November the High Interest Bank said funds would be transferred in 3-5 business days, which is today. A few minutes ago I received a letter dated 19 November saying "we were unable to process your request." They asked me to call the bank. Why not email me? In any case I've been in touch with the bank several times since 19 November, more assurances broken. It really is a sub-standard bank worth billions. Maybe they are short of cash.

VCAT will sort this out, and the bank will pay.

 

Hope its worth it.

I wouldnt have taken a risk with a new bank account, a linked one, with a short timeframe.

 

The High Interest Bank is one that many others in business forums recommend. It is a big bank, international footprint. The bank's conduct is totally unexpected. The funds were there for two months, late September to late November. In many decades of banking I have never experienced such a low standard of customer service, and I use that word advisedly when referring to the bank.

 

Citibank

 

I will not be drawn on the name of the bank. The big four - ANZ, CBA, NAB and WBC - have international footprints.

 

HSBC ?

im no lawyer so i cant tell who will win or lose, but will be interesting for u to let us know what the outcome of the whole situation is.

also name the bank so we know.

i withdrawn 7 digits plus from banks before in australia with minimum fuss.. as long as the reason i given is legit.

it all sounds to me like a security issue or money laundering issue that have "highlighted your account" hence the transfer embargo.

good luck.

 

good luck ,sounds like a huge mess,

I do hope the banks dont deny it , or claim ignorance or a technicality

 

Banking complaints are a matter for a different agency : Home - Australian Financial Complaints Authority (AFCA)

Good luck with VCAT telling you they cant help

 

How did settlement go?

 

My apologies for the delay in replying. I had no internet for two weeks, very busy with settlement and related property matters. The bank finally allowed me to transfer the funds, but even then made a number of very basic blunders. Settlement was two days late. The vendor was going to buy a property with my money, and this was two days after I was meant to settle, not on the same day as I had been advised. Hence, there were no penalties. I was lucky.

The bank continues to make mistakes, not reply and generally acts very badly. I sent the bank draft Particulars of claim so I could get their views before making it official. The bank will not comment, and I've advised VCAT that due to this the hearings will need to be much longer.

I've now taken out all the funds from the bank, and expect to get a few dollars interest on 31 December. This will be taken out in early January.

A number of people have similar experiences. It may be time to have the bank's suitability to trade reviewed, and this is now a very real consideration.

The consequential losses and foregone income continue, with a lot due to the Christmas-NY break when companies close. The Particulars of claim is growing.

I'll keep you informed zbout developments of substance. For now the painting has been done, carpets are in, sparky has done part of the job, screens, kitchen, plumbing ... Lots of fun renovating two places at the same time. I may buy AMP shares instead.

 

After a certain amount of legal issues - more mistakes by the bank - the matter was settled. The bank admitted nothing but decided it was simpler to pay me. I cannot say more as there's a confidentiality clause.

The reasons I won are because I was right, I had a good case, presented this in a form the bank could understand, and their costs would quickly become significant. My estimate is that the bank probably spent about the same as rent from the IP for three months, with that much again if we had gone to court to settle.

It was a heavy price to pay but financially it worked out well. The reno delay is offset by the settlement. Lower rental income for FY19 means less tax, and the settlement seems not to be taxable.

 

Why do you think it is not taxable?