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Why can't the banks get their acts together?

Discussion in 'Living Room' started by wylie, 31st Mar, 2016.

  1. wylie

    wylie Moderator Staff Member

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    We received new credit cards which are active from tomorrow, but I need to have a whine.

    Why, oh why, in this modern day, do I have to call everyone who takes any sort of payment (weekly, monthly or annually) from my credit card and tell them the new details?

    This is 2016, isn't it? The banks are making more than $6 billion per half year (or some similar type of figure), but they cannot manage to arrange that I don't have to personally call up every Tom, Dick or Harry to do this manually???

    So annoyed :mad::mad::mad:.
     
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  2. pinkboy

    pinkboy Well-Known Member Premium Member

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    Also @wylie - while you're at it....only 3 months until your annual 'interest in advance' whinge about Westpac! :p

    pinkboy
     
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  3. wylie

    wylie Moderator Staff Member

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    Don't even joke about it. There has not been one year in the past six or so since we first paid interest in advance that they have not stuffed things up. I've stopped making any plans for the last two weeks in June for this reason alone. Every year, I end up chasing them up right to the deadline. How can six loan requests be asked for in one email, and three dealt with and three just ignored?

    You may well mock me for my whining, but really, how hard is it to just get it right? It's not like I'm not paying them handsomely for their (lack of) service? :eek::mad:

    My broker tells me all the banks are as bad as each other too. So moving lenders is no help to anyone.
     
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    The privacy act probably has something to do with it. :oops:
     
  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    You know what I found interesting today, I wanted to tell my property manager some new bank account details so I very casually wrote it in an email and sent it to her. My PM then called me back and she said I needed to do it with the full address of the property and ideally sent from the email address I have registered with them and not from another email address.

    My PM said that they get a lot of fraudsters who try to change bank account details. I for one are glad that they have these measures in place.
     
  6. wylie

    wylie Moderator Staff Member

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    I don't understand why they cannot just issue new cards, same number but with a new expiry date though? I'm going to have to check back through my statement to see who I have to call.
     
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  7. Raydar

    Raydar Well-Known Member

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    I have just had to get new cards issued because I let the 'old new cards' activition period expire. I couldn't be bothered doing exactly this. The cards have been sitting on the kitchen counter for a month now. No doubt will suffer the same fate.
     
  8. Jamie_

    Jamie_ Well-Known Member

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    I received new cards for April, and it was this? Credit cards, maybe debit ones have a different system but my recent ANZ CC's had the same number, with a different CVV and Exp.
     
  9. MTR

    MTR Well-Known Member Premium Member

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    Wylie I will never complain about our Banks in Australia you have no idea how brilliant they are compared to Banks in USA, they still use fax.

    They actually closed all my bank accounts and I did not realise until I received cheques in the mail. They did this because I am not US citizen and they did not realise they had ID on me in their system. Took months to find someone in the system to set up new accounts. I have heard plenty of similar stories.

    MTR
     
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  10. Mooze

    Mooze Well-Known Member

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    Cheques to pay everything over there - it's how they've kept US Postal service alive
     
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  11. wylie

    wylie Moderator Staff Member

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    This is the case (and our card numbers are unchanged) but it is the expiry date that the insurance companies and companies who hold the details use and apparently the reason they need me to ring each one and change the details. What a PITA.
     
    Last edited: 1st Apr, 2016
  12. Dan Donoghue

    Dan Donoghue Well-Known Member

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    I always found the easiest way to update details was to not do anything, they will call you when the payment is rejected ;) (Just joking, it's not advisable to do this :p ).

    I do agree though, in this day and age there should be some sort of digital solution where you register your CC once and it flows through to all accounts you have linked to it. Imagine that you update 1 site and it automatically does everything for you :).

    It's so frustrating, you almost feel like yelling down the phone "Just add 3 bloody years to the expiry, nothing else has changed!!!"

    To this day I cannot understand why credit cards and bank cards expire.
     
  13. wylie

    wylie Moderator Staff Member

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    My insurer told me last week (as I was calling about something else) that they now will not accept Amex for future sign-ups. He suggested that I don't update with them, that they will continue to debit my Amex and that some banks will "do something" and the payment will go through. If it bounces, then the insurer will contact me. So I plan on doing that for our insurances to see if I can continue to get three points per dollar.

    With this insurer I get an email saying the payment will be coming out, so I'll have notice, and be able to watch to see that it goes through.

    So, clearly the banks "can" put things through if they want to.
     
  14. Kate Moloney

    Kate Moloney Well-Known Member

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    They usually do. With a new expiry date and CVC number?

    Also, if its a pain in the butt, just wait for the payments to bounce the people will ring or email you. The ones that take direct debits etc usually give you leeway when this sort of thing happens.
     
  15. S.T

    S.T Well-Known Member

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    They should just automatically update the new expiry in the systems, + 2 years.
     
  16. wylie

    wylie Moderator Staff Member

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    Wouldn't that be nice. :)
     
  17. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    I bank with ANZ and their credit card replacements are done online via internet banking
     
  18. Azazel

    Azazel Well-Known Member

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    Wait a second, it's a replacement of the one that's expired but it has a different number?
    I'm pretty sure my last one had the same number - because it's the longest number I've memorised.
     
  19. wylie

    wylie Moderator Staff Member

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    It is the same number, but the expiry date and the CCV number are different, so any company I've got automatic deductions from will (more than likely) bounce it back unless I call each company and give them the new expiry date and CCV number.

    My insurer, however, did suggest that I not change the number with them. We have more than ten policies with this insurer and they no longer accept Amex (but will continue to accept if it is already set up - me changing details might mean I have to swap to Mastercard). It was suggested that there are times where a bank will do something so that the attempt to debit the expired card still goes through. I'm going to do that, because I'd rather three points than one point per dollar.

    I will definitely know when the debit will come out with this insurer as I get an email beforehand and can watch on the due date to see if goes through. If it bounces, I'll get an email, so I'm prepared to watch this to keep the three points.

    It is the companies that I cannot remember that worry me. I used Paypal to pay something last night and needed to update my cards with the new expiry dates.