Friday, August 07, 2009

How's that for being born under a bad sign?

Buster has banking issues.

For the last ten years he has done all his business banking with a nameless giant of the banking industry ie. the Commonwealth Bank. Over the last year or so, Buster has tried at least four times to change his address on the business account to no avail. He's been into the branch a few times, he's tried over the phone and even faxed the signed forms in himself (in case the branch were doing it wrong). But alas, apparently it is beyond their capability. And, to be frank, being charged outrageous fees has done nothing to earn them redemption.

So Buster finally decided to close the accounts. So in he went to the branch and said, and I quote, "I want to close everything". So they did.

Until yesterday when Buster received a $38 invoice from CBA for fees for maintaining his merchant account (which is the credit card processing facility). Clearly when you say that you want to close everything, merchant accounts are not included. I'm not quite sure how they expect Buster to process credit card payments without have any account in which to deposit the money though.

The best bit is that when he rang up to explain that he'd tried to close 'everything' and then received an invoice for the merchant account they said that he had to pay a $110 fee to close the merchant account. On the bright side they'll waive the $38 invoice.

When he went in to a rival bank to open a new business account, he was told that there was a $60 fee for doing a business name search (which is their way of confirming his business registration number).

I think Buster is considering the old money under the bed banking system now.


Blogger MC Etcher said...

Yikes! Why does everything have to be so difficult and frustrating?

9:50 pm  
Blogger mgk1969 said...

As soon as you put the word "business" in front of anything you can see little dollar signs in peoples eyes and hear a strange "k-ching" sound coming from somewhere.

In the end I got back to the person who actually sent me a cheque (What is this? 1995?) and got them to do a direct deposit, so I am not opening a new business account.

I am not quite sure what to do about the $110 to close an account thing though. I am threatening Suse that I am going to go to A Current Affair!

9:00 am  

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