Its official - Major Banks Suck
Its official - the Settlements Operations of the major banks suck. Big time. We all knew that anyway.
Hey, it felt good to me that you shared the indignity of being put on hold for 20 minutes. The utter senselessness of sending a fax for it to disappear into the ether. We share the pain with you.
Here's the link to read the results of the survey, thus far. Results of the Survey and Responses
Some of the responses make you laugh and cry at the same time.
The survey is ongoing and the results are cumulative and tallied automatically Survey: Does dealing with the major banks suck?
Our representative bodies are aware of the issue. The LIV and the AIC. Pauline Barrow has being pushing the issue for the last 4 years. I have asked for a response from the LIV.
Myself, I am in favour of an independent action group to singularly push the issue and reform, which I am happy to spearhead with your support.
Action Group - suggestions for names
First, any suggestions what to call the Action Group?
I will circulate your suggestions and then we can vote on the name
The Survey - why the major banks suck
Second, spread the survey to your colleagues and encourage them to complete the survey.
- Send it to all your colleagues
- Send it to the practitioner on the other side of any current matter
The more names and the more responses the better - the number of responses so far is mid 30s. Lets see if we can score more than 100 - 1000!. We can even start to spread the campaign interstate, make it Australia wide.
When I get a response, I can add their name to the Action Group etc.
Or alternatively, email me with any names & email of persons that wish to be added to the mailing list
Here are the links you need to copy and paste into your emails
Results of the Survey and General Responses
Survey: Does dealing with the major banks suck?
The Industry - their response
I circulated an email to several industry representatives to ask their response to the Survey and the results thus far. I am not holding my breath on the banks giving any meaningful response, but lets see. This campaign is only just beginning. We will stand united.
Perhaps we will need to engage counsel to advise on a class action. I feel the banks owe each and everyone of us compensation. Goddam it, half of us are lawyers, its our day job suing capricious injudicious unconsidered defendants. Make them pay. Make the executives of the banks co-defendants!
The Media
I will be issuing a Media Release to The Australian, The Age and The Fin Review.
A good starting pointing is the media to bring attention to the problem that we all know is spiralling ever downward.
Copy of the Media Release to follow.
Survey Results - thus far
The results of a Survey of Lawyers and Conveyancing are damning
- Commonwealth Bank Settlements Department is voted #1 biggest loser
- The average time on hold is 20 minutes
- Faxes routinely get lost and have to be faxed more than twice (fax heaven or to insiders the blob)
- Clients miss settlements through bank stuff-ups
- The service of banks settlements is worsening by a large margin
What the highlight of the survey was not the results, they were not unexpected, it was the opportunity for lawyers and conveyancers to vent their frustrations in carrying out their daily tasks of dealing with the banks, day in day out. Here's a few examples.
Soozi
the bank's don't CARE.
they do not have to speak to the clients or be responsible for the delays in settlement, often caused by the bank. they are just names to the banks. to us, they are clients who we speak with, who are a family with young children, elderly couples, people who need assistance. Care Factor Zero by the banks. So Frustrating. Put on more staff, more telephone assistance, and people who KNOW what they are doing !
Nick
They're all the same.The bottom line is that Banks are reactive not proactive, and control the lending/settlements area like an indian call centre where, if a box is not ticked in sequential mode, it goes in the too hard basket of some uneducated pimply school leaver who has had no training. Do they get their staff from the CES because they are subsidised by the Government? Why do they always work to the lowest common denominator? Money! Service......none. Customers are numbers like prisoners in a nazi concentration camp.
Jo
Frustration with all banks but particularly CBA and ANZ. CBA has got progressively worse with waiting times of up to an hour, inability to book settlements sometimes until the day of settlement with no one willing to take responsibility and no one able to tell why such a delay. ANZ Discharges is a total disgrace with rude staff who do not know what they are doing and continually tell you things that never eventuate. They will only settle with their original Discharge Authority signed by the vendor but will not provide you with the Authority until a couple of days before settlement even though they've had the request for anywhere up to three months and despite continual faxes and phone calls and agreement that the service is disgraceful with no action taken until they can be bothered. AND don't get me started on Section 27 requests. This seems to be right across the board with all banks, even though you may have given them months notice, they do not start working on files until a couple of days prior to settlement causing us all sorts of problems with organising settlements and getting details. It seems to be that all banks have cut their staff so much that they give no service then panic, rehire and have to retrain staff only to cut the staff again and so the cycle goes. I really don't give a stuff if they're short staffed and under-trained. This is no excuse, they need to do something about it - imagine if we treated our clients this way - WE'D BE OUT OF BUSINESS. In my many years of doing conveyancing I have never experienced such incompetence, lack of accountability and poor service - they've taken it to a new level!!
Graeme
Sick of banks (that just says it all)
The responses are just a sample. Click here for more responses
The disgust for the situation is universal.
How do Settlements Operations work?
In summary the major banks' mortgage operations are run using Henry Fords 1910's conveyor belt assembly-line, updated with 1970's fax technology and overlayed with the latest 1980's centralised call centre.
No single bank employee has responsibility for a client file, it is a collective responsibility, meaning no responsibility. Emailing is not an option. Direct dialling - what's that? Book online - well that's a new thought - why didn't we think of that? You just cant do it. Again, its not an option.
Lawyers and conveyancers are all professionals and deserve an equal amount of respect. The executives of the banks have a lot to answer for decline in service levels that has brought the industry to its knees. The banks' attitude is totally cost driven. I would not be surprised if their next step is to outsource the lot to India, such is their we don't care attitude
Problems demand Answers and Solutions
There is no doubt the major banks have created the problem in the pursuit of short term efficiencies and cost savings. Having created the problem, the problem is now out of control. As much as the short term answer is more staff, the banks have the greater issue of staff retention. Recruiting, training and retaining experienced settlement staff is now an industry wide worry. Only 2 months ago, the Commonwealth Bank (Melbourne office) had to literally second and conscript staff to work in the settlements area. Not since the Vietnam War have we seen conscription. Increased staffing levels is just a short term panacea. But it appears no-one wants a career working under such demoralising conditions.
Reform is demanded.
The solution. It has to be industry wide, it has to be national and it has to be a technical solution. The securities industry and the money markets recognised this problem over 20 years ago and collectively enacted just that - the results were SEATS, CHESS & Austraclear, all world class solutions.
Links
Results of the Survey and General Responses
Survey: Does dealing with the major banks suck?
247legal Blog - issues covering conveyancing
For further information
Brett Hayton
Property & Conveyancing Lawyer
Hayton Kosky Lawyers
03 9557 3344
bretthayton at gmail.com
247legal.com.au #1 for digital conveyancing
on behalf of all disgruntled lawyers and conveyancers that are fed up with the banks
We demand national action and national solutions
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