on 16-11-2020 11:22 AM
I invite CBA into a workspace and CBA declined due to incorrect Participant selected and the message you receive from CBA is "The reason provided for this is: Other This is a CONSENT Matter for PRODUCTIONS AND EXECUTIONS TEAM to complete via Retail Platform. "
This reason really does not help with who to select as a Participant as the only options in PEXA are:
CBA - Commonwealth Bank of Australia ABN48123123124
CBA Corporate Services (NSW) Pty Ltd ABN 25072765434
CBA Corporate Services (VIC) Pty Ltd ABN 16072103532
It is very frustrating - I had one matter declined 4 times with reasons that did not help with which option to select.
Does anyone else have this problem with CBA? Is there a guide on which option to select for CBA as Consentor (the Bank Transfer guides don't cover this issue)
on 04-12-2020 08:37 AM
Thanks for the feedback, we will be more than willing to provide some clarity and review the examples you have.
Can you please private message me your contact details so I can gather the relevant reference numbers and review.
on 04-12-2020 11:12 AM
I recently had a similar issue with CBA.
Our client's residential discharge was for some reason being dealt with by the commercial team. CBA accepted the invite but kept refusing to acknowledge that they had a discharge authority. They clearly had received a discharge authority because we received a "ready to book" from SAI when it was set up as a paper settlement (Qld).
I went in circles with the retail and commercial team and made about 10 phone calls all up and each time I had to repeat the same story over and over and no one seemed to be able to help.
At one point CBA advised that the invite had been sent on to the Business team and advised that we should invite the Business team in future, a bit hard when they don't exist in the invite section! CBA business team then promptly declined.
I was FINALLY advised that when you send an invite, you have to specify what type of settlement it is e.g. commercial/retail/repaid etc and then it is forwarded to the correct team. I mean, this doesn't really help when you expect it to be a retail settlement but it's being handled by a different team!
The day before settlement I managed to get a hold of a lovely lady in the retail team (after over a week of getting nowhere) and she sorted it out in an instant by directly getting in touch with the commercial and PEXA teams and waited while they accepted the invite and booking.
I have always had a great experience with CBA but this was just so frustrating an disappointing.
CBA really need to get this sorted.
on 04-12-2020 05:36 PM
Thanks for adding your feedback to this post Tracey.
I am sorry that you had the run around on this deal. You are right, we need to be better at this.
This gives me a really good example to raise at our next meeting between Business and Retail so we can make the improvements required.
on 08-12-2020 03:48 PM
This sometimes occurs when it is the business banking. I noticed that you really have to push them to get an answer and, after sending them a few conversations in the workspace, they replied. I have a similar one and underneath is the conversation I received from them in the workspace.
Thank you for the PEXA invitation. Please provide CHL (Home loan Application) number / Loan account number as we are unable to find client's application in our system. If this is a commercial application please advise so we can invite CBA BUSINESS BANK into the PEXA workspace on your behalf."
I am liaising with the banker to get the information required so, hopefully this will resolve the issue.
Good luck and I have found really pushing them hard often works, both through the workspace and directly with the banker.