a week ago - last edited a week ago
We had a matter scheduled to settle at 12.30pm, today. We sent a "conversation" to ANZ at 11.33am, no response or action, we sent a further two conversations also no response. ANZ, who were the Discharging Mortgagee, had not signed the Discharge of Mortgage or Cord Holders Consent however they had managed to sign the Financial Statement. After no response to our "conversations" we rang ANZ we were on hold for over 30 minutes and then put on hold again, while they spoke to their Release Team...telephone operator's returned with the reply "OK now".
No apology or reason given for not reponding to our conversations. When asked why ANZ had not responded to our "conversations" was advised it was done now (the signing).
So, we were unable to leave our computer or phone for over 2 hours but that's "OK" by ANZ.
How is this reasonable or acceptable or fair to other participants within the workspace? How does this equate to PEXA saves us time?
Please do not take this as a condescending comment or an excuse for the telephone manner you described.
Most large banks are getting thousands of conversations daily.
The conversation function in PEXA is not an instant messaging or chat function that is monitored in real-time. Hence the guideline response times of "Within 4 business hours after receiving notification, if settlement is in 2 business days or less."
Given the volume of transactions being processed, sending a conversation within 2 hours of settlement is, for most banks, going to be largely ineffectual from an escalation viewpoint. Similarly, any follow-up conversations closer to settlement are not going to improve the priority of the transaction being reviewed.
The telephone support line you contacted was exactly the right approach for this 'day of settlement' issue and escalation, which appears to stem from a human failure in the process to sign the FSS but not the document.
Thank you, Morri.
We would like to invite you to our office and experience a busy conveyancing team. The banks are not the only ones busy. To quote Cory - Occasional Contributor - and his comment under the topic Banks are not taking this seriously - '...GUESS WHAT? this is a busy industry". We note with interest their problem was also with ANZ
Rather then reducing staff the banks should be hiring additional staff, who are competent and can communicate with other teams/departments within their organisation.
In regard to your comments to guidelines and response times...why are the banks not monitoring PEXA in real time? Why have the conversation tab if, it is not going to be used and responded to? Our office monitors PEXA and the "Conversation" entered and we endeavour to response promptly. We never received a reply, from ANZ, to a conversation we entered 3 days prior to settlement.
We are certain when we undertook our PEXA training using the conversation tab was readily encouraged and advised was the correct course of action. Saves waiting on hold...we understood one of the aims of electronic conveyancing was to reduce our need to ring the banks and be put on the endless wait/hold cycle.
What does escalation mean? How many time have we all been told by the bank's telephone operator they have sent an "escalation" email to their verification team or settlement team or file owner and nothing happens. You ring, again, and go thru the same scenario.
We together with other legal representatives should not be chasing the banks 2 hours prior to settlement to do their job. We assume, like us, the banks have access to Workspace summary - Outstanding Tasks, Documents, Tasks and Notifications, these features within PEXA show any outstanding item you may have.
Bottom line is all banks should be made to enter payout figures in a reasonable and acceptable time to all parties and we should not have to chase them, either by PEXA or phone. The morning of settlement is NOT ACCEPTABLE OR REASONABLE OR FAIR to be entering pay-out figures.
Wednesday - last edited Wednesday
Just fyi, the reason @MarianAbraham has asked for the Workspace ID via private message is that we do take a very conservative approach to customer and transaction details on Community. You're probably right in that the security risk is minimal, given the matter has settled.
However, Workspace ID's are still pieces of customer information; workspaces are persistent in PEXA so you can access all of that sensitive information in it years after settlement by revisiting the workspace (if, and only if, you maintain a role within the workspace).
You can private message by hovering over a person's display picture which will bring up this pop up with the send message button: