Banks - They need to life their game

[Jennifer-Vice]

PEXA - you are going to have to do something to get the banks to lift their game.  They are taking full advantage of the PEXA platform and ruining it for the rest of us.  I have never spent so much time on the one file chasing banks as I have with a paper settlement.  They are lazy, slack, lack communication, request unnecessary documents and leave everything to the last minute including signing off on the workspace.  The majority of settlements are delayed and its costing our client's more money and its us as their representatives more money.   They are absolutely hopeless and its becoming unbearable to work with.  Something needs to be done because they cannot continue.

[Marlo]

I agree - also they are of the opinion that if settlement does not take place at the scheduled time - then that's ok it will just roll over, but their are Trucks full with furniture waiting to move in (removalists needs to get their job finished and ready for the next day).  More often than not they are now charging a delay fee which is also costing our clients more money.  Hope all this makes sense

[SCTHornsby]

Totally agree.  The banks are entering pay-out figures and funds available up to 2 hours prior to settlement.  The banks and their solicitors are still trying to impose unrealistic time frames and their policies on us, which we never agreed to or sighted.  Yesterday, we had a simultaneous settlement with substitution of security, the bank's solicitors wanted paper "cheque" directions a full 2 days prior to settlement but would not provide/enter pay-out figure until the morning of settlement.  

Another recent discharge settlement, bank wanted to know the amount of surplus funds they were to collect but had not provided/entered pay-out figure???  Go figure!!! 

Why is it that one department, "Team", of a bank cannot ring/pass on information/documents to other department , "Team" of the bank?  Or the bank's can't chase their solicitors or visa versa?  When did we become employees of the banks?  

Its prevents us moving forward with the workspace and finalising our part of the transaction.  How are we to confirm our client agrees with pay-out figure provided/entered by bank when only entered the morning of settlement or 2 hours prior to settlement?  It is not reasonable, fair or acceptable?

So how is PEXA saving us time?

[LouiseMcCabe]

I completely agree with this post and I am glad someone has taken the time to bring this issue to the attention of PEXA. I face this issue on a daily basis and we are all being adversely affected. The “Bank Transfer Tips” need to be followed by the banks and financial institutions who have helped to create them.