BANKS ARE NOT TAKING THIS SERIOUSLY

[cm]

Once again I feel the need to express total dissatisfaction with the irresponsible, unhelpful, inefficient and and flippant manner in which the bank deal with conveyancing.    Having to be chased on numerous occasions to sign off, having to be chased to upload source files, having to be chased to accept settlement, expecting that all other participants having nothing else to do but monitor the Workspace and the bank's performance or lack of performance.   This is just the tip of the iceberg.    It seems the bank are making profits by cutting service and expecting that other representatives will make sure it happens even when the matter requiring attention is not their responsibility.    I understood that PEXA maintained expected service levels and that they monitored the performance or lack of performance.    The whole manner of dealing with banks is totally unacceptable and action shouldf be taken.   It should be taken into consideration that while a Bank may have many people who can sign when required, other participants do not.   It is ludicrous that the other representative is chained to the computer so that signature can be taken care off when the bank/s finally do what is required.

[SCTHornsby]

We totally agree and we are having the same issues.

When did we all agree to become unpaid bank employees?

We keep asking the question...so how is PEXA saving us time?

[mdougall]

We also totally agree.In every matter we have done on PEXA we have been held up by the banks.

[Cory]

I agree - I just spent 40 minutes on the telephone to ANZ because they could not be bothered to read a one line conversation I sent at 9am this morning.  They went into the workspace at 11.30am signed off and left - could not be bothered to ready ONE LINE !!! when I asked ANZ why they could not read one line I was told that they are really busy on Friday's with settlements.  GUESS WHAT ?  this is a busy industry.  I have been busy for the last 18 years and that is not going to change !!!

When  will someone - anyone from the banking industry listen to and help frontline conveyancers ?? I am not talking about meeting with our governing bodies for a bit of back slapping and hand shaking, I am talking about listening to fixing these communication and workload issues.

I invite any bank representative to come into our office and watch what happens from the conveyancing side of view with PEXA settlements and MAYBE just MAYBE we can start solving some of these issues.

[PaulDuffy]

I also agree.  I am in the middle of a quite horrendous linked settlement.  Getting absolutely no help from the bank nor the bank's rep in South Australia.  No one seems to talk to the other.  I have had to put off a settlement today as critical information was left to the last minute, was promised that I would hear from someone today from the  Bank relating to a charge and have heard nothing as yet.  Settlement was for 2pm. I sent conversations and called parties all day yesterday, what a waste of time.  Now I'm getting nothing back from another bank - all I want is for them to agree to the new dates and times of settlements.  Arrgghghhhhh

[TC]

Absolutely agree - both banks involved in a refinance are just pointing the finger at each other - 5 weeks down the track they are saying settlement might take place 3 weeks after a day in the future. As the person who's finance is being toyed with, it would seem that I have no recourse. I don't know how you people bear to work in this industry - it's excruciating trying to get a simple matter resolved! Perhaps PEXA needs to include a 3 way phone conversation 5 days out from settlement to find out who is going to drop the ball.

[JaneWright]

We are experiencing dreadful problems with EVERY TRANSACTION with ANZ, ANZ just letting us down in every way. 

Incompetent. Don't respond to conversations.  Don't answer phones (on hold for hours).  Cannot follow instructions. Settlements roll over and over and over.....

This Platform is unusable and unworkable if the Banks cannot cooperate with basic process and time frames.

As a result our angry clients incur expense due to delay, removalist trucks waiting in driveways, default penalties, loss of law firm staff productivity due to monitoring screens etc. the list is endless.

ANZ - start taking your role seriously - Remember - it is your clients' that you are letting down.  We are making sure that they are acutely aware of  your inability to facilitate smooth transactions. 

[catemccubbincomau]

and their staff is not trained sufficiently.    How many times I have been told I must telephone and book a settlement, or been requested to provide copies of paper documents, or staff tell customers all is ready and it is now up to your solicitor, when clearly that is not true and they have not even accepted settlement date!Keep those complaints coming everyone and maybe we will get a big enough voice for someone to take some notice!

[Barretts]

We had a horrendous experience with ANZ yesterday. Settlement was scheduled for 2pm. We went until 4:18pm without a word from ANZ despite us, the vendor's solicitor and the outgoing mortgagee all requesting updates. I tried calling but was told the only way to communicate with the right team is via the conversation tab. ANZ finally entered source funds 4:18pm, but didn't include the shortfall account (despite the client's business banker assuring me they had authority). After a frantic call to the banker the shortfall funds were added at 4:38pm. However, the drama didn't end there. Apparently the bank needed to sign off the FSS twice and only did so once (I'm still not entirely clear why this was so - this was just what I was told in my desperate phone call to PEXA at 4:55pm). So settlement had to be delayed to another day, our client was charged penalty interest and it was only because of a very kind vendor that they weren't sitting outside with the removalist van and two small children all night! Not to mention the fact that I had to spend the entire afternoon on hold with the bank and checking the workspace hoping for an update. 

This just isn't acceptable. We are told that 85% of the time the banks are ready to go at 10am, but it seems from my and many others' experience that that just isn't the case. It used to be rare that a settlement would fail; now it seems almost a given that you won't settle at the correct time and will be lucky to settle on the correct day!

[BytheBay]

This thread has a few comments regarding ANZ poor performance but they are not the only one .. my recent experience with HSBC is horrendous .. a complete lack of understanding that they simply cannot do things on the morning of settlement ---  such as loading funds or showing the purchaser equity contribution .. by all means wait until the morning of settlement for funds to be made 'ready' but banks need to show the financials so it can be seen by all that the FSS will balance off when funds are made 'ready'.  And the number of times bank processes are still asking for paper documents .. Victoria has been mandated since October .. 2 months down the track this should not be happening at all!!  Above all - answer conversations - the conversations are usually directly related to the reasons for the complaints around issues of bank's poor practice and performance.   A reduced 30 minute roll-over time is 'better' but in my experience banks are using this to their advantage as the impact to the other parties is no longer 90 minutes and a 30 minute delay is somehow ok as its impact is lessened.  A settlement time is a settlement time .. work practices require better workspace management by all parties to ensure workspace readiness by the required time.  Again - use the conversation ... banks have a responsibility to notify a known delay just like all other parties to the transaction.