Banks are not taking this seriously!

[Beth]

It's just frustrating that we are wasting our time and day mucking about to do something that needs to be done by the banks.  The problem from speaking with the call centre people (when you actually manage to get onto one) is that most bankers don't have PEXA access and they are not allowed to put you onto the PEXA staff so you end up playing a game of whispers with people who don't really understand the process.  I spoke with a lady who works in certifications who says she cannot log on and see when a transfer has been completed (which is why they still request a paper transfer even where we are preparing them in PEXA).  They need to sort out staffing and training issues and put the right number of people into the department to deal with the increase in electronic conveyancing.  

[catemccubbincomau]

We could go on all day about this.   Any just why do they request a settlement statement when it is a PEXA matter.   the purpose of a settlement statement is for assessment of duty, and the purchasers have the duty assessed and verified in PEXA without any reference to the Bank?

[Beth]

I sort of understand why they are asking as they want to make sure they have funds for settlement - but as they generally operate on full duty until a concession is applied I also don't see why it is such a huge issue and why they are screaming for a settlement statement 2 days after the Contract is signed. I think it comes down to not understanding the process of getting one signed as they have never had to chase a Vendor when they take 2 months to generate the form!

[Sonia77]

I totally agree !

I was supposed to settle my first PEXA Purchase yesterday.

I received an email from the discharging bank (ANZ) on the morning of settlement advising they required a paper settlement so they withdrew their workspace.  Apparently a substitution of security and term deposit is too hard for them to complete on the platform.

Not a great way to start off with my first PEXA Purchase.

[EmilyBilling]

Hi @Sonia77, I'm sorry to hear you didn't have a good experience with this transaction and I understand your PEXA Direct Specialist has spoken with you about what happened. We looked into the transaction and in this case there were outstanding tasks which prevented ANZ from being able to complete their tasks on PEXA. This resulted in the transaction going through in paper.

We appreciate you sharing your experience. All feedback is valuable as we continue to work with all industry participants to ensure successful online transactions. 

Thank you, 

Emily

Customer Engagement Manager 

[BytheBay]

The Vic mandate is with us .. so banks get your processes right!  Westpac signing off at 1.10 for settlement booked for 11.00 is totally deplorable -- as you were the linked transaction bank you caused two other settlements to fail --- not once today but twice!!  

Why is it that banks now appear incapable of providing settlement figures BEFORE settlement (you could in the paper world) - processes that dictate this is only provided on the morning of settlement is not acceptable.  Processes that dictate that you will not sign documents until the morning of settlement is also not acceptable ... any signing/completion needs to be done well ahead of settlement.

Banks also need to get pro-active with advising the representative on their side of any issues .. its called a "conversation" tool for a reason!

I have had a good experiences with Liberty Financial .. they make sure their work tasks were completed well ahead of settlement.