This morning I had a settlement with the Commonwealth Bank. I acted for the Purchaser and they were Incoming Mortgagee. I told them last week and entered in the Settlement Summary the amount required for settlement. However, on two occasions, instead of following my instructions (I am their client's representative) they just entered funds to equal the vendor's destinations. The Vendor had made a mistake with their destinations and fixed it in time. However, by this stage it was too late for the CBA to update their source funds in time. If the CBA had followed my instructions (as they would in the paper world) this would not have happened. In light of recent incidents, CBA you shoudl not be just uploading funds to make the Financial Statement balance, you should be following client instructions.
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