As an old Bank employee, I am aware that an indicator post nothing was able to be loaded onto the client's account. This had the affect that if anything was received into or funds or debited from the account it would be rejected. Is there a reason why the same type of indicator cannot be loaded onto the clients account 24 hours prior to settlement, therefore allowing for a final PO to be issued? Some other FI do actually do this and forward a conversation to advise the client the account will be frozen.
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I totally agree. We have also had a number of instances where we have been advised the PO will be loaded prior to 10am day of settlement, only to be still chasing well past this time and sometimes up to 15 mins prior to the actual settlement time. Then we are reminded via a conversation that WE need to sign off in PEXA for settlement to proceed. What then happens when the PO figure is more than available funds at settlement? We need to request a release of deposit with funds to be paid to either our Solicitors Trust account:- delays of 24 hours or more or to the PEXA settlement account a delay:- 3 days. I have worked in a Solicitors office handling conveyancing for over 15 years, our policy has always been to work and provide clients with full disclosure of fees and charges prior to settlement. We are now forwarding correspondence to our clients stating "to be advised due to your lender not providing details". The pressure is always on Solicitors and Conveyancers to get documents in the prepared stage to satisfy the Banks however the Banks do not reciprocate. PEXA is becoming a "one way street" to satisfy the Banks with little or no regard as to client's needs or customer service.
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