Sunday, 7 December 2014

" Bank Term Deposits - Rip Off !! "

 
Sent: Monday, December 08, 2014 12:30 PM
 

 
Sent: Monday, December 08, 2014 12:20 PM
Cc: Richard Colbeck ; Richard Di Natale ; Richard Marles ; Ricky Muir ; Rob Mitchell ; Robert Borsak MLC ; Robert Brown MLC ; Roza Sage ; Sam Dastyari ; Sam Dastyari ; Sarah Hanson-Young ; Scott Buchholz ; Scott Ludlam ; Scott Morrison ; Scott Ryan ; Senator Canavan ; Senator Hellen Polley ; Senator Joe Bullock ; Senator Sean Edwards ; Senator Zed Seselja ; senator.gallacher@aph.gov.au ; Senator.O'sullivan ; senator.rhiannon@aph.gov.au ; Shane Dowling ; Shane Rattenbury ; Sharon Bird ; Sharon Claydon ; Sharon Grierson ; Simon Birmingham ; Sophie Cotsis ; Stephen Conroy ; Stephen Jones ; Stephen Parry ; Steven Ciobo ; Stuart Robert ; Sue Lines ; Susan Ley ; Suzanne Kay (Sue) Boyce ; Tanya Plibersek ; Terese.Mayer@aph.gov.au ; Thomas.McCrudden@aph.gov.au ; Tim Watts ; tony abbott ; Tony Burke ; Tony Zappia ; Trevor Khan MLC ; Warren Entsch ; Warren Truss ; Wayne Swan ; Will Hodgman
Subject: Fw: " Bank Term Deposits - Rip Off!! "
 
 
Sent: Monday, December 08, 2014 12:11 PM
Cc: Jill Hall ; Jillian Skinner MP ; Joanne Ryan ; Joe Hockey ; John (MP) Cobb ; John Alexander ; John Cobb ; John Faulkner ; John Forrest ; John Hogg ; John Kaye ; John Madigan ; John Williams ; john.robertson@nswlabor.org.au ; Josh Frydenberg ; Julie Bishop ; Julie Collins ; Julie Owens ; Justine Elliot ; Kangaroo Court of Australia ; Kate Ellis ; Kate Lundy ; Kate.Barker@aph.gov.au ; Katy Gallagher MLA ; Kelvin Thomson ; Kevin Anderson MP ; Kevin Andrews ; Kevin Humphries ; Kim Carr ; Lara Giddings ; Larissa Waters ; Laurie Ferguson ; Linda Burney ; Linda Reynolds ; Lisa Chesters ; Louise Clare Pratt ; Louise Markus ; Luke Hartsuyker ; Mal Brough ; Malcom Turnbull ; Maree.Kent@aph.gov.au ; Maria Vamvakinou ; Marise Payne ; Mark Butler MP ; Mark Coulton ; Mark Dreyfus ; Mathias Cormann ; Matt Thistlethwaite
Subject: Fw: " Bank Term Deposits - Rip Off!! "
 
 
Sent: Monday, December 08, 2014 12:04 PM
Cc: Bridget McKenzie ; Bronwyn Bishop ; Bruce Billson ; Bruce Scott ; C.Pyne ; Carol Brown ; Catherine King ; Cathy McGowan AO ; Cathy.Lovern@aph.gov.au ; Catryna Bilyk ; Chris Bowen ; Chris Hayes ; Chris Ketter ; Chris.Bourne@aph.gov.au ; Christine Milne ; Christopher Back ; Christopher Evans ; Christopher.Browne@aph.gov.au ; Claire Moore ; Clare O'Neil ; Clive Palmer MP ; Colin.Pryce@aph.gov.au ; Concetta Fierravanti-Wells ; Cory Bernardi ; Darren Chester ; David Bushby ; David Fawcett ; David Johnston ; David Leyonhjelm ; David Shoebridge ; Dean Smith ; Deborah O'Neill ; Dennis.Jensen ; Dennis.O'Riely@aph.gov.au ; Dio Wang ; Don Page ; Doug ; Dr Andrew Leigh ; Dr Jim Chalmers ; Duncan Gay ; Ed Husic ; ElectorateOffice.BlueMountains@parliament.nsw.gov.au ; Emma.Garbutt@aph.gov.au ; Eric Abetz ; Federal Greens Office ; Fiona Nash ; Fiona.Ward@aph.gov.au ; Fred Nile MLC ; Gai Brodtmann ; Gai.Coghlan@aph.gov.au ; Gary Gray ; Gavin Marshall
Subject: Fw: " Bank Term Deposits - Rip Off!! "
 

( Me at my place )
I am coming out loud and proud and declaring the following:
1. I am an Aussie white bloke of European descent!
2. I am heterosexual!
3. Although non religious I tend to believe in the so-called Christian values/belief!
Mike's Comments 8/12/2014.
 
Subject: " Bank Term Deposits - Rip Off !! "
 
People I have some moderate Term Deposits with all the major banks.
 
However when I consider the fact that as a low income old age pensioner I rarely - if ever - pay any income tax which I believe speaks volumes in regards to the very poor returns I receive on the majority of my investments and that being bank term deposits.
 
Now I am not particularly singling out the ANZ Bank however as I renewed a term deposit that I have had with them for many years last Friday the 5/12/2014 they are very current in my mind in regard to what I believe is a blatant rip off and that is the poultry sum these banks give us for our
hard earned savings in the way of the interest on our term deposits!
 
On the 21/11/2014 I received notification dated the 14/11/2014 that my term deposit which was invested at ( 3.15%) for (7) months was maturing on Sunday the 30/11/2014.
 
Then on Friday the 5/12/2014 I received another notification dated the 28/11/2014 stating that my term deposit had matured on Sunday the 30/11/2014 and quote " Your current instructions for payment of principle and interest are set out below" unquote and ofcourse I had not given any instructions to that effect especially as according to the notification they (ANZ) had reinvested my funds at (2.50%) which is (.2%) above the national current third quarter inflation figure of (2.3%) and (0.65%) below my previous rate of ( 3.15%) for a further (7) months?
 
However ANZ then go on to state quote " You have a seven day grace period starting on 30th November 2014 ( A Sunday banks closed ) in which you can change any of the above instructions. If we don't hear from you within the grace period, your ANZ Term Deposit will reinvest automatically according to the instructions above " unquote.
 
Now bear in mind people that the seven day grace in not working days and as day (1) the 30/11/14 was a Sunday and day (7) the 6/12/14 was a Saturday both days when the bank was closed means I hardly have (7) days plus add insult to injury I received the reinvestment on the 5/12/2014 the last possible bank working day to change it!
 
Now I find that the quickest way to renew my term deposit is go up to the counter and get the tellers to do it because in the Tamworth ANZ it takes to long to wait for the so-called ? bank consultants in the side offices - in fact twice now over a period of time I have had to go and remind them that I am sitting waiting outside their always busy working on their computers or some such thing?
 
However this time there were quite a number of people waiting to see the tellers and I got caught by this young blonde bimbo who came out and asked me what I wanted and after I informed her she insisted that she serve me as it was her job not the tellers.
 
Well first up she refused to give me a print out of the days term deposit rates so I could review them! but when I insisted she got me half a sheet she had torn off the top half?? so I could not see them - ? no old bloke dressed like a cocky was going to tell her what to do!! and that was her attitude from then on!!
 
When I complained that (2.50%) was only about (0.2%) above the inflation rate and even if I accepted the (2.95%) it was ( 0.2% ) below the (3.15%) I was getting before and that this was a blatant rip off and I was going backwards at a rate of knots!!
 
Ok she stated if your not happy with that you could switch over to an ANZ Progress Saver which was currently paying (3.15%)??
 
Now people I have learned the hard way over my (74) years plus banks only lend you an umbrella on cloudless sky days! and you must always read the very! very! fine print!!
 
When I asked this bimbo what the base rate was of this ANZ Progress Saver ? you ready for this - she stated ( 0.05%)? so I was going to rely on the good graces of the ANZ Bank for the additional bonus of ( 3.10%) plus the fact that I would only get that if I ensured I deposited a minimum of ($10 ) per month and no withdrawals otherwise goodbye bonus hello (0.05%) interest on my hard earned funds!! and it was up to me to be aware what the banks going rate was which would have meant me checking either daily and no less than weekly ? to see if the bonus issue had declined to on par or less than the (2.50%) standard base rate and then switch back to term deposits?? what a pain in the bum!!
 
However she stated if your not happy with that she could cancel the term deposit and put the funds into my account - in other words piss off smart arse your annoying me!!
 
Well it was Friday afternoon and the last day I could change my mind and it would take a least (3) days to get the funds into my St George Account so reluctantly I accepted the (2.95%) over (6) months however I did state that in future I will note on my diary the pending maturity date and make sure I check with the other banks before I come into reinvest!! bimbo - not happy " Jan " look on her face.
 
Afterwards I went into the Commonwealth Bk Tamworth where I could have got (3.5%) and St George where I would have got say (3.15%) for the same periods and funds - it pays to shop around!!!!
 
Now ? why am I boring you with all this too much information??
 
Ok well I am not singling out as I said before the ANZ Bank because at one stage or the other I have been a customer - and still are in some cases - where with the exception - well to date anyway?? - of St George I find they are all a bunch of robbing bastards!! and just to emphasise the point have a look at the following from the ANZ web sites where my hard earned funds in the shape of a term deposit are going towards funding the ANZ record full year profit of 7.3 billion - yep that is billion! - up by (15%) on the same period last year while they pay me and 10's of 1000's of others I am sure our miserly (2.95%)-
 
1. The ANZ Progress Saver as already stated here ? we contribute to the (3.10%) bonus!
2. The ANZ Online Saver Account. For (3) months at a standard rate of (2.50%) with our  contribution to the bonus of (1,20%) making (3.70%) then reverts back to a base rate of (2,50%).
3. Let's look at the loans that we term depositors help fund-
Variable personal loan - from 13.69%.
Fixed        "            "    - From 13.95%.
Car Loans                   - From 8.44% to 9.29%.
Overdraft                    - From 13.26%.
Home Variable             - From 5.88% to 5.98%.
Home Loans - Fixed    - From 1 year 4.79% or 5.35%.
                                               10 year 7.54% or 7.18%.
My credit card - Purchases - Interest Rate 18.79% p.a ( 0.0514% daily )
                        - Cash Advances - Interest Rate 20.99% p.a (0.0575% daily)
                        - Balance Transfers - Interest Rate 18.79% p.a ( 0.0514% Daily)
 
This is ofcourse apart from the exorbitant salaries and bonuses paid to the Directors, Management and staff plus these unproductive, non-revenue generating cost centres commonly known as head offices?
 
Then ofcourse the share holders have to be catered for which in many ways includes the Directors, Management and staff who also have shares in the company - double dip so to speak.
 
Let's look at the meager profits these poor souls made for 2013 - 2014 -
 
ANZ had a record full year profit of ($7.3) billion - yep billion!! up (15%) on a year ago!!
 
National Banks Profit poor buggers was down (9.8%) ? some trouble in the UK I gather so they
only made ($ 5.18) billion - shame don't you feel sorry for them??
 
Commonwealth Bank now? I don't know whether or not this is a miss print because I have checked it twice? but they only made ($8,631) million not billion -? bet their not " Happy Jan ".
 
Westpac - their year end to the 30/6/2014 they made ($ 7.6 ) Billion up (8%).
 
St George & B.T their cash earnings were up (12%) to ($4.48) billion.
 
I look on us 10's of 1000's of term deposit holders as being at the pointy end of an upside down pyramid where this massive base called a banking industry is resting on our shoulders and we have very little reward from it that all goes else where!!
 
In fact the rates of return are not only pathetic but are an insult and tantamount to treating us with contempt!!
 
Resolution???
 
More competition!! much more competition!! the major banks have become very arrogant!!
 
However people if your happy with that or are to apathetic to care ?? don't whinge when you get into your late 70's and 80's and you have to take a job as a janitor, night watchman, Lolly Pop and/or Stop Go Man because your nest egg put away for your retirement has disappeared through no fault of your own??
 
Mike Howe.
 
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