FURTHER to your article: “Retirement scam raises warnings” of March 26, 2024 may we add some more, hopefully helpful comments for your readers.
We have had a long and happy experience with the Commonwealth Bank of Australia [CBA], starting in about 1989.
However, 2024 is a very different scene, almost unrecognisable.
There are ways in which the bank improves their ‘bottom line’ at the customers’ expense.
Let me explain one of my personal experiences.
We had a Term Deposit [TD] with the CBA. When maturation time approached, I went to the bank to leave my instructions about the funds. I was told; “Come in on the due day and we will deal with it then.”
The due day turned out to be a Saturday of a long weekend.
On the first Tuesday after, I called on the branch and requested interest on the extra three days.
I was told, ‘Oh no, you should have come-in on the due date.’
After speaking with the branch manager, the bank agreed, they owed us the extra interest.
Then we invested the funds in another six-month TD. I stressed, ‘Make sure the due date is not on a Saturday.’ In other words, make the term a few days more or less if you need, to avoid a weekend.
Sure enough, when the funds mature in the following calendar year, it is a Saturday!
Our recent experiences have been traumatic. Hopefully we have learned something to help prepare us for the twenty first century.
Geoff de Jonge
