I hear you and welcome your view. Thanks for being candid.
What irks me is that the bank’s own website or T&C (I cannot recall) clearly states that customers are to use online banking if they cannot or do not use the app.
As mentioned already, online banking for the purpose of inter bank transfers requires the code sent via the app. Without a code I can whistle Dixie.
No you misread my post.
The TD matured 13JAN.
I wanted the money on 13JAN.
Initially I expected it would be shunted to the at call a/c from where I could move it elsewhere if I chose.
But it was not moved by the bank to the at call a/c.
Instead for a few days I was told it was rolled over into a new TD.
A TD I did not authorise and a TD the bank cannot tell me who did authorise.
I am just trying to understand a constantly changing story with various issues that seem to get in the way of you getting your money.
So if we go all the way back to your original post, where was the money for the bank cheque that needed to be redone to come from? Out of an at-call account, or out of the term deposit account?
Update: In January I complained to AFCA. In February AFCA assigned a case number, suggesting it would be useful for me to negotiate with HSBC until the matter is formally dealt with by AFCA as that may take many weeks.
I contacted HSBC. They claim to have called me but I never spoke on the phone to them and have no record of any voicemail from them. When asked by me “when exactly did you call and did you leave a voicemail, so I can check with my telco why I did not receive your call”, the bank did not address the issue.
By email, the bank indicated it wanted to talk over the matter and asked when they can call me. I mentioned that notwithstanding I can offer no more facts other than what I offered AFCA and the bank separately months ago - and that I believe email is better as these can be tendered as evidence either to AFCA or ABC TV, whereas recollections from telephone calls don’t carry the same weight, if the bank insists on calling, I offered a three hour window last week. Guess what? No calls were made, no voicemails left.
Today when I queried why I was not called, I was told they decided they want to let AFCA’s process take place.
Good luck with ACMA.
I suppose it could go one of two ways.
They could side with you and require your bank to give you your money. Which they are willing to do, but you keep rejecting their processes.
They could side with the bank and decide it has been reasonable in its attempts to give you your money.
Either way you are back to square one.
Seems that HSBC are tired of dealing with you, and whatever ACMA decides they will abide by. Which you will also have to accept.
2 Likes
I think you misread my history.
There was never an argument from the bank that they are willing to give me the money.
The fact is that it took a week or so after I was entitled to my money for access to be given.
In that week I called, emailed and was told to visit a branch three times to sort out the paperwork.
And visit I did, but little was sorted out.
I was also promised interest at a certain rate would be paid to me for the days I was denied my funds. That promise was made in writing. Notwithstanding I asked for interest to be credited to me, it’s close to 3 months since the event and nothing has been credited to me.
Also, I was told my TD was rolled over and if I wanted to access it before the term was up, I would (a) need to complete an “early release form” and (b) be subject to a fee to “break the TD ahead of time”. I refused to sign such a form because I never rolled the TD. Three times I asked for proof that I rolled it, and nothing has been forthcoming.
I am wondering if there was a cyber attack and accounts were either rolled over or fudns withdrawn. Again to this query HSBC have not replied.
The trouble I have trying to follow this topic, is that every post you make, the story changes. This latest introduces that an early release form be filled out, and fee for such into the story. Never mentioned previously.
I have indeed followed your history of posts in this topic. Long ago I used to be a bank teller. I worked for a big bank for 14 years, and of course used banks for a long time.
You seem to think that your ideas about how bank processes should work to suit you trump how banks actually work, and the processes and controls around money that staff have to follow.
Why not just do a bit of paperwork, and get your money? It all seems so pointless, like why do you waste your time on this issue?
1 Like
Not so. On 21JAN23 I mentioned that I was offered to break the TD. In my latest post I merely expanded on what I wrote at that time.
As to yr comment on me “wasting time”, I for one should not be forced to change my ways because the bank committed a series of errors. Asking me to sign a w/drawal form for twice what I had in the a/c could be seen as me committing fraud. This is something I do not do and should not be forced to do. The bank writing that they tried to call me is false. There is no evidence they ever tried to call. The bank promising but not following through with interest pmt for the days my funds were unavailable to me, for reasons never explained. And to this day I want to know who rolled my TD over and whether there was a cyber attack on the bank.
Please read the product disclosure statement/terms and conditions of the term deposit agreed to on the setting up the term deposit. They are clear that if a customer doesn’t provide instructions to the bank on the monies maturity, the term deposit automatically renews after 5 days. The bank in question can’t be blamed for inaction of a customer to provide instruction. Since there was a failure to provide any instruction, the renewal has occurred in accordance with the terms and conditions. Once automatically renewed, conditions associated with breaking the term deposit before maturity come into play.
It is agreed the bank made a clerical error on its paperwork which required it to be redone. Errors happen all the time. They tried to correct the clerical error which is reasonable and doing such isn’t anything sinister. It would be concerning if they ignored the clerical error and processed the paperwork assuming that it didn’t contain errors. Such didn’t occur and the bank did the right thing by correcting the error.
There is no conspiracy, fraud or mystery actions carried out by the bank. If the clerical error was accepted for what it was and if term deposit PDS/T&Cs had been read, it not only would have saved a lot of wasted effort trying to prove something which hasn’t occurred, but also it would not be potentially wasting the time of those who are now running around trying to address the allegations.
As the thread contains enough information on what has occurred based on the circumstances presented, this thread is now closed.
2 Likes
Some months ago, before temporarily quitting this blog, I outlined how HSBC without my consent rolled over a term deposit and it took me quite some work to get access to my funds.
HSBC was not co-operative when I sought redress, so I complained to AFCA. I was shocked when HSBC seemed happy with me reaching out to AFCA.
AFCA finally replied and found in favour of HSBC (which made a small offer of compensation). In AFCA’s reasons for finding in HSBC’s favour (there were four) two of which do not align with the facts. For instance AFCA claims that the bank followed my maturity instructions, but does not list my instructions, My only instructions were in Oct 2022 (verbal) and early Jan 2023 (in writing). Putting aside the verbal instructions, HSBC confirmed in writing in early Jan they would revert before maturity and they failed to do so.
My question is: does anyone have experience in escalating a AFCA complaint to an adjudicator at AFCA or skipping the adjudicator and taking the matter to a local court?
If so, what was the outome?
@Jon01, your new post has been appended to the previous discussion as it follows on.
If you are interested in court outcomes, it may be more expedient and beneficial to search the case summaries of your state/territory courts to identify any similar cases.
There are other resources available which are accessible to all of us including
‘https://www.afca.org.au/what-to-expect/search-published-decisions
‘https://www.afca.org.au/what-to-expect/the-process-we-follow
1 Like
Thanks, will do.
