CBA bank charged more interest (homeloan) than it should and it took forever to get them to refund- what rights do we have?

redlover on 05/08/2014 - 14:54

Hi everyone,
last month it came to my attention that CBA charged us more than it should on our homeloan account.
I found this out when I called them and asked them to go through with me how they arrive at the amount they charged me.
Apparently after a long hold over the phone, the customer service on the phone apologies and explained that they are charging me more than it should.
they promised that they will refund the excess however this has been dragged.. and until now I still havent get any refund from them.
the customer relation contacted me after a formal complaint I submitted online on their website explaining that there are many customer that face the same problem as me thus unfortunately they are trying to fix this in one shot, which means.. they wont be able to tell me when I can get my refund.
They said "all I can say is only apologies to you at the moment but please rest assured we are fixing this for you"
I don't think this is fair for us as a customer?? anyone have any knowledge on what is my rights on this?

Thank you all in advance

Financial

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Comments

  • [Deactivated] on 05/08/2014 - 16:26
    +1

    How much more were you charged?

    I would get onto the phone with CBA, ask for someone senior then the person who answers the phone and start talking about small claims court unless immediate action is taken.

    Not really about rights, but moreso what is stipulated under the terms and conditions of the mortgage agreement. My guess is CBA would have a clause in two in there protecting themselves in these situations.

    Get your money back and take your banking elsewhere.

  • Shadow54 on 05/08/2014 - 16:45
    +1

    Dump CBA - they are simply too big to care. Look at the recent debacle with CBA financial planning and the attitude taken by CBA to setting things right. CBA had to be dragged kicking and screaming to compensate investors. And the crooked/reckless advisors have for the most part gone unpunished. Like I said, too big to care. And not to mention all their ridiculous fees and charges!
    ING, HSBC, ME Bank, Bankvic and many other smaller lenders will be happy to have your business……

    • cloudy on 06/08/2014 - 11:53

      yea, i had a instance where the bank costed me $75. I rang them many tmies, and started getting cold transfers from their call centre and promised call backs.

      they just snobbed me off basically.

      I've taken my business else where, its just easier. But i do encourage u to fight for a fair outcome for yourself first!

  • mmd on 05/08/2014 - 20:58
    +1

    Commbank canT
    Once you get the refund, take your home loan elsewhere.

  • ilostnemo on 05/08/2014 - 22:33

    The CBA agreed on a new rate for my home loan and it took an extra 3 weeks to put the change through 2 weeks later they gave me a credit for the interest, which I calculated to be correct.

    They told me there were 2 teams who do the interest change, I thought it was a bit strange, but it all balanced at the end.

    Just document the dates and they should come through.

    Was this your first month the home loan came out or has it been going for a while.

  • saurab8 on 06/08/2014 - 00:42

    I had a similar situation with my bank (citibank), last year.

    When I spoke to their complaints staff I asked them to refund the money plus the account keeping fee they charged me for that year, which was $350 p.a.

    My reason for requesting a refund of account keeping fee was "Citibank are unable to manage my account correctly = why I pay the fee". Staff agreed to my reason and refunded me the money plus the account keeping fee.

    You could do the same.

    You can also lodge your matter with "Financial Ombudsman Service" via http://www.fos.org.au/

    In terms of your rights - you can request for any excess interest charge that you had to pay due to the error. You can request for compensation for inconvenience caused to you (which include cost of your time wasted to resolve the error and any stress the error may have caused you).

    Hope my suggestion helps you and you get the best outcome.

    If you want any further help about this matter you can contact me on facebook community page www.facebook.com/your.money.management - where I guide and assist people to get the most out of their DOLLAR.

  • Geewhizz on 06/08/2014 - 07:32

    Definitely go to the ombudsman, and make sure you end up with interest on what they have overcharged you.

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