So today randomly out of the blue NAB has closed our mortgage account down despite having sent no less than 3 letters since January informing us that it would remain open with the redraw facility available until we sent a written request for it to be closed. No written request and a very sizable redraw gone. Suggestions? Anyone had this happened and had it reinstated including the redraw?!
Anyone had a bank close a (mortgage) account with no warning?
Lmataeka on 28/11/2016 - 18:50
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Yeah obviously doing that tomorrow but hoping to gauge whether there is a chance the loan will get instated WITH the redraw as well (we have evidence of what it was etc)
Who knows? Pretty hard to answer a question like that without knowing all the details.
Maybe a simple mix up.
Husband called today and was told it was because there was no activity and they can't reopen…:/
@mataeka: Despite 3 letters?
- Contact NAB Resolve team, and if not satisfied, go to Banking Ombudsman.
Is there more to the story?
Why would NAB send you that many letters in the first place saying that the account would remain open?
I wouldn't mind a bank closing my mortgage account if I had a huge balance owing!
I wouldn't mind a bank closing my mortgage account if I had a huge balance owing!
They also would be holding the title deeds.
Mine was left open after it was paid off and bad to jump through hoops to close it and get title.
Yup we left it at $0 so we could access the redraw feature if the ideal property came along to use as a deposit. The 3 identical letters all said it would remain open even at $0 so we could use the redraw facility.
It was paid to $0 in January so no interest accrued or any activity since then but otherwise no. No shady back story - no mortgage but no title deeds etc yet…
You would more than likely have to complete a form and pay a fee for the bank to apply to have the title deeds signed over to you.
We changed banks, consolidated a loan and freed up one property I assumed after settlement we would hear about the title deeds but it wasn't until I called CBA that they sent me an email with the form to fill out, I have elected to leave as is for now as the deeds are safer with them than at my place.Yeah that's why we were happy to leave the account open plus we denied them a LOT of interest with our early repayments so honestly was expecting a sizable fee to even close the account… Now wondering what will leave us in a better situation overall…
you will find in the fineprint somewhere that they automatically close your account after x amount of months of inactivity.
Despite sending multiple letters stating precisely the opposite?
guess every indvidual case is different.
for me i was getting letters constantly reminding me that my account was due for closure due to inactivity, so ive just been putting in a dollar every now and then to keep it open.
Looks like the moral for the rest of us is to make sure we leave $1 owing at all times. If anyone would like to donate $1m to me (I'm in Sydney), I'm happy to try this out and report back whether it works. ;-)
heh, yeah, I was going to do that until they sent the letter saying it'd remain open at $0 until the end of the loan term….
Contact NAB.