ANZ have lost it - don't want loyalty, cancelling card!!

[Flashback]

I'm all for just leaving a coughpy bank. I do love it when you get the "why did you leave us call".

You'd think by now they'd have realised a happy customer is a cheaper way to profit than trying to poach someone else' customer.

Ilost interest with the ANZ QF Gold card when they removed the free travel insurance. Considering how expensive it was, and thelimited number of points you could earn, it really seemed like they wanted to kill the card off.

The same goes in business and a lot of business owners don't seem to realise ; it's cheaper to retain a customer than it is to gain a new one

 

[oz_mark]

The same goes in business and a lot of business owners don't seem to realise ; it's cheaper to retain a customer than it is to gain a new one

While true, there is also the case that some customers are really not worth keeping. Some years ago one of the banks segmented its customers into groups based on their value to the bank, and one of the groups was called BOZO, which meant they were Below Zero value to the bank.

Separately (and a different bank) I once got a letter from a bank after penning a complaint, with a response along the lines that I might like to reconsider my banking arrangements.

 

[trippin_the_rift]

There is a , iirc, 1% visa fee for international transactions that ANZ will have to cough up. That the transaction is taking place in AUD doesn't affect that

Dave

The reason why you would see AUD purchases in another currency is when they use an offshore merchant and the transaction is settled in AUD, but the acquiring bank is not in Australia. It will appear as the 'equivilent' in AUD but is another amount at your bank. Generally the case is the charge amount is within a cent or two of the original purchase.

Worldpay is one of the larger online merchants where this is a problem.

 

[Flashback]

While true, there is also the case that some customers are really not worth keeping. Some years ago one of the banks segmented its customers into groups based on their value to the bank, and one of the groups was called BOZO, which meant they were Below Zero value to the bank.

Separately (and a different bank) I once got a letter from a bank after penning a complaint, with a response along the lines that I might like to reconsider my banking arrangements.

Joys of paying off your balance in full every month...

 

[Hvr]

While true, there is also the case that some customers are really not worth keeping. Some years ago one of the banks segmented its customers into groups based on their value to the bank, and one of the groups was called BOZO, which meant they were Below Zero value to the bank.

Separately (and a different bank) I once got a letter from a bank after penning a complaint, with a response along the lines that I might like to reconsider my banking arrangements.

Joys of paying off your balance in full every month...

And when you are classified as one of these customers you are still making money for the banks. After all retailers never hesitate to tell us how expensive CCs are for them (which I really disagree with noting that I reckon the true costs of cash are generally higher than credited [ pun always intended] )and how much they lose because of CCs.

Therefore there is money to be made from customers who pay their bills in full each month.

And surely there must be sense in knowing that you will be paid each month rather than worrying about customers who whilst accruing large interest bills may,have to be written off?

 

[Dave Noble]

And when you are classified as one of these customers you are still making money for the banks. After all retailers never hesitate to tell us how expensive CCs are for them (which I really disagree with noting that I reckon the true costs of cash are generally higher than credited [ pun always intended] )and how much they lose because of CCs.

Therefore there is money to be made from customers who pay their bills in full each month.

Depends on how much the person spends in relation to the cost of maintaining the account

 

[medhead]

Depends on how much the person spends in relation to the cost of maintaining the account

Really? I wold have thought that the annual fee was basically covering the cost of maintaining the account. So that any merchant fees gained are the cream.

I would also say that, in a general sense, that someone paying of a decent sized CC bill (~$1000 or more) every month is considered a good customer because the bank is getting that fees in and they are not having to borrow to cover a carried over balance.

I only say this because my various CC are in the range of 1K to 5K per month and I'm constantly being offer limit increases.

 

[Hvr]

Depends on how much the person spends in relation to the cost of maintaining the account

About $2k per month. Wonder what their break even point is?

 

[Flashback]

About $2k per month. Wonder what their break even point is?

Well I generally spend about 15k/month and pay off in full, so would hate to think what they're making off me. That being said, they still just don't seem to care.......

 

[trippin_the_rift]

About $2k per month. Wonder what their break even point is?

The second you pay a yearly fee they profit. Everything after that is cream for them......

Look at other countries (not just usa), where there are no yearly fees to have a card, and most have huge sign on bonuses also.

 

[Dalescott]

Firstly I don't trust the Bugger's (ANZ). I have private banking with them, and they locked up $98000 of my money, because of there own stupidity. I had to ring my private banker to get it unlocked, that took all day, well half a day. I now record all conversation with them, and they know it, because it is stated on their system. It was very interesting the first time I recorded the conversation ( i informed them at the start), because they would not talk to me, and I was passed to a supervisor (remember I have private banking). They had to come back to me, as they were not sure that they could even talk to me while I was recording the conversation. It seems to me the Banks (and I mean all the Banks) will only play by their rule, and that they are very democratic, they treat everybody the same. As a side note, Australian Banks have a VERY bad reputation with other Banks overseas, as they have a take no prisoners reputation.

 

[medhead]

Firstly I don't trust the Bugger's (ANZ). I have private banking with them, and they locked up $98000 of my money, because of there own stupidity. I had to ring my private banker to get it unlocked, that took all day, well half a day. I now record all conversation with them, and they know it, because it is stated on their system. It was very interesting the first time I recorded the conversation ( i informed them at the start), because they would not talk to me, and I was passed to a supervisor (remember I have private banking). They had to come back to me, as they were not sure that they could even talk to me while I was recording the conversation. It seems to me the Banks (and I mean all the Banks) will only play by their rule, and that they are very democratic, they treat everybody the same. As a side note, Australian Banks have a VERY bad reputation with other Banks overseas, as they have a take no prisoners reputation.

Glad you got that sorted out. And good work.

Is ANZ one of the organisations that offer a transaction number for future reference. Basically, the point being so they can get their recording of the conversation.

I was also going to mention that anyone is free to record a conversation, but only for the purpose of your own records. Hence, the limitation is that you can't actually play the recording back to anyone, or even tell them that you have a recording. This could be useful if ANZ does provide a phone call receipting system. Because you can use your recording to see if it is worth getting a copy of the bank's recording.

 

[Dalescott]

Glad you got that sorted out. And good work.

Is ANZ one of the organisations that offer a transaction number for future reference. Basically, the point being so they can get their recording of the conversation.

I was also going to mention that anyone is free to record a conversation, but only for the purpose of your own records. Hence, the limitation is that you can't actually play the recording back to anyone, or even tell them that you have a recording. This could be useful if ANZ does provide a phone call receipting system. Because you can use your recording to see if it is worth getting a copy of the bank's recording.

Not sure if they offer transaction numbers.
I was more interested in getting the recording for any problems with the bank.

 

[BlueAU]

ANZ have transaction numbers if you ask yes. I have now submitted my complaint and now waiting to hear something ....

 

[medhead]

I think I might have to offer ANZ feedback on their Barbara ad campaign. Ever conversation i've had with them recently concerning the changes to the visa cards I'm sure I've been speaking to Barbara

 

[opusman]

So I wrote them a secure mail asking them to refund my fees as I was not happy about it, they wouldn't do it. I said I was going to cancel my card as a result.

Thought you might be interested in this response I got from ANZ when I specifically did ask for an account to be closed via secure mail:

 

[Dave Noble]

Thought you might be interested in this response I got from ANZ when I specifically did ask for an account to be closed via secure mail:

Seems a resonable response to me

Dave

 

[opusman]

Seems a resonable response to me

I think maybe you've missed the point, which was that it doesn't gel with the OP's experience of having an account closed as a result of a secure mail. Sorry if I didn't make that completely clear.

 

[oz_mark]

I think maybe you've missed the point, which was that it doesn't gel with the OP's experience of having an account closed as a result of a secure mail. Sorry if I didn't make that completely clear.

Certainly the second sentence seems to be the opposite of what the OP experienced - but perhaps customer service that is not Internet Banking can do it.Still doesn't get around the stated requirement of a signed authority,

 

[Dave Noble]

Certainly the second sentence seems to be the opposite of what the OP experienced - but perhaps customer service that is not Internet Banking can do it.Still doesn't get around the stated requirement of a signed authority,

I don't know the ANZ system or what securemail is, but it is possible that it could be digitally signed

Dave