Bankwest Transaction account [General Discussion]

[coles525]

How long did you have your account open? Did you already receive your 10k sign up bonus?

BW seem to be digging themselves lower on the ground:

- Don't know their own rules (ie: no minimum actually quoted)
- Making the rules each day (close account without reason)
- Culling branches.

I don't dare to enquire about opening another account! (We still have 2 joint accounts with them which includes the qf cc.)

 

[d00dz]

I already had an account 3 years ago, which I closed, so I didnt get 10k.

I didnt do many. Maybe in total $50-$100 worth in a month? Nothing to bad an eyelid at. All ~$2-$3.

Oh well no loss. just surprised that a bank doesnt want my business.

 

[avinashm]

Which merchant? Coles?

 

[burmans]

Worth noting that last time they tried to pull hundreds of thousands of points out of people’s accounts (however in their infinite wisdom, actually credited it). They can’t take points that aren’t in your account.

Ah this bring back memories, trying to out through a negative transaction but ending up giving us more points, you have to just love incompetence!!

 

[cvmceg]

hmmm. Guess I'll lay low then...

 

[Dr Ralph]

hmmm. Guess I'll lay low then...

Several reports on OzBargain of people getting the close down letter and claiming to have made only a small number of low value transactions.

 

[NoName]

It’s no surprise to hear that this is happening in quick time. They were never going to allow people to rack up 100,000+ transactions over a 2 year period like last time.

 

[Dr Ralph]

It’s no surprise to hear that this is happening in quick time. They were never going to allow people to rack up 100,000+ transactions over a 2 year period like last time.

I understand the need to stop abuse. But the reports I've seen suggest that accounts were shut down for less than 15 low value transactions in total. On this basis I expect the same letter. And without Bankwest specifying any limit on what constitutes abuse I'll be taking them on.

 

[NoName]

I understand the need to stop abuse. But the reports I've seen suggest that accounts were shut down for less than 15 low value transactions in total. On this basis I expect the same letter. And without Bankwest specifying any limit on what constitutes abuse I'll be taking them on.

Those low volumes does make it seem a little silly. A very hard line on it.

If last time is anything to go by they will not specify “abuse” in the closure letter. They will simply quote their right to close the account for any reason they like under whatever clause number this is mentioned in the T&C. I have no idea whether this clause will stand up to legal challenge so I will be interested to hear how you go.

 

[oz_mark]

Those low volumes does make it seem a little silly. A very hard line on it.

If last time is anything to go by they will not specify “abuse” in the closure letter. They will simply quote their right to close the account for any reason they like under whatever clause number this is mentioned in the T&C. I have no idea whether this clause will stand up to legal challenge so I will be interested to hear how you go.

From memory, one of their tests was whether it looked as though you were putting multiple transactions through on something that could have been a single transaction.

 

[burmans]

You're supposed to take it up with the bank before going to FOS.

Yes I know but why bother when you know they aren't going to help with this.

 

[GSP]

Several reports on OzBargain of people getting the close down letter and claiming to have made only a small number of low value transactions.

I only saw one person getting closed down with a handful of 10-20c transactions, did I read the wrong thread?

Still, doesn't meant there was more than the one person, be interested in how this play out.

 

[yld200]

I had one of these accounts towards the end of the glory days, managed to get a few months in worth of payments before my account was shut down. One would have to assume that a number of 'lessons learnt' would have resulted in updated systems for these micro payments.

 

[burmans]

One would have to assume that a number of 'lessons learnt' would have resulted in updated systems for these micro payments.

I think the fact they seem to be on to this much faster indicates they have updated these systems. Still bemused they didnt update their T&C's to make it clearer this was regarded as rogue behaviour, not doing anything for their reputation.

 

[N860CR]

How hard would it be to make it 5 points per transaction (minimum transaction value $1). Both NAB and AMEX have fallen for this in the past, and presumably learnt from it.

 

[lovetravellingoz]

Those low volumes does make it seem a little silly. A very hard line on it.

If last time is anything to go by they will not specify “abuse” in the closure letter. They will simply quote their right to close the account for any reason they like under whatever clause number this is mentioned in the T&C. I have no idea whether this clause will stand up to legal challenge so I will be interested to hear how you go.

They probably figure that the ones with only small transactions are scamming them and cancelling them straight away will also save them dishing out the 10K.

Looks those with dreams of repeating the Mark 1 version of this promo are all going to be most disappointed. Not really surprising given the bank's stupidity the first time around. (I wouldn't mind betting that few a managers were on nice incetive payments for new customers and so just turned a self-interested blind eye to it).



Milk the 10K and move on.

 

[downtheback]

Google for automation or macros, plenty of ways to automate anything which can be done online.

I was not clear. Which business take 1c transactions online?

 

[Dr Ralph]

Latest monthly points deposited to my Qantas account over the weekend. All going smoothly. Hopefully bonus points as part of the next deposit.

 

[SeaWolf]

This is just speculation but based on some of the posts people have been making on OzBargain I'd suggest that BankWest is looking to close account that aren't being used as actual transaction accounts (i.e. solely as a source of points). If you're really depositing your salary, leaving it there, paying your day-to-day bills, direct debits, credit cards etc. from the account then I think they'll allow a certain amount of micro-transaction activity to slide. If you're just constantly running micro-transactions and depositing exactly $2000 to avoid the fee and then withdrawing it moments later I think that's much more likely to result in an account closure.

Just speculation though...

 

[calgarychris]

Sorry, if I missed this earlier - but how long are people waiting to see the QF points post? I'm a brand new customer, I opened the account Jul 16th with a $2K deposit, have made 15 transactions > $2 but have yet to see points post...Should I be chasing them up?

Thanks