j19jjr Posted September 16, 2015 Report Share Posted September 16, 2015 Buying a house here in Perth and due to complete next Thursday, went into Commonwealth bank today to arrange a transfer of the purchase price to our settlement agents - $600k. "No sorry we cant do that" Why not? "We just can't, no bank can!" Hubby asks her if she knows for sure & can she check with senior member of staff - so off she goes. "No sorry we cant do that, We can only do you a bank cheque & we'll waive the $10 fee or you can do it yourself over 6 days as daily limit is $100K" We had to take the bank cheque & this will take 3 days to clear, wtf?!?!?! So is this for real? Anyone else encountered this before with any other bank? Quote Link to comment Share on other sites More sharing options...
rpakey Posted September 16, 2015 Report Share Posted September 16, 2015 Wow! Money laundering issue? Although I would have thought such request was common-place and they are well prepared for such eventualities Keep us posted please... Quote Link to comment Share on other sites More sharing options...
flatpack Posted September 16, 2015 Report Share Posted September 16, 2015 Just another way for them to keep their grubby hands on your hand earned cash for a little while longer! Quote Link to comment Share on other sites More sharing options...
Arwen Posted September 16, 2015 Report Share Posted September 16, 2015 If you had borrowed $600k in the way of a mortgage they would have been able to transfer it. Go back and kick up a big holy fuss! Quote Link to comment Share on other sites More sharing options...
Druid Posted September 17, 2015 Report Share Posted September 17, 2015 My settlement agent did it all for us, we didnt need to go near the bank after signing the mortgage forms, the settlement got 'booked' for a certain time & date all went smoothly, thats with ANZ Quote Link to comment Share on other sites More sharing options...
flatpack Posted September 17, 2015 Report Share Posted September 17, 2015 My settlement agent did it all for us, we didnt need to go near the bank after signing the mortgage forms, the settlement got 'booked' for a certain time & date all went smoothly, thats with ANZ At a guess, I don't think the OP is taking out a mortgage. A friend of mine back in the UK had a similar problem with Barclays, they got a large sum from inheritance and took advice from Barclays where to use it short term whilst a property purchase was going through. Everything was great until the money was needed for the purchase of said property, Barclays wanted a ridiculous amount to send it 15 metres across the road to The Halifax. Said friend (in her words) through a bitch fit in the middle of the branch and refused to discuss it in an office in private, choosing to let all of Barclays customers know how they do business. Strangely enough the money got across the road on time and for free!! Quote Link to comment Share on other sites More sharing options...
j19jjr Posted September 18, 2015 Author Report Share Posted September 18, 2015 flatpack, I fully expected a ridiculous charge, what I didn't expect was to get told they couldn't do it. Tried to explain that in the UK we have CHAPS which would cost approx. $70 but they were still adamant that they did nothing like that in Oz. Begs the question how big businesses manage to operate here or am I just with the wrong bank? Quote Link to comment Share on other sites More sharing options...
Jueglittergirl Posted September 19, 2015 Report Share Posted September 19, 2015 We used ANZ and transferred to settlement agents account next day, cost $28.00. Quote Link to comment Share on other sites More sharing options...
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