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  1. #1
    Join Date
    Jan 2004
    Location
    Mackay North Qld
    Posts
    5,784

    Default I am really upset with my bank.

    This financial institution started off as a Credit Union but in the last few months decided to morph itself into a bank.

    They did this without due consideration of, or consultation with the members.

    Now being a bank and once again with out consulting or considering members they have decided to close the local branch and tell us we will be OK by being able to use online banking. I suppose that now being customers now,our opinions don't count any more. Certainly our needs don't.

    A lot of older folk do not have computers or mobile phones or are just not savvy enough to perform to perform online banking. These folk ,me included,have banked for many ,many years with this particular entity under one name or another( credit Unions )which were absorbed into this credit union (now bank)

    Online banking is great until you have computer problems, then its very re assuring to be able to go to the bricks and mortar branch and sort problems out,face to face.

    Well bugger them I have found a local Bendigo bank who seem very community minded and will vote with my feet.

    Cranky pants
    Grahame

  2. #2
    Join Date
    Sep 2012
    Location
    York, North Yorkshire UK
    Posts
    4,919

    Default

    Quote Originally Posted by Grahame Collins View Post
    This financial institution started off as a Credit Union but in the last few months decided to morph itself into a bank.

    They did this without due consideration of, or consultation with the members.

    Now being a bank and once again with out consulting or considering members they have decided to close the local branch and tell us we will be OK by being able to use online banking. I suppose that now being customers now,our opinions don't count any more. Certainly our needs don't.

    A lot of older folk do not have computers or mobile phones or are just not savvy enough to perform to perform online banking. These folk ,me included,have banked for many ,many years with this particular entity under one name or another( credit Unions )which were absorbed into this credit union (now bank)

    Online banking is great until you have computer problems, then its very re assuring to be able to go to the bricks and mortar branch and sort problems out,face to face.

    Well bugger them I have found a local Bendigo bank who seem very community minded and will vote with my feet.

    Cranky pants
    Grahame
    Hi Grahame,

    If its a credit union, is it owned by its members ? If so then it shouldn't be able to make changes without the consent of its members. Here in the UK there has been a number of organisations that are/were owned by its members and in order to become a bank have had to buy out its members ! I have become a shareholder in a couple of these because I took the shares as a payout rather than a cash offer. These shares pay me an annual dividend. I must admit that the total dividends to date still don't amount to the cash offer that was made.
    Best Regards:
    Baron J.

  3. #3
    Join Date
    Jul 2006
    Location
    Athelstone, SA 5076
    Posts
    4,110

    Default

    Quote Originally Posted by BaronJ View Post
    Hi Grahame,

    If its a credit union, is it owned by its members ? If so then it shouldn't be able to make changes without the consent of its members. Here in the UK there has been a number of organisations that are/were owned by its members and in order to become a bank have had to buy out its members ! I have become a shareholder in a couple of these because I took the shares as a payout rather than a cash offer. These shares pay me an annual dividend. I must admit that the total dividends to date still don't amount to the cash offer that was made.
    .
    that is true..it is owned by the members. But in absence of not having their Constitution I would expect that one would need to stand up and put ther voice forward at the AGM, or via proxy if it allows.

    Most small members/small share holders/or those who dont think their opinions matter but who are entitled to vote, do not or are not even interested in reading the info sent to them regarding possible Constitution changes.

  4. #4
    Join Date
    Apr 2018
    Location
    Perth
    Posts
    99

    Default

    Quote Originally Posted by BaronJ View Post
    Hi Grahame,

    If its a credit union, is it owned by its members ? If so then it shouldn't be able to make changes without the consent of its members. Here in the UK there has been a number of organisations that are/were owned by its members and in order to become a bank have had to buy out its members ! I have become a shareholder in a couple of these because I took the shares as a payout rather than a cash offer. These shares pay me an annual dividend. I must admit that the total dividends to date still don't amount to the cash offer that was made.
    Same here. Statewest credit union needed $10 share to become member. They were bought out by Home building society so $10 became about $1500 in Home shares. Then Home bought out by BOQ so now more BOQ shares. Both wife and I were members with accounts in original credit union as well as our kids. Nice earner for doing nothing. Same as you receive dividends but you got to remember you can still sell shares if needed to probably get back more than the cash offer.

  5. #5
    Join Date
    Jan 2004
    Location
    Mackay North Qld
    Posts
    5,784

    Default

    I quite understand about AGM's but some members have no opportunity to attend.

    Other than the standard Notice of AGM theres been no other communication re MAJOR changes to the constitution.

    I believe that changing financial status to a bank and closing down branches are certainly note worthy changes.
    Members who were unable to attend should have been notified of foreshadowed changes.

    Grahame

  6. #6
    Join Date
    Sep 2012
    Location
    York, North Yorkshire UK
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    4,919

    Default

    Quote Originally Posted by Grahame Collins View Post
    I quite understand about AGM's but some members have no opportunity to attend.

    Other than the standard Notice of AGM theres been no other communication re MAJOR changes to the constitution.

    I believe that changing financial status to a bank and closing down branches are certainly note worthy changes.
    Members who were unable to attend should have been notified of foreshadowed changes.

    Grahame
    Hi Grahame,

    I think I would ask them for a copy of the constitution ! There might be something in it that allows them to make changes without needing members consent.
    Best Regards:
    Baron J.

  7. #7
    Join Date
    Dec 2018
    Location
    NSW
    Posts
    460

    Default

    I have never written a cheque in my life. Nor have I used a deposit slip to give to a teller.
    I reckon I have been to a physical bank for personal banking maybe 3 times.
    I was 'internet banking' on a 56kbps modem.
    I'm also at approx 55% of the average lifespan of an Australian Male.

    This is a terrible, terrible story.

  8. #8
    Join Date
    Sep 2012
    Location
    York, North Yorkshire UK
    Posts
    4,919

    Default

    Quote Originally Posted by Commander_Keen View Post
    I have never written a cheque in my life. Nor have I used a deposit slip to give to a teller.
    I reckon I have been to a physical bank for personal banking maybe 3 times.
    I was 'internet banking' on a 56kbps modem.
    I'm also at approx 55% of the average lifespan of an Australian Male.

    This is a terrible, terrible story.
    You’re obviously not a Windows user then !
    Best Regards:
    Baron J.

  9. #9
    Join Date
    Dec 2018
    Location
    NSW
    Posts
    460

    Default

    Quote Originally Posted by BaronJ View Post
    You’re obviously not a Windows user then !
    Don't insult me.
    I was Using DOS before windows was a thing. Even ran BASH in a slackware distro for a while.

  10. #10
    Join Date
    Jan 2004
    Location
    Mackay North Qld
    Posts
    5,784

    Default

    I believe there is some thread drift here and I'll do my best to put it back on track.
    While there are people who are computer and largely tech savvy, a lot of we older folk are not.

    Its for them I made this post. Even semi computer illiterate folk like me come to a point in computer online banking when the computer is not functioning and the belt and braces backup is to personally visit the branch and do some face to face business and sort out the banking.
    There are those who may say but you have telephone contact.

    Quite true,but for those of us who are a bit older, its not fun attempting phone contact with many institutions being directed to a different service areas through press this number,or press that one before speaking with some one who can assist.

    Being misunderstood,being re directed,is a very frustrating and annoying facet of filtered contact. Add to that,lots of us being hearing affected and its a far worse situation.

    Face to contact is the remedy.
    The banks want the opposite. The banks want merely to eliminate a cost enter and the inconvenience to staff through lost jobs and to customers of lost face to face interaction means nothing to them against profits.

    I don't intend to pursue information from my former finance instution. I will move on.

    Take government generally and their departments all seem to believe that the senior population all have computers and all know how to use them.
    Thanks for your comments of the thread.

    Grahame

  11. #11
    Join Date
    Sep 2021
    Location
    Western Sydney
    Posts
    6

    Default

    Quote Originally Posted by Grahame Collins View Post
    I believe there is some thread drift here and I'll do my best to put it back on track.
    While there are people who are computer and largely tech savvy, a lot of we older folk are not.

    Its for them I made this post. Even semi computer illiterate folk like me come to a point in computer online banking when the computer is not functioning ....

    Grahame
    Mate if you can operate this forum via a computer then your seriously are having a lend because internet banking is very simple these days. I'm older and dumb as a post with computers and welding too but i can operate banking online 99.999% of the time. I applied for a loan online a few years ago , did the application and they sent back all the papers via email and i signed it electronically and bingo the money was in the account the next day. Unless you are James Packer and running a billion dollar bank account then computer banking works, no real need for a branch these days imo. ATM machines are pretty good as well if no branch , i even deposit cash into them and no problem. The older folk excuse isn't valid imo , i know people who are in the 80's and can operate a computer and are fit as.

    I used to buy train tickets at the station , the station master would stamp my ticket to validate it and off we go , change 3 diesel trains and swap flatforms to get into Sydney , the train would stop half way and ol guard mate would pull the levers on the side of the track , now days i have to get an online opal card and top it up and get on one train with no levers to stop for , no biggy I prefer buying the ticket from the stationmaster but hey technology.

  12. #12
    Join Date
    Sep 2012
    Location
    York, North Yorkshire UK
    Posts
    4,919

    Default

    Quote Originally Posted by Commander_Keen View Post
    Don't insult me.
    I was Using DOS before windows was a thing. Even ran BASH in a slackware distro for a while.
    Hi Commander_Keen,

    No insult intended ! Actually the opposite. I'm sorry if my comment offended you !

    I too ran Unix and DOS long before windows, before moving to Yggdrasil Linux in about 1992/3. In those early days you had to compile the software yourself to suit your machine.

    Nowadays I run Q4OS which is a Debian based distro, about the only time I run DOS is when I'm setting up a new machine, but with the advent of 64 bit machines even that is getting rare.

    Grahame: I read your post and I'm sorry if my comment diverted the original track !
    Best Regards:
    Baron J.

  13. #13
    Join Date
    Jan 2004
    Location
    Mackay North Qld
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    5,784

    Default

    Quote Originally Posted by Iron triangle View Post
    Mate if you can operate this forum via a computer then your seriously are having a lend :.
    You are right, online computer banking is a marvel. I have been using it a few years. Explaining over the phone when you can't hear/understand the operator is real PITA.

    However when my computer cacked itself just last week , I was able to drive over the branch and fix up my banking.
    The computer problem was not recoverable and so I had to buy another computer.

    Had there been no branch, I would not have been to easily transfer the required dollars for the computer.

    Being hearing affected and currently with a head cold, hearing is especially hard so phone banking would have been extremely difficult.

    There's more than just me who are in the same boat and lots of older folk struggle with computers and that expectation of institutions who expect all of we oldies should be fluent in technology so they in turn can cut back on jobs of people who would be face to face contact for us. for them face to face is not efficient, but for me it is entirely necessary when time is of the essence.

    Grahame

  14. #14
    Join Date
    Dec 2018
    Location
    NSW
    Posts
    460

    Default

    Quote Originally Posted by BaronJ View Post
    No insult intended ! Actually the opposite. I'm sorry if my comment offended you !
    My healthy dose of Aussie sarcasm may have passed overhead.
    I'm no skinny-jean latte sipping hipster milennial apple fanboy, if that's what was intended- my point was quite the contrary.

  15. #15
    Join Date
    Dec 2007
    Location
    Sydney
    Posts
    227

    Default

    I agree that credit unions becoming banks is interesting to say the least.
    The NSW Teachers Credit union pulled this stunt a few years back and things rapidly went west after that.
    My wife receives a small cheque every 6 months from a Canadian life co.
    It’s a Canadian cheque in US dollars.
    The Teachers Credit Union could cash these checks thru the NAB bank which I guess they operated thru.
    Once they became a bank they could no longer cash these cheques.
    To ad insult to injury they informed my wife they had never been able to cash them

    Needless to say she closed her account on the spot.
    She then got them cashed at our local NAB which we had an account at anyway, only one cashier could do it and there was always a line of old Italian ladies wanting to chat him up.
    Unfortunately NAB has recently decided they don’t do this so the CBA recons they can but covid has stopped my wife from a personal visit to sign up as the branch is in an effected LGA.
    She was doing it online but hit the old ‘Computer says no’ so rang them and was to go in to do it.

    Re Opal cards, great things just don’t go overseas for too long or they cancel out and when you do renew them make sure you use them in the next whatever period or they cancel out.
    Fugging useless if you only use them rarely
    H.
    Jimcracks for the rich and/or wealthy. (aka GKB '88)

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