916 disputing your bank, property & starting a family, gen Z at work & career pivot in your 50s
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How can I dispute lost bonus interest with my bank?
Today on the show, we are talking about challenging a bank if maybe they've made a wrong call. We're talking about potentially being a single parent and what are we doing with the home situation if we want to plan some IVF. We're going to talk about a property analysis paralysis situation, and we might get into some super fees and some Gen Z jargon at work with a predicament that one of our listeners have. Today I'm joined by Rach Kroon and John Pigeon from the This Is Property podcast. Welcome back to the vibes.
Pleasure. Yeah, thanks for having us.
All right, well, let's get right into it. Question, has anyone had any success disputing a big four bank? It's so funny. When I read this, I read it as my mum passed.
What should a single woman consider when planning for IVF and property?
Oh.
I'm thinking it's a deceased estate issue, but she's clearly alive and well. My mum processed a withdrawal on the last day of January at 11.30 p.m. This wasn't processed until the 2nd of February. No warning, no notification was provided about her, about this delay in processing. She assumed it was instant. As it was processed in February, it was applied as a withdrawal for that month, and the month's bonus interest was lost. We're talking quite a bit of money in lost interest, so I'm keen to help. Rach, you're in the bank world. What's the deal here?
Yeah, well, I don't know the exact situation for, you know, taking money out if there's interest, but I do know about the complaints department of the big four bank because usually we're looking from a mortgage perspective and it doesn't change across whatever, you know, whatever section of the bank you're dealing with. But there's a complaints department that each of the big four banks have and someone there has the authority to refund interest. They've got a discretion. So my advice would be just to jot down the exact points of what happened, really factual, and send it in to the complaints department and let them sort it out. But you definitely need to put the facts in. I'm just not sure of how they'll actually approach that particular scenario, but complaints is where to go.
Would it be in her T's and C's as to how that's calculated and when? Like is she in the right or wrong here?
Oh, I don't know if she's in the right or wrong.
I mean, yeah, the answer is yes, it would be in the T's and C's. But we've got to look at the fact here. I think the last day of January was a Saturday. I'm just having a look here. January, yeah, it was a Saturday, 31st. Now, I know with Macquarie, for example, you'll make transactions between accounts and it'll just sit there as pending. And then the next business day, it will clear if it's not a business day. My first thoughts are, well, whether you were withdrawing it in January or February, as per the terms and conditions, you were going to forego that month's interest anyway. So did you forego the... February interest as opposed to the January, like you were going to forego interest by withdrawing from the account if that's part of the terms and conditions.
So why not forego interest at the start of the month?
Is it interest calculated daily?
It is, but a lot of these savings accounts, they'll say we'll give you the promotional rate of 4.82% or whatever it is. However, if you make a withdrawal during that month, you will forego the bonus interest or the interest completely. A whole lot.
What are the common concerns about early retirement?
Yeah, and I think it's a bit rich when they do that. And I get it when they're trying to help people save, but I β Look, this is the world we're living in and me personally, this is why I don't really care for those types of savings account with the higher rates because you are foregoing flexibility.
She did leave it to the last minute on that particular month. That might have been just busy life and whatever.
How can Gen Z improve their professionalism at work?
Or thinking this is strategic, I'll do it in this month because I know that next month.
Where I'm going.
Yeah, I would say if I'm looking at this, I'd say she's already done something in January and so she was hoping to not affect February. And so she thought, oh, I'll scrape out and get this before January.
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Chapters
8 chapters
1
How can I dispute lost bonus interest with my bank?
0:06β1:01
2
What should a single woman consider when planning for IVF and property?
1:01β3:42
3
What are the common concerns about early retirement?
3:42β4:11
4
How can Gen Z improve their professionalism at work?
4:11β7:16
5
What career changes can someone in their 50s consider?
7:16β9:38
6
How is AI affecting job opportunities and career paths?
9:38β17:02
7
What are the challenges of changing careers later in life?
17:02β20:25
8
What advice is there for improving workplace communication skills?
20:25β48:38
Speakers
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