Commonwealth Bank Pensioner Security

Commonwealth Bank - Security or Marketing – I am an 89 years young customer of the Commonwealth Bank and have used its facilities to transfer money to various organizations over the years. Friday, 19 Jan I went to my local branch and with the cheerful assistance of the Manager, transferred funds to an interstate Bank; all "checks and balance" were made;. There was no possibility of a scam.

Within 30 minutes of leaving the bank, I received a phone call; 2-3 texts and 4-5 emails wanting me to contact the Bank.

Suspecting a scam I checked with the local branch and was assured the contact was genuine.

I phoned the number and was advised the bank was doing a security check to protect me. After the usual "identifying" questions; full name, date of birth, residential address etc; then followed a list of questions which appeared to have nothing to do with security but more attuned to a "Marketing Survey." I objected to this unwarranted intrusion of my private affairs but was informed that unless I answered all questions, the transfer of funds would not proceed. BIF DADDY HAD THE STICK.

Under protest, I answered all questions. It was agreed that there was no scam and that the funds would be transmitted to the receiving Bank and should be in the designated account by Saturday 20 January.

A review of my Bank Account on Monday 22 revealed that the amount had not been transferred as I was told on the previous Friday and by way of email. [FALSE ADVICE FROM COMM BANK]

Another trip to the local branch late on Tuesday 23 Jan and was advised to contact the security section again. This section failed to notify me that the funds HAD NOT been transferred.

Today, 24 January, another call to Security to be advised the funds would be transferred within a 40 minute time frame. Records now show that to be correct.

On three occasions, I have requested to be supplied with the questions asked (apart from identifying questions) and on each occasion was advised that staff could not provide the questions. When asked for a reason for the refusal, I was told it was because of "BANK POLICY."

When any organization hides behind the excuse "POLICY," then one commences to smell a 'rat.'

Was the Commonwealth Bank trying to protect my financial interests or more likely was the Commonwealth Bank conducting a covert "Marketing Survey" to find reasons for their shrinking business base and loss of customer support. You be the Judge.

Tom

Stay Away – Can't transfer money overseas, now! The ComBank is on another planet for sure. Maybe they will facilitate transferring my business to another Bank. I believe this is enshrined in BankingLaw, now!! I have been with these idiots since School Days. Haven't got any interest, either, even though the has ALWAYS been in CREDIT!!!!! Tomorrow will be making a formal complaint to the Banking Ombudsman!!!

Wonderful account for over 55's, or people on a pension – I've had a Pensioner Security Account with the Commonwealth Bank for 5 years now. I couldn't be happier. It is easy to use, & no shortage of ATMs around the country for me to access my money. The features of this account are - *it's for anyone receiving an eligible pension, or are 55 years or older *there are no monthly account keeping fees *you get up to 15 free withdrawals per month *100% security guarantee of your money *it's a flexible account that keeps your retirement savings safe & working for you *it allows you to earn a competitive rate of interest *you can make use of Netbank & telephone banking, 24/7 *you can have any income & other direct deposits paid straight into your account

I opened my account in a bank branch, simply because I am no good with filling in online forms. Its too easy for me to make mistakes with them. So I made an appt with my local Comm Bank branch manager & went & sat down with him in his office, & got him to open it for me. Couldn't of been any easier for me. And the coffee was great, too! :) I have a Debit Mastercard linked to my account.

So glad I decided to change over to Comm Bank from another lesser-known bank, 5 years ago. I was not happy with them. They used to be a credit union long ago, then changed to a bank, & things have gone down hill since, with them.

I made the right move shifting my money to Comm Bank. I figure this - that if the Comm Bank goes belly-up, then the whole country will be down the gurgler as well. So, makes sense to me to have my money with a big, safe, bank.

For an everyday, working account, this Pensioner Security has been brilliant for me. If you are not happy with your current bank, & you are on a pension, or aged over 55, I recommend a Pensioner Security account for you.

I only have a smallish amount of money with Comm Bank. The rest of my money is in a superannuation account. That is where the good interest rates are. And best of all, money in a super account is not taxed if you are over 60.

Good – This is a free account for pensioners, with a set amount of free transactions. Commonwealth has the most amount of branches and ATMs, which makes them the most accessable in Australia. This account is free for pensioners and over 55s. You have the option of keycard access or a passbook if you prefer older style banking, making visiting the branch a must. Accounts can be accessed by phone banking and the internet. Overall it is a comparable product to all the banks There are only a small amount of free transaction, and if you write cheques and its in excess of your free limit, it costs $1 for each cheque.