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Speaker 2: Yes, welcome back. Well that was a song about money
Speaker 2: if you missed it, and that is because it is
Speaker 2: a subtle hint. By the way, my name is Tim Deversion.
Speaker 2: This is the Weekend Collective. But that is a subtle hint.
Speaker 2: This hour is about money because it's called Smart Money.
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Speaker 2: We've had some pretty a couple of pretty full on
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Speaker 2: podcast on iHeartRadio look for the Weekend Collective, but right
Speaker 2: now for Smart Money. My guest is well, she's no
Speaker 2: stranger to the show. She I don't know how long
Speaker 2: she's been coming in to grace us with her presence.
Speaker 2: She's a financial commentator or a money coach, you might say,
Speaker 2: and her name is Amanda Morrel.
Speaker 4: Hello, longtime nursing? Is it well? Oh?
Speaker 2: Well, I mean, I guess it's the quality of you
Speaker 2: as a guest. It never feels like long. You know,
Speaker 2: there you go. Where have you been?
Speaker 4: Where have I been? You know, hanging out?
Speaker 2: I espress that where haven't I been?
Speaker 4: No? No, I did have another family wedding in Canada
Speaker 4: to get to this year, so it's been a Canada
Speaker 4: heavy year for me.
Speaker 2: What was it like going out of the country to
Speaker 2: another one, seeing the vibe in Canada and then coming
Speaker 2: back to New Zealand.
Speaker 4: I almost feel it's quite quiet back in New Zealand
Speaker 4: from a bigger place. And my hometown, Calgary is about
Speaker 4: the same size as Auckland, so it feels a bit bigger.
Speaker 4: There's a lot going on there these times, does.
Speaker 2: It feel of it? I mean, I do think that
Speaker 2: we're not going to beat up on New Zealand, but
Speaker 2: I do have a feeling that we've just been doing
Speaker 2: it a bit tough. We're not quite as we still.
Speaker 4: Haven't got a more jo back. I thought maybe it's
Speaker 4: changed a little bit since the America's Cup wind that
Speaker 4: always puts a little wind in the sound. People spirits
Speaker 4: and we're killing it on the sports front, so there's
Speaker 4: some joy there.
Speaker 2: Funny thing is the Auckland AFC is playing this aftenoon.
Speaker 2: I think actually if we beat Sydney that might that
Speaker 2: might see us do quite well.
Speaker 4: I think we'd be doing it really tough with out sport.
Speaker 4: Put it that way, like sports really holding up this
Speaker 4: country in many ways right now.
Speaker 2: Blind me, that's quite a hot take because it's sport.
Speaker 2: I guess so.
Speaker 4: Because it's so positive, it gives in a way.
Speaker 2: But I don't know if we celebrate our victories as
Speaker 2: much as we used to, Like we're not engaged with
Speaker 2: the all blacks. America's Cap doesn't whoop whoop us as much.
Speaker 2: You know, there's no red sock campaign. It's become more
Speaker 2: in one of the take it to Barcelona.
Speaker 4: And yeah, I was trying to be positive.
Speaker 2: We're sorry I rained on your parade then, Gosso, how
Speaker 2: negative are.
Speaker 4: Canada sends its greetings?
Speaker 2: You'll be like you'll walk out of the studio like,
Speaker 2: oh beverage, God, he was hard work. Wasn't he Hey,
Speaker 2: now we want to talk about banks now. The reason is, well,
Speaker 2: the inspiration for it was because it's not about this topic,
Speaker 2: but because the banks have been in the news because
Speaker 2: Antonio Watson, the CEO of A and ZED was and
Speaker 2: talking about the banks profits that they make. And I
Speaker 2: mean I like Antonio Watson because she fronts. She fronts
Speaker 2: all the time, and she gives answers to questions. She's
Speaker 2: had a comment about CGT's We're not going to get
Speaker 2: into that, but it is a massive banka in ZED
Speaker 2: And As I was watching it, regardless of agreeing or
Speaker 2: liking what you hear or not, I was thinking to myself,
Speaker 2: if we're not happy with the banks we've gotten, you
Speaker 2: wanted to change Cynically, I'm thinking, Oh, they're probably will
Speaker 2: the same anyway, aren't they? Is it even worth changing banks? Amanda?
Speaker 4: You know, I haven't changed banks since I've been here,
Speaker 4: and I've been here now I think eighteen nineteen years.
Speaker 4: So I guess that says good things about my bank
Speaker 4: or the fact that I'm Malaysia have changed KB siber
Speaker 4: providers three times.
Speaker 2: That one, oh that is a big one.
Speaker 4: Yeah, So no, I you know, I it's easy to
Speaker 4: beat up on the banks, and I certainly hear a
Speaker 4: lot of that talk where I live and work. But
Speaker 4: for the most part, my relationship with America is very transactional,
Speaker 4: and until they really screwed things up, it kind of
Speaker 4: coasts along and you know, it's all good. I did
Speaker 4: notice on you say with the Canada situation, I do
Speaker 4: you still have some accounts back there? And they got
Speaker 4: up my nose a few times because they actually charged
Speaker 4: very high fees, transactional fees, and I think that there's
Speaker 4: a lot more to get your back up there with
Speaker 4: banks locally, you know, setting side bank profit issue, which
Speaker 4: is the one that's got everybody outraged recently.
Speaker 2: Well that was it, because we can all get outraged
Speaker 2: at the bank's profits. But then I think the reason
Speaker 2: I've one of the reasons I thought of this is
Speaker 2: something we should discuss about whether you would want to
Speaker 2: change your banks, is because people go, I mean, we
Speaker 2: hear it a lot of the time, oh, I'm unhappy
Speaker 2: with such and such, I'm going to change banks. And
Speaker 2: I never really get to follow up with people who
Speaker 2: talk about that and say, did you really? But it's
Speaker 2: and I have a suspicion that people like to complain.
Speaker 2: They're going to say they change banks, but you know what,
Speaker 2: do you end up really changing?
Speaker 4: I don't think many people do. I'd like I actually
Speaker 4: I should have pulled some numbers for you, but I
Speaker 4: had my moment. I think this was a decade ago
Speaker 4: and it was a CEO salary issue. And at the
Speaker 4: time I think the west Pac was George Freesis I
Speaker 4: think is his name anyhow, Australian bloke who was I
Speaker 4: think making six million year. That kind of gone out
Speaker 4: into my nose when you know, and this is before
Speaker 4: a living pressure that to me at the time, this
Speaker 4: was a long time ago, was seemed completely excessive and
Speaker 4: was sort of the impetus for me to want to change.
Speaker 4: And I think I've threatened to but didn't quite take
Speaker 4: the move.
Speaker 2: But I did do I didn't quite take the means
Speaker 2: I didn't do it.
Speaker 4: I didn't do it. I confess I didn't, but I
Speaker 4: did do it.
Speaker 2: Thought about it at the time.
Speaker 4: I wrote lots about it, and I was working for
Speaker 4: Interest dot Co and I wrote about you know, how
Speaker 4: if you wanted to break up with your bank, how
Speaker 4: is it easier that hard? How do you do it,
Speaker 4: and even back then, and this is over a decade ago,
Speaker 4: it is possible. It is actually not as difficult as
Speaker 4: people think. It's just a bit of a downtime. It
Speaker 4: takes five days, and you can even bring your bank
Speaker 4: number with you, so it's not all that hard. And
Speaker 4: the bank that you're switching to hold your hand along
Speaker 4: that way and sorts it all out for you. So
Speaker 4: you just have to be careful about things like you know,
Speaker 4: auto payments and stuff like that, that you're not conducting
Speaker 4: this move over the shift during you know, times where
Speaker 4: you have payments kind of moving in and out. But
Speaker 4: you know, if you can coordinate that and the bank's
Speaker 4: supposed to help you through that, you can take your number,
Speaker 4: you know, portability with you.
Speaker 2: It is so for instance, if my I can't get
Speaker 2: my own bank number, but let's I know that A
Speaker 2: and Z's number is six and probably the Auckland Corporate
Speaker 2: is O triple one. But if I go to Westpac,
Speaker 2: I can't keep the sex can.
Speaker 4: I I'm going to guess that that two digit number
Speaker 4: gets strapped, but it's the other five or six digit number.
Speaker 2: Okay, I think that actually good question?
Speaker 4: Six seven, good question I'm not one hundred percent on
Speaker 4: that one, but any number of portability in theory is
Speaker 4: supposed to be possible. It's supposed to be quite easy,
Speaker 4: and there's very clear instructions how to do it, and
Speaker 4: his own banking association has directions. Your bank, the bank
Speaker 4: that you choose to move to, will help you through
Speaker 4: this process. So that is a recourse for people who
Speaker 4: are pass off.
Speaker 2: But when I cynically said that you didn't change banks,
Speaker 2: and because you said, I almost went you know, I
Speaker 2: can't remeb the expression you use. But of course there
Speaker 2: is a version for you which makes that true is
Speaker 2: that you write about it. You have given the banks
Speaker 2: because you have.
Speaker 4: A voice, Yes, some cathartic you know, Well, that's outlet
Speaker 4: for me at the time.
Speaker 2: I imagine it would be a cathartic, wouldn't I mean,
Speaker 2: I get to go on air yes to something I don't.
Speaker 4: That does help. And they say, you know, you know,
Speaker 4: when you really, you know, got it up with somebody,
Speaker 4: you know, rate that nasty email, but do not send it.
Speaker 4: And you know that can often have the same fact
Speaker 4: with percussions.
Speaker 2: Recently, given that advice to some people, I know it's
Speaker 2: like just write down what you think, then just put
Speaker 2: it somewhere safe and then read it a day or
Speaker 2: two later and see if you feel better, and do
Speaker 2: not send it.
Speaker 4: So some people said for that, But again, going back
Speaker 4: to the banks, I think, you know, I'm sure there
Speaker 4: are many good reasons for people to want to switch
Speaker 4: at times, to just make sure that the devil that
Speaker 4: you're running to is you know, a little bit better
Speaker 4: friendlier devil than when you're.
Speaker 2: Well, that's it's a multifaceted question, isn't it. Because even
Speaker 2: you've raised a couple of things which I haven't even
Speaker 2: even even considered, because I when I think of changing banks,
Speaker 2: I just think of like getting some new accounts. But
Speaker 2: then you first you mentioned about who I've got automatic
Speaker 2: payments worth, and oh goodness, may I couldn't begin to
Speaker 2: I guess I would go into my bank account and
Speaker 2: they would be there, but as to who the automatic
Speaker 2: payment authorities are and all that sort of stuff.
Speaker 4: And I know, it's just the idea of it. And
Speaker 4: you know, I think the same sort of Dante kind
Speaker 4: of thought loombs over people's heads when they think about changing,
Speaker 4: for example, Kiwi sivers, but you know, changing key weceivers
Speaker 4: is like super easy. It couldn't be easier these days,
Speaker 4: and changing your back your bank account would take a
Speaker 4: lot a little bit longer, but it is possible. Again,
Speaker 4: just make sure that the one that you're running to
Speaker 4: has got something better to offer, Otherwise you might also
Speaker 4: be disappointed. And it's not an exercise you want to
Speaker 4: be doing, you know, every month.
Speaker 2: No, because there's changing your bank in terms of your
Speaker 2: everyday banking. Then there's deciding that you would like to
Speaker 2: change credit cards because I don't know somebody's offering a
Speaker 2: different rate.
Speaker 4: And that's a good reason too because the rates can
Speaker 4: be quite variable.
Speaker 2: So credit card, these are the things we can change.
Speaker 2: We could just change our general banking, we change your
Speaker 2: credit card. And the other one is is because a
Speaker 2: lot of people, mortgage is the big one.
Speaker 4: Yeah, that is a big one. And that's that I
Speaker 4: think the big mover for most people is they're moving
Speaker 4: for a better rate because the numbers stack up in
Speaker 4: their favor. They just have to be careful when they
Speaker 4: do do move over that they're moving over when you
Speaker 4: know their their current terms and conditions have you know, expired,
Speaker 4: or they've done the math or the banks provided them
Speaker 4: with the hard mouth on the break fees because the
Speaker 4: break fees can penalize you massively, and then moving for
Speaker 4: a lower rate might not makes sense to you.
Speaker 2: But are at banks or much of a match you
Speaker 2: do you notice much in terms of the difference between
Speaker 2: services and value and costs and blah blah blah.
Speaker 4: I've got a few, you know Kibi you know patriotsh
Speaker 4: Or with Kibi Bank, and you know, I kind of
Speaker 4: ask occasionally it was is it much better? You're getting
Speaker 4: better service? I mean, I think it's more of an
Speaker 4: ideology that they're with Kiwi Bank and I'm not disparaging
Speaker 4: KB bank service or you know, smile in their face
Speaker 4: when you show up. But I haven't heard you know,
Speaker 4: It's funny. It's like, yeah, when do you hear somebody
Speaker 4: reeving about their bank and their bank experience. I'm trying
Speaker 4: to think of one an account, think of what.
Speaker 2: Well, actually I'll be I'm going to be honest, I
Speaker 2: quite like my bank.
Speaker 4: Are you prepared to share or is it?
Speaker 2: I am with No? No, I'm with an Z because
Speaker 2: but this shows how intransigent I am. I was with
Speaker 2: the National Bank and I joined the National Bank because
Speaker 2: when I went to university. I think my parents probably
Speaker 2: with the National Bank, so they were the I looked
Speaker 2: at all the other banks with great suspicion, but you
Speaker 2: know there was it was the national bank. And so
Speaker 2: I became an an Z customer because the national Bank
Speaker 2: was subsumed or became And I'll be honest, I mean, yeah,
Speaker 2: I haven't had any problems with although I don't have
Speaker 2: a credit card with an Z because I fell for
Speaker 2: the promotion that Westpac was doing about their credit card
Speaker 2: and airpoints and stuff, and I didn't even realize that
Speaker 2: a Z had. So I've got a west Peck credit card,
Speaker 2: which is weird.
Speaker 4: Well, you can always change that when that's not that
Speaker 4: hard to do, and they're probably rewardy for doing it. Really,
Speaker 4: so yeah, I would look into those ones and give
Speaker 4: me a yeah. I know, well, you sound like you're
Speaker 4: good friends there. But I think I listened. For anybody
Speaker 4: who wants to do some like hardcore comparisons on things
Speaker 4: like banking, transaction fees, over draft penalties, et cetera. There's
Speaker 4: some great resources out there, including sort of dot org,
Speaker 4: dot inzad and money hub, dot co, dot insead. Also,
Speaker 4: we'll give you some very good charts and tables where
Speaker 4: you can really break it down. But that even their
Speaker 4: conclusion there is that there's not much of a difference
Speaker 4: on the fee front, that they're much of the muchness same.
Speaker 4: But again, it's the big ticket items like credit cards
Speaker 4: and mortgages where you're really going to see a difference.
Speaker 2: We want to hear from you. Have you changed either
Speaker 2: your bank or your mortgage because the mortgage is the
Speaker 2: one where people will move. But I have a suspicion
Speaker 2: that usually when you say you want to move, the
Speaker 2: existing mortgage holder goes on that rate. Oh we can
Speaker 2: offer you that, I'm guessing, But have you ever changed
Speaker 2: bank account mortgage? I mean you're generally every day banking
Speaker 2: your mortgage or your credit card. How hard was it
Speaker 2: and why did you do it? Because I think maybe
Speaker 2: the biggest motivirus you just limit annoyed and you want
Speaker 2: to have that felt somewhere by the bank that probably
Speaker 2: will never notice.
Speaker 4: I don't think they'll notice it, really they won't.
Speaker 2: I mean that if Graham Heart changed banks, they might
Speaker 2: they might notice that way.
Speaker 4: That's true. Possibly, I think there could be some serious
Speaker 4: buck kissing going on there when somebody of that status
Speaker 4: is threatening to move in business accounts. But but again,
Speaker 4: you know what your right to point out. When people
Speaker 4: threaten to break up with their bank over a mortgage,
Speaker 4: it's not a bad move to you know, because it
Speaker 4: gets them moving. So you know, unfortunately you have to
Speaker 4: negotiate and arbitrage with the banks to get a better deal.
Speaker 4: So you know, if you don't want to necessarily go
Speaker 4: that route, just threatened to do so, and you might
Speaker 4: get a just as good a deal on you know,
Speaker 4: half the hassle.
Speaker 2: Okay, want to hear about you from you with your experience.
Speaker 2: Why if you have changed bank accounts, mortgage or credit cards?
Speaker 2: How did you go about it? How hard was it
Speaker 2: and what was the motivation? Was it because you thought
Speaker 2: you'd get better service somewhere else or did it? Was
Speaker 2: it because a bank had more branches or maybe a
Speaker 2: branch near you? Because I couldn't even tell you where
Speaker 2: the nearest days zed branches for me to see, everything's
Speaker 2: online these days, I do miss being able to wander
Speaker 2: in and have a chat. That's not that one there
Speaker 2: therefore anyway, well'll take your calls. Eight hundred and eighty
Speaker 2: t and eighty text nine two nine two. This is
Speaker 2: news talk said be smart money. My guest is money
Speaker 2: coach financial commentator Amanda Morrale. Get on the blow. We'd
Speaker 2: love to hear from you back in a tack and
Speaker 2: welcome back. It's a smart money. My guest is Amanda Morale,
Speaker 2: and we're talking about well, you can also tell us
Speaker 2: if you think banks are making too much money, if
Speaker 2: these any way to stop mem and is one of
Speaker 2: the ways of stopping him? Is just taking your trade
Speaker 2: somewhere else? Or are you just st all well, just
Speaker 2: switching between the same group of banks who are never
Speaker 2: going to change. What do you reckon eight hundred and
Speaker 2: eight ten eighty and if you've changed, why and how
Speaker 2: hard was it?
Speaker 7: Ralph Hello, yeah, Hei, Yeah. I was sort of one
Speaker 7: of the major Bussie banks and from my anecdotically or whatever,
Speaker 7: they were always like they had a mortgage with them,
Speaker 7: they were always like to point one hund percent dearer
Speaker 7: than everyone else. They were always first to raise interest rates,
Speaker 7: they were always last to drop interest rates. But it
Speaker 7: was like point one of the percent.
Speaker 2: So it was.
Speaker 7: A bit there was annoying, but kind of anyhow, So
Speaker 7: there was a couple of ladies who I knew and
Speaker 7: we were sort of about a group meeting thing and
Speaker 7: that they actually used to work to that bank. And
Speaker 7: they told me that if I had either savings of
Speaker 7: over one hundred grand or a mortgage of over one
Speaker 7: hundred grand, that bank would cut on your bank fees,
Speaker 7: but if you didn't ask for it, if you were
Speaker 7: done enough not to ask, they wouldn't give it to you.
Speaker 7: So I didn't know about this. So I went and
Speaker 7: saw a personal banker about something, and she was a
Speaker 7: very nice lady, and I got on looking very well.
Speaker 7: But when I bought the subject up about one hundred
Speaker 7: thousand dollars, she was so embarrassed she turned away and
Speaker 7: hood her face with the head yeah, And I thought,
Speaker 7: right right, that's it, you know. I mean, she was
Speaker 7: a very nice woman, and obviously she'd been instructed. They
Speaker 7: were instructed not to tell their customers that they were
Speaker 7: entitled to this. So I moved to gimibank, and anecdotically,
Speaker 7: they were always first to drop their interest rates, they
Speaker 7: always last to raise them. They're always pointed one of
Speaker 7: them percent lower than everybody else, and they don't charge
Speaker 7: bag fees. And I didn't have to ask for it.
Speaker 7: It was just given to me automatically.
Speaker 4: Well that's a ringing endorsement. Sorry, that's a ringing endorsement
Speaker 4: for a Kiwi bank. And that's the kind of you know,
Speaker 4: the kind of customer service that does keep people loyal
Speaker 4: and switching. By the way, so.
Speaker 7: Everyone complains about the big gussy banks.
Speaker 2: Well, how hard was it for you to change your bank?
Speaker 7: Easy? I had no automatic payments with you, and I just,
Speaker 7: you know, dinosaur. I just papered everything with checks and
Speaker 7: so forth. You know, I have paper checks in the mail.
Speaker 7: Nowadays I use electronic banking. I'm not comparter because I'm
Speaker 7: a slightly educated dinosaur, but so so so I'm you know,
Speaker 7: I love technology, but I'm sixty eight. But I went
Speaker 7: to spoil. It was an hansel on paper, so idea.
Speaker 7: But I mean, I'm slowly impregnant with the technology. But
Speaker 7: get don't complain about the big Gussi banks. Don't put
Speaker 7: your money in Kiwi.
Speaker 2: Good on your Ralph. Thanks for that, mate, Ok, sure, thanks.
Speaker 2: Funny thing is I guess everyone has different encounters with banks.
Speaker 2: Because the reason I don't bank with Kiwi Bank was
Speaker 2: because I was seeking a mortgage with them and they
Speaker 2: just never returned McCall, which all the it's whatever, there
Speaker 2: was something that came up. I thought, you're seriously not
Speaker 2: going to try any harder than that. But isn't it funny?
Speaker 2: How but that doesn't tell us about Kiwi Bank. It
Speaker 2: just tells about that one exchange.
Speaker 4: Whereas you know, those touch points are really important to
Speaker 4: people though, so if you get it right, you know
Speaker 4: you've got you've got a real winner on your side.
Speaker 4: And in this case with Ralph, you know, they did
Speaker 4: all the things right and he's impressed by the fact
Speaker 4: that the first mover, so you know, good on them.
Speaker 4: I think banks have up their game a little bit. Yes,
Speaker 4: I've seen that.
Speaker 2: This was fifteen years ago.
Speaker 4: Yeah, well but you know I think now, I mean, yes,
Speaker 4: interest rates and little points make a big difference too,
Speaker 4: But it's also you know that that transactional experience you
Speaker 4: want and now hopefully this will improve when open banking
Speaker 4: eventually arises, where you know, there's just more transparency, there's
Speaker 4: more gruntiness in your banking app. You can move see things,
Speaker 4: you know, even the balances here or there, shift things
Speaker 4: around where you've got more empowerment over your actual money
Speaker 4: instead of just you know, being behind a veil, and
Speaker 4: I think, you know, we're seeing little snippets of that,
Speaker 4: and certainly overseas you see more of it. But when
Speaker 4: that moment happens, I think you're really going to get
Speaker 4: banks trying tap dancing a little harder.
Speaker 2: I should mention that the just in terms of the
Speaker 2: best and worst banks there are there are, I think
Speaker 2: Consumer had the Oh there's a People's Choice award. That's right.
Speaker 2: Then the Cooperative Bank won the People's Choice Award award
Speaker 2: for the third year in a row. And I'm not
Speaker 2: sure if it's technically a bank, is that it was
Speaker 2: a cooperative like anyway, I don't know, but it's called
Speaker 2: the Cooperative Bank, and one thanks to its high performance
Speaker 2: across eleven out of thirteen measures. And always wonder why
Speaker 2: more people don't go to these smaller banks that seem
Speaker 2: to rock people's world.
Speaker 4: Credit unions And yeah that what I've heard in acdotally
Speaker 4: is that when you go overseas that it's a little
Speaker 4: bit harder with their credit cards and systems like that
Speaker 4: aren't but they don't have that advanced state. And I'm
Speaker 4: not saying that the Cooperative Bank doesn't have those, because
Speaker 4: I don't know but that's the argument.
Speaker 2: I well, you put me onto the credit card solution
Speaker 2: for travel, which was Wise.
Speaker 4: Oh yeah, yeah, Wise is great too. So yeah, I
Speaker 4: was thinking as you were talking there that you know
Speaker 4: when solution doesn't fit all. So nowadays it's you know,
Speaker 4: you can carve things off. So for your travel experience,
Speaker 4: you can use you know, Wise cards and they have
Speaker 4: multiple currencies and you can pre buy it.
Speaker 2: And traveler kids and remember travelers checks.
Speaker 4: I kind of yeah, nostalgic, but they were a pain
Speaker 4: in the last lost those you were really in trouble
Speaker 4: when you were traveling. So is it right?
Speaker 6: Yeah?
Speaker 2: Right, let's take some more calls. Jeanette, Hello, Hi.
Speaker 5: Hell, are you good?
Speaker 2: Thanks?
Speaker 5: We did swat banks, but we were a bit different
Speaker 5: because we were a farm, so we're a business to
Speaker 5: swat banks and we did it fourteen months ago.
Speaker 2: Oh wo.
Speaker 8: And to be.
Speaker 5: Feared, it's not an easy process to move a farm.
Speaker 4: Does it sound like business accounts? So I'm sure more complicated.
Speaker 5: Quite a bit in lawyer's fees. But the hardest part
Speaker 5: of all was we were pretty dis going to we
Speaker 5: our business with our bank because we didn't borrow enough
Speaker 5: money from them, and so we shifted for two point
Speaker 5: six percent change and interest, But we ended up only
Speaker 5: going with one bank because the other banks didn't want
Speaker 5: us either because we had under two million dollars worth
Speaker 5: of debt.
Speaker 2: That sounds vainly.
Speaker 5: So the bank we were with, we were managed out
Speaker 5: of a call center and they just went interested because
Speaker 5: we were under two million dollars. So we were lucky
Speaker 5: that one bank would pick it up and we've actually
Speaker 5: got to we get to speak to a real person again.
Speaker 5: But the bank we left within half an hour of
Speaker 5: the loan being uplifted with the new bank, the old
Speaker 5: bank closed every one of our accounts and cut off
Speaker 5: all our access.
Speaker 4: Wow, they so did the bank that you were moving
Speaker 4: to manage the process. So on your behalf with I'm
Speaker 4: curious with the business accounts how much handholding goes on there?
Speaker 5: Yep, they were quite good. And then the bank we
Speaker 5: left was really po'd about it, but they made it
Speaker 5: clear they didn't want this as a customer's ten and
Speaker 5: a half percent is a big swat. Plus for our loan.
Speaker 5: We have an unutilization fee as well, so that's the
Speaker 5: bit you're not using at the time, and we are
Speaker 5: half a percent on that so all up it was
Speaker 5: three percent.
Speaker 2: So that sounds to me like there was you had
Speaker 2: a relationship failure at the old bank. I don't mean
Speaker 2: your fault.
Speaker 5: Oh yeah, big time. And we've been twenty five years.
Speaker 2: But I'm wondering, is that about the person you were
Speaker 2: dealing with versus the institution or do you think that
Speaker 2: that that that person's you know, whoever you were.
Speaker 5: Dealing with that Reflection's been a change of a couple
Speaker 5: of changes of CEO and that bank, and then they
Speaker 5: changed the structure, like we didn't have an account manager anymore,
Speaker 5: and we didn't have someone to talk to about it
Speaker 5: and just write to anything else. And they made it
Speaker 5: really clear they weren't interested in our banking.
Speaker 2: I guess maybe we shouldn't name the bank you left,
Speaker 2: but let's share the good news about who you moved to.
Speaker 2: Are you happy with them?
Speaker 5: Yeah? We are, well I say that, but we've had
Speaker 5: three account managers in the fourteen months, but we still
Speaker 5: actually talk to a person.
Speaker 2: Okay, who are you with now?
Speaker 5: Okay, but they were the only bank that would take us.
Speaker 5: The others didn't want us ee this for the same reason.
Speaker 4: Okay, good on you. Well that's great. You actually, you know,
Speaker 4: got fed up enough and did something, and you know
Speaker 4: that's thing you can do, is you know.
Speaker 5: But yeah, I would warn people just be make sure
Speaker 5: you've got everything lined up because with a say, within
Speaker 5: half an hour of the new account becoming act, if
Speaker 5: they'd shut us out of our old bank.
Speaker 2: Hmmm, yeah, that does.
Speaker 5: So we made complaints to the banking on boodsmen because
Speaker 5: apparently they're not supposed.
Speaker 4: To do that.
Speaker 2: Oh what happened?
Speaker 5: Oh the banking on boodsman took it up. Yeah, and
Speaker 5: then someone came from the bank and spoke lest but
Speaker 5: they didn't apologize, and they gave us a gift basket
Speaker 5: and said that was very sorry.
Speaker 2: What was in the guest basket.
Speaker 5: Just gems and spreads. It was like, but banks a
Speaker 5: makeup for five o'clock on Friday, having your bank account
Speaker 5: closed and yeah you still yeah, still looking horrible experience.
Speaker 2: It's the banking and still looking at it.
Speaker 5: Ah, not the investigations closed now, but there was. It
Speaker 5: was looked at.
Speaker 2: And what did they did They make any official finding
Speaker 2: like this was poor customer relationships or bad banking.
Speaker 5: And they didn't really come back to us with much.
Speaker 5: They said that they had spoken to the bank cons
Speaker 5: and they had not it are consumed, and that they
Speaker 5: would keep it on file.
Speaker 2: Okay, okay, okay, Hi, thanks for sharing that.
Speaker 4: Thanks you for your moxie. It's a good, good story.
Speaker 2: A gift basket with jams.
Speaker 4: That's a bit of an insult, isn't it a gift basket?
Speaker 4: The aggravation in household it's kind of funny twenty five
Speaker 4: years too. Yeah, it's like a jilted lover.
Speaker 2: Well, yeah, but do you give a joke? What do
Speaker 2: you give a jilted lover? We could save that for
Speaker 2: another Okay, I think I know. We don't need to
Speaker 2: take a break. Let's go to Neil.
Speaker 6: Hello, Hello, sir, my name is Neil. The lady who
Speaker 6: is with you has got a lovely accent, hasn't.
Speaker 4: She almost as nice as yours? Sir?
Speaker 2: Yeah? Well, anyway, stop flirting with my with my guest, please, Neil.
Speaker 2: And what would you like to talk about?
Speaker 6: Well, if I'm allowed, I'll briefly tell you our situation.
Speaker 6: Me and ma'am. She's call down, but I call her man.
Speaker 6: We're very old and there's still there's a bit of
Speaker 6: a bit of early dementia in the house and we
Speaker 6: were advised I'm guessing it two years ago to change
Speaker 6: our bank. Maybe a bit more than two years ago anyway,
Speaker 6: And this person who advised us brought a consumer magazine
Speaker 6: and said T S B.
Speaker 2: Which I think is a news they've got that they
Speaker 2: get a high pole people's choice of writing. Yeah, is
Speaker 2: that who you went with?
Speaker 6: Yeah, I just want to share with you because because
Speaker 6: me and mam are old, you know, and everything gets
Speaker 6: paid through the bank, you know, our electric and all everything,
Speaker 6: all the bills. Yes, ma'am has just said all the bills.
Speaker 2: Yeah, I can hear that we may need to speed
Speaker 2: the delivery of the story up. Just touch Neil, because
Speaker 2: we've got some people holding But what what's the punchline
Speaker 2: and the and the missage you'd like to get across
Speaker 2: to us.
Speaker 6: The punchline is that they did absolutely everything about the
Speaker 6: payments we make. And when you ring up, you get
Speaker 6: a lovely girl, old lady speaking and she says, hello, Neil,
Speaker 6: how's Anna, how are you both getting on? And it's
Speaker 6: just a wonderful You.
Speaker 2: Don't float, you don't flirt with the person on the
Speaker 2: other line too much to you, Neil compliment.
Speaker 6: If she's been overdoor. She got prettiness tablenge.
Speaker 4: Sorry to hear. And I think the difference in the
Speaker 4: you know, the previous color and Neil's, you know, there's
Speaker 4: a big difference moving business bank.
Speaker 2: Yeah, and the reason I'm not asking, by the way,
Speaker 2: if you're wondering why I'm not asking people to out
Speaker 2: the negative banks, is because it can be a little
Speaker 2: bit contentious. And look, we are national radio and i'd
Speaker 2: rather hear the positive sides because one story doesn't necessarily
Speaker 2: tell the whole story about a particular bank. I think
Speaker 2: you know. That's why I haven't asked about who are
Speaker 2: the baddies and the story. And just in case you're
Speaker 2: curious to know, even though I'm sure you're all dying
Speaker 2: to know, I'll tell you what. We've got more calls
Speaker 2: to come to though.
Speaker 4: All right, we'll do that.
Speaker 2: And yeah, you can flatter Amanda about her accent if
Speaker 2: you want, but make sure we keep this thing as well.
Speaker 2: It's a twenty one and a half minutes to six
Speaker 2: news talks that'd be back soon.
Speaker 4: Oh money, I lived. It was your party. They were
Speaker 4: your friends.
Speaker 9: See you've got a nice new car.
Speaker 4: And a brand new pair of pants.
Speaker 2: Let's welcome back. This is the weekend collective Smart Money.
Speaker 2: My guest is Amanda Morales. She's a money coaching financial commentary.
Speaker 2: Were talking about changing banks, your stories, your reasons, How
Speaker 2: hard was it. Let's go to Richard. Hello Richard, Hi.
Speaker 6: There, Hive.
Speaker 3: I've been with a particular bank since about nineteen eighty
Speaker 3: eight and I have no absolutely no complaints about them.
Speaker 3: They've been a good bank and all my dealings. But
Speaker 3: I had my mortgage fall due about a week ago
Speaker 3: and I ran and I got through to their thing
Speaker 3: to say, you know, to talk about it or just
Speaker 3: and it was just basically an operator yeah, And they said,
Speaker 3: they said, well we can offer you are raised and
Speaker 3: it was five point thirty nine, which was a little
Speaker 3: bit lower than they had on there we've publicly. But
Speaker 3: I said, well, actually I'd like to talk about it
Speaker 3: and you know, discuss it with you, you know yet,
Speaker 3: because you know, even though as I say, I've been
Speaker 3: quite okay, sometimes you know, it pays to just sort
Speaker 3: of you know, eyeball people say. So anyway, I said, okay,
Speaker 3: that's final. So I let it roll over onto floating
Speaker 3: and booked an appointment which is coming up this Thursday,
Speaker 3: and basically I'm going to go to them, you know,
Speaker 3: without any ranker, and just say, look, you know, I'd
Speaker 3: like to stay with you, but you know, money's money,
Speaker 3: and I'm going to go to the first bank that
Speaker 3: offers me an interest rate that starts with four.
Speaker 2: Wow. That is very optimistic of you, but that would
Speaker 2: be but love to know if you put it up,
Speaker 2: because five point thirty nine was doesn't sound like a
Speaker 2: bad off. I've given what I'm looking at now that
Speaker 2: how long for? Are you talking about?
Speaker 3: How long?
Speaker 2: What term?
Speaker 3: Oh, it's the twenty five year temps.
Speaker 2: I only took it out, No fixt for how long because.
Speaker 3: Whatever, I don't mind. Well, I mean it'd probably be
Speaker 3: it'll probably be two or two years.
Speaker 2: Okay. I will be very impressed if you get that
Speaker 2: down much further, because I'm just looking at the interest
Speaker 2: rates right now, and most of them are sort of
Speaker 2: like six points. I think ASB is offering a year
Speaker 2: for five point nine to nine, two years five point
Speaker 2: six nine.
Speaker 3: But yeah, so that's their published rates, but they do
Speaker 3: do better than.
Speaker 2: I'm not aware of that, but five point three nine.
Speaker 4: Sounds I bet you you'll chip them down some more so,
Speaker 4: good on you. Oh good, hold your nerve.
Speaker 3: I'll no, there's no bad feeling about it. No, no, agithm.
Speaker 3: I mean I'm not under street. So my last interest
Speaker 3: rate which went through is one two hundred dollars for
Speaker 3: the interest, which is pretty scary. So it's worth working
Speaker 3: on for sure.
Speaker 4: More people should take your approach and challenge them.
Speaker 2: Sorry, how much does that? How much does that mean
Speaker 2: you're borrowing?
Speaker 3: It's about four hundred and fifty k's well given I've
Speaker 3: got a lot of I've got a lot of other
Speaker 3: accounts with them, you know, and I've actually got it.
Speaker 3: I mean, I'm probably a bit stupid, but I've got
Speaker 3: about fifty grand. It's in a in a sort of
Speaker 3: the buttle accounting case, you know, I fall upon hard
Speaker 3: times and I'm not. I haven't even I'm not even
Speaker 3: collecting interest on it.
Speaker 2: So you know, one thing in your favor for getting
Speaker 2: that better rate is the prediction of most economists that
Speaker 2: within the next few months there could be up to
Speaker 2: a whole one point knocked off the cash rate, and
Speaker 2: you might what you need as a bank who really
Speaker 2: believes that and thinks you.
Speaker 3: Will do that, And I'd be really pissed off for
Speaker 3: five point three nine and you know, like they've said nothing.
Speaker 3: Nobody's changed their rates since the Reserve Bank governor. Yeah,
Speaker 3: but then the cost of living and you say, whatever
Speaker 3: you call it came down. Everyone's saying it's going to
Speaker 3: come down. It's going to come down. So you know,
Speaker 3: like why wouldn't you give it? You know, so I
Speaker 3: just thought of going there, they without any any ranker,
Speaker 3: and just so you know what, Yeah, and.
Speaker 2: Let us let us know when's when's your meeting Thursday?
Speaker 2: We can call us next money on next week on
Speaker 2: smart money. Good on your boat, buddy. Actually I was
Speaker 2: when he said four point nine to nine. I was
Speaker 2: actually thinking, I tell him he's dreaming. And then I
Speaker 2: thought about that for a second. I thought maybe not.
Speaker 4: I mean, yours era come down, you know, but so
Speaker 4: he may be a little ahead of that conversation with
Speaker 4: his bank. But you know, I think they'll budget.
Speaker 2: They'll probably yeah, there you go, good luck, good luck. Right,
Speaker 2: hang on a second, let me just check the time.
Speaker 2: Let's go to at thirteen minutes to six. Gosh, time
Speaker 2: flies this this afternoon, Bob, Hello, Yeah.
Speaker 6: Good day.
Speaker 9: I was just listening to it. I thought my bank
Speaker 9: causes me some grief. But and I've been there with
Speaker 9: him form an old guy, but I've been with him
Speaker 9: for many, many years. But I've decided I'm going to
Speaker 9: I'm not changing my bank. All my money still goes
Speaker 9: into it, and they pay all my accounts and they
Speaker 9: do everything I need to do. But they got no
Speaker 9: money for investment because as soon as I get a
Speaker 9: nest egg in there, I take it out and reinvest
Speaker 9: it with another organization.
Speaker 4: Yeah, good on you. It's very competitive about there, and
Speaker 4: you'll be doing a lot.
Speaker 9: But they're currently paying over seven percent.
Speaker 4: Yeah sounds good. Well, the you know, most growth funds,
Speaker 4: you know, diversified growth funds are doing about that and
Speaker 4: have been for the last five years as well.
Speaker 9: In fact, I'd like to give them a plug for
Speaker 9: this organ they're not actually a bank. They are a
Speaker 9: non bank bank and the firm's first mortgage trust based
Speaker 9: in Tarama.
Speaker 4: That sounds like a good deal. So, but probably a
Speaker 4: little nudge for the last caller too, who's got fifty
Speaker 4: K sitting in there with no interest. He should probably Yeah.
Speaker 9: Currently, I mean every three months they pay you out
Speaker 9: of dividend. You don't know what it will be but
Speaker 9: for the last two years it's never been below seven percent.
Speaker 2: Okay, games, good stuff, cheers Bob, Thanks recall um. Actually,
Speaker 2: another caller says, we came off and had a few
Speaker 2: texters sorry saying here's one here saying we came off
Speaker 2: fixed this week and we're going to take the hit
Speaker 2: with a floating rate until the next OCR in November.
Speaker 2: Not dumb thinking.
Speaker 4: Actually no, no, because I'll signals sorry that it will
Speaker 4: come down, so that that's probably not a bad move.
Speaker 2: Yeah, yeah, okay, right, we'll be back in just a moment.
Speaker 2: It is eleven minutes to six News talks.
Speaker 4: He'd be money. I ever wants money, would never want
Speaker 4: to work for the money.
Speaker 2: So yes, welcome back. This is smart money. We don't
Speaker 2: have long to go. I'm just going to mention one
Speaker 2: quick text before we get try and squeeze in a
Speaker 2: call or two more. And somebody's just pointing out that
Speaker 2: if you are going to change your mortgage, it's not
Speaker 2: just a straightforward thing because often they can be legal
Speaker 2: fees with changing documents and lodging a mortgage against literally
Speaker 2: and lodging the mortgage against your property and all that
Speaker 2: sort of thing. So slightly more involved, doesn't it, Amanda.
Speaker 4: Oh yeah, again, you have to be careful of break
Speaker 4: fees too, so you don't engage that one lately, But
Speaker 4: do your homework. There's some great resources out there, and
Speaker 4: I'm sure all the people who are watching the numbers
Speaker 4: move would be aware of them. But interest dot co
Speaker 4: dot and z is a wonderful comparison site for both
Speaker 4: mortgages and for savings and investments as well.
Speaker 2: So you know, that's my go to. Actually that's the
Speaker 2: screen I've got up when I was listening to Fantastic.
Speaker 4: Yeah, so that's a really good resource. People should be
Speaker 4: checking that out and look at the not that the
Speaker 4: readings are worth the paper they're written on these days
Speaker 4: after the GFC, but also check out the you know,
Speaker 4: the reading of the bank as well.
Speaker 2: Yep, good, great advice.
Speaker 8: So hello, yeah, hi, can you give a bank a
Speaker 8: small bank loan? I'm on a pension, I've got a
Speaker 8: freehold home and I got an exorbitant capital which I
Speaker 8: had to put on a credit cad and pay twenty
Speaker 8: percent to interest, and I just wondered if you could
Speaker 8: get a bank loan to pay off credit cad and
Speaker 8: how if you can how much would the interest be.
Speaker 4: Oh, you've got to shop around for that. So that's
Speaker 4: a personal loan versus a credit card. But you know
Speaker 4: your bank should be able to give you some assistance, Sarah,
Speaker 4: and you can do some reate comparisons as well. As
Speaker 4: twenty percent is high.
Speaker 2: Yeah, and one would have thought that if they are
Speaker 2: trusting you with the debt on your credit card, then
Speaker 2: there's no reason they should deny you alone.
Speaker 8: Right, You know how much interest it would be if
Speaker 8: I managed to get alone?
Speaker 4: You have to look around and there they say there's
Speaker 4: peer to pairer of lending outfits too, like Squirrel as well.
Speaker 4: I would go to their website.
Speaker 8: Now I'd have to stick to the same thing that
Speaker 8: I've been going to about fifty years.
Speaker 4: Well, yeah, so just best to call your bank and
Speaker 4: figure out what read that to do for.
Speaker 2: You personal loans. I'm looking out here just quickly, very
Speaker 2: very quickly. And straights or they finance companies are expensive,
Speaker 2: but a bank, they're around ten to thirteen fourteen percent
Speaker 2: better than twenty Okay, thanks sir. Do we have time
Speaker 2: to squeeze in a very quick comment for or call
Speaker 2: from Sharon? Hello?
Speaker 10: Oh, hi yah, hi.
Speaker 5: Hi, how are you good.
Speaker 2: Thanks, what did you one? We've only got about a
Speaker 2: minute or so, so you'll have to rattle it off
Speaker 2: to Sharon.
Speaker 10: Okay, yep, no problem. I'm a mortgage breaker and I
Speaker 10: work with TV bank a lot. They would be yet
Speaker 10: to be spank to work with, so I imagine that
Speaker 10: that's how they treat your clients. I'm not a client,
Speaker 10: but they do offer a really good service and that's
Speaker 10: a free refinance. They're mortgage brokers that work with them
Speaker 10: have to be accredited, but it means that the clients
Speaker 10: that want to move to Qwibank losing mortgage, they don't
Speaker 10: pay legal fees so and they will still get a
Speaker 10: cash and sentence from kwibank and they'll get the current rates.
Speaker 10: So it's just a really good service. And talk to
Speaker 10: you mortgage broker about it and you can sometimes find
Speaker 10: that it's a really good option.
Speaker 2: Do you have a specific relationship with them as a
Speaker 2: mortgage broker with particular banks like like.
Speaker 10: KWI Bank, I have just probably a similar relationship to
Speaker 10: what other mortgage brokers do. I am am accredited or
Speaker 10: during the freet refinances. I'm not sure if everybody is. Yeah,
Speaker 10: and I do do quite a few of them. They're
Speaker 10: really good. So it's excellent for people to change banks.
Speaker 8: They make it so.
Speaker 10: Easy and when you're not paying legal fees, it's worth it.
Speaker 2: Okay, good stuff. Yeah, I mean I think I can
Speaker 2: thank you, Shan. I appreciate you, Caul. Look, imagine if
Speaker 2: a bank wants your business and you're looking to change,
Speaker 2: then hopefully that's something you can discuss with the new
Speaker 2: people you're going to be getting your mortgage with as
Speaker 2: well asn't an Amanda.
Speaker 4: Absolutely ask all the questions. If you're feeling uncertain, you know,
Speaker 4: drag along somebody who's got some expertise in this areas
Speaker 4: to make sure you've got our coroner has covered excellent.
Speaker 2: Heye, Amanda, thanks so much. If people want to read
Speaker 2: more of your stuff, Amanda Morale dot com to ours
Speaker 2: two l's.
Speaker 4: Thank you very much.
Speaker 2: Jam great to see you again and thank you my producer,
Speaker 2: Tyre Roberts. Check out our podcast if you've missed any
Speaker 2: of it, and we'll look forward to your company again. Actually,
Speaker 2: I'll be on for breakfast tomorrow at six o'clock, so
Speaker 2: up and nice and early please and we'll look forward
Speaker 2: to your company. Then catch us.
Speaker 7: Somewhere.
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