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Macquarie Bank Asia redemption

Discussion in 'Accounting, Tax & Legal' started by crc_error, 15th May, 2008.

  1. crc_error

    crc_error The Rule of 72

    Joined:
    1st May, 2007
    Posts:
    1,367
    Location:
    Melbourne, VIC
    I closed out all my macquarie capital protected products including the Asia fund in last financial year. ALMOST A YEAR AGO!!! I was stuffed around with my refund and it took like 5 months for them to refund, during which they continued to charge my interst on my 100% loan for the investment. Then it took them forever to issue me a tax statement so my tax was lodged late.

    Now 11 months later they send me a letter requesting payment of $950 because they believe they miscaculated my prepaid interest and refunded to much.

    What am I supposed to do here? ignore it? I cant believe a bank has the cheek to do this... they screw up, and now demand me pay them back when I'm not a customer of theirs for 12 months? Am I now suposed to re-lodge my previous tax return to correct my tax? Who is supposed to pay for my account to re-lodge a new tax return with the tax office?

    Where do I stand here, and is someone else in the same position?

    I think Macquarie bank is the most pathatic bank I have ever seen, and will never deal with them again. They even had a error in their annual tax statement and had to re-issue it, and now they claim another error and want money from me??? I don't have $1000 sitting around, as I have just bought a house, and certainly cant afford to save $1000 to give it to them due to their screwup.
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
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    Location:
    Sydney, NSW
    Hi Crc,

    Was it set up by an adviser for you? If so tell them your extremely unhappy and get them to sort out the issue as that's what you pay them for.

    Otherwise you can abuse Macquarie directly, check your FSG for their Complaints Resolution department.

    Cheers,

    Dan
     
  3. Billv

    Billv Getting there

    Joined:
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    1,796
    Location:
    Sydney, NSW
    I'd tell them that with their delays they costed you already twice as much and they should be paying you $1000 instead

    Cheers
     
  4. crc_error

    crc_error The Rule of 72

    Joined:
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    Location:
    Melbourne, VIC
    Thats the thing, I did complain back then regarding paying interest 4 months AFTER the unit redemption date. I complained about due to their delayed processing, it cost me thousands, they dismissed my complaint and said I still had to pay.

    No I set this up myself, not through a adviser.

    Can a bank legelly come back and demand payment after a account has been closed and finalized? Is this even legal? If it is, then I'm really worried about all my bank dealings, that they could re-calculate anything and hit me with new charges.

    Also how can a bank charge interest beyond 30 June when that was the day the units were re-deemed? They claim the loan was paid in September (thats how long it took them to calculate the unit price and pay out the loan)

    What if I just ignore the letter, can they do anything?

    They gave me a final payout figure, and it was paid, they can't come back 11 months later demanding more more money as far as im concerned.
     
  5. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,394
    Location:
    NSW
    It is a very good story for a Current Affair program, but be persistent.
    I had a win with the bank after few months of chasing them :mad: to return the money they overcharged me in fees.
     
  6. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
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    Location:
    Sydney, NSW
    CRC

    I don't believe they have a legal backing
    but I'd follow it up with the people who sent you the demand
    and try to reason with them.

    Don't acknowledge that they have overpaid you
    In fact make it clear that you are unhappy and you wish to get refunded the 4 months of interest they've charged you.

    Check your contract regarding interest and redemption date.
    Do they have a complaints dept?

    Cheers
     
  7. crc_error

    crc_error The Rule of 72

    Joined:
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    Posts:
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    Location:
    Melbourne, VIC
    I will just write a letter back stating they confirmed all was settled and nothing is outstanding. I'll photo copy the statement indicating all is settled and that as far as I'm concerned, everything was settled on June 30 last year.

    Then I should add that I demand the 4 months overpaid interest to be refunded as the units were withdrawn on June 30 and that they held my money without paying me interest.