Westpac: I'm Thinking of Returning

Rocked up to the local Westpac at Albany Mall today after clicking on the make your credit balance $2500 more - that was OK.

In the meantime saw Wilson at the bank & found out I have an interest free period left on my Visa till July next year.

When I had issues with the card in July I contacted the bank and they sorted out the problem and it seems they started the 12 months again from July. So I don't have to pay anything off (except the minimum balance.)

So at the same time I told Wilson about this I decided to open a bank account. This was the first time I have had an acc with Westpac in 30 years (apart from my Credit Card).

I want to see how they go and if they are good (I'm unhappy with ASB who I been with for more than 20 years) Im going to change some or all of my banking.

How do you folks out there deal with this "problem"?




More Banking Madness @ Shareinvestor

ASB Bank: Customer "Service"

Bryce the Banker: The Final Insult
Banks not participating in Recession
Bank Guarantees: Time for banks to return the favour
The Return of Bryce
Banking Madness!

Discuss this topic @ Share Investor Forum

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• c Share Investor 2017

Westpac: Credit Where Credit is Due

Previously I have had many bad banking experiences.

Now I must avail you to a positive message,

One that has almost left me speechless,

The bank concerned was Westpac Banking Group Ltd [WBC.NZX] .

I didn't previously have a very good opinion of them. I probably still don't.

This happened after many months of tooing and frooing over interest charges and fees on my credit card.

This card was my first credit card and i got it back in 1995 when I graduated from Auckland Uni and it had a picture of the University on it and $1000 in credit.

Fast forward 21 years and I just happen to take up the offer of having my limit extended to $10,000 and for the interest free period extended to 1 year.

What do you know last month a got my bill and attached to it was 2 forms of interest charged.

When i queried it (after going through about 5 people)i got a friendly chap Ike Harris on the line and he told me that Westpac came to their credit card accounts in a different way to other banks - I've had these before, they were for way more money and they didn't cost a cent)

Anyway Ike told me that if you purchased something during the month you would accrue interest, i knew this from before but because of my stroke i forgot about it at the time i made the purchase.

That was OK, I was prepared for this.

What i didn't know is that it wasn't only for THAT month, the interest would continue to accrue for the entire period of the $10,000 loan.

I told Ike that i had free credit cards before and i wasn't charged in this way.

Well Ike said we are different.

Much discussion in my broken English followed as to the seriousness or otherwise of the way they charged their credit cards.

Anyway.

This is what Ike did:

Thanks for getting in touch with us.

Please find attached the information requested when we spoke today.

-a balance transfer of $10,000.00 was completed on 07/03/2016 at 0.00% pa for 12 months

-from that date transactions occurred on the account and were subject to interest charges

-as at today, there is still $1,115.42 of charges subject to interest. We have added these charges onto the balance transfer of $10,000.00 which will also be at the rate of 0.00% pa until the balance transfer expires in March 2017

-interest will begin to accrue on these amounts after 07/03/2017 if they are not paid in full

-you may see a small amount of interest on your next statement as we are part way through this month. I will reverse these charges as they appear

True to his word the interest was reversed and all associated charges dropped.

Ike was a brilliant young man who should be working to help out people because he was patient.

Have you had similar stories with ''free'' credit cards?

• More Banking Madness @ Share Investor
• 
  
• ASB Bank: Customer "Service"
  Bryce the Banker: The Final Insult
  Banks not participating in Recession
  Bank Guarantees: Time for banks to return the favour
  The Return of Bryce
  Banking Madness!
  
  Discuss this topic @ Share Investor Forum

           Recommended Amazon Reading

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham

Buy new: $14.95 / Used from: $7.50
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                  c Share Investor 2017

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Broker Stock Picks for 2013

I made my 2013 stock picks back in late November and some of you maybe wondering what the professionals are thinking for next year.

Keep in mind, just like me they will have their biases and they may or may not indicate as to whether they own the stock they are picking - they should.

Some interesting picks that I will comment on latter in this spot.


2013 Picks

Goldman Sachs
* SkyCity
* Ryman
* Telecom
* Infratil
* Kathmandu

McDouall Stuart
* Abano
* Diligent
* Ryman
* Skellerup
* Cue Energy

Forsyth Barr
* Fletcher Building
* F&P Appliance
* Chorus
* Sky TV
* Ryman

First NZ Capital
* Fletcher Building
* Mainfreight
* Chorus
* National Property Trust
* NZ Oil & Gas

MacQuarie Securities
* Chorus
* Pumpkin Patch
* Ryman
* Mainfreight
* Transpacific Industries

Hamilton Hindin Greene
* F&P Healthcare
* Westpac
* Chorus
* Nuplex
* Tower

Craigs Investment Partners
* Chorus
* Auckland Airport
* Ryman
* Fletcher Building
* Westpac

Share Investor's Annual Stock Picks

Share Investor's 2013 Stock Picks
Share Investor's 2012 Stock Picks
Share Investor's 2011 Stock Picks
Share Investor's 2010 Stock Picks
Share Investor's 2009 Stock Picks
Share Investor's 2008 stock picks

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Brokers 2012 Stock Picks
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	The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) by Benjamin Graham Buy new: $13.25 / Used from: $9.24 Usually ships in 24 hours
	The Essays of Warren Buffett: Lessons for Corporate America, Fourth Edition by Warren E. Buffett Buy new: $30.40 / Used from: $169.48 Usually ships in 24 hours

c  Share Investor 2013

Aren't those banks just utter Bastards

After getting some shtick recently from my bank, the ASB Albany branch, who have decided, after much arguing by my good self, that they will waive early repayment fees for a loan I made a few years back but didn't agree to any fee charged when initially taking out that loan, I came across a story today in the Nelson Mail that just made my day:



Defiant Mapua artist Roger Griffiths today made a stand against Westpac by withdrawing his $190,000 savings in $20 notes.

The bank provided a red-and-black carry bag to take away the cash after meticulously counting it in front of Mr Griffiths at its Nelson branch.

Mr Griffiths, a loyal Westpac customer for 25 years, decided to withdraw his money after the bank rejected his application for an $80,000 mortgage. "It's about time normal people took a stand."

He said the bank turned down his application because he did not have a regular income as an artist. However, he was a successful artist, exhibiting his paintings at the World of Wearable Art complex, in Christchurch and New York, he said. (Go here for rest of story)

Roger has got it right, you have to fight these bastards because they will walk all over you if you don't.

Incidentally, most good lenders would have lent him the money, and so would I, based on the record with his bank alone. After all, we all remember that Westpac is the bank that will give away millions without any double checking your ability to pay your debts.

My loan payment dispute with ASB has not been rectified to my satisfaction because they have time limited their offer to July 31 and they were not the terms of my original loan.

The fact that they have offered to waive the fees though means I can use that offer against them when I take them to the disputes tribunal.

Fight your bank if you think they are wrong, if you don't get what you want, at least you tried and you might have some fun, like I have had, giving them a hard time.

More Banking Madness @ Share Investor

Bryce the Banker: The Final Insult
Banks not participating in Recession
Bank Guarantees: Time for banks to return the favour
The Return of Bryce
Banking Madness!

Discuss this topic @ Share Investor Forum

Related Amazon Reading

Customer Services - Marketing & the Competitive Environment (Banking Certificate Study Manual) by Steve Jones
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c Share Investor 2009

Share Investor's 2009 Stock Picks

It is that time of the year to pick stocks for 2009.

In the face of a global recession, an uncertain economic future and dwindling values, even for good assets, it is going to be hard to pick winners.

Please keep in mind dear readers that the picks are my own and they reflect my investment philosophy and not necessarily anyone else's.

My picks are based on a long-term view, regardless of the current short to medium term market turmoil and economic uncertainty.



Fisher & Paykel Healthcare
[FPH:NZ]



With that in mind I will kick off my picks with a company that I consider will be one of the big successes of the next 5-10 years, Fisher and Paykel Healthcare, the health care products provider.

I had it as a pick for 2008 and it has been one of the better performers this year, even though it is still well off its highs share price wise.

Company profit forecasts to March 31 2009 have been estimated at NZ$84 million and revenue is also set to grow as it has done for the past.

Fisher profits are largely immune from the current market turmoil as buyers simply have to have the products that the health care company makes regardless of a global recession.

This invincibility from outside economic influences makes the pick for my next stock a relative no-brainer.

Fisher & Paykel Healthcare @ Share Investor

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Drinking and Trading
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Share Investor's 2009 stock picks
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FPH downgrade masks good performance

Discuss Fisher & Paykel Healthcare @ Share Investor Forum - Register free 



Ryman Healthcare 
[RYM:NZ]



Ryman Healthcare, the retirement home operator, carer and developer, has been increasing revenue and profit for many years and the most current profit result shows that there has been no let up in this trend with a rise of 10% to NZ$25.9 million.

Development of new villages has increased apace over the last year and there are at least half a dozen new ones ready to go at beginning 2009, including two massive villages at Orewa and Whangerei.

The long-term prospects for this company are excellent as New Zealands elderly are set to grow markedly in the future.

Metlifecare [MET:NZ], Rymans major listed competitor is also worth a look at for the same reasons as Ryman.

I have Metlifecare on my watchlist.


Ryman Healthcare @ Share Investor

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Share Investor Q & A: Ryman Healthcare's CFO Gordon MacLeod
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Time for retirement?


Discuss Ryman Healthcare @ Share Investor Forum - Register free 


Mainfreight Ltd
[MFT:NZ]



Mainfreight Ltd, the New Zealand global logistics operator, have a goal of NZ$1 billion in revenue before 2010 and are only a gnats whisker short of that figure.

It is on my pick list again for 2009 as it is New Zealands best managed company and if management is good then results generally follow-this has been the history of the company thus far.

Currently business is experiencing a slow down, although profit was up nearly 10% in the last reporting period.

Management are going to approach the global market downturn with a "prudent, cautious approach to costs"-the status quo for the business since its inception.


Mainfreight @ Share Investor

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Why did you buy that stock? [Mainfreight Ltd]
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Mainfreight keeps on truckin
A rare breed



Pumpkin Patch Ltd 
[PPL.NZ]

N/A

One of the worst performing stocks of 2008 if you consider a 60% odd drop in share price this year and a drop of nearly 30% in full-year after tax profit to July 31 2008.

All is not lost though!

The company has great long-term potential, with excellent product a strong brand and very loyal customers and with the share price at just over a buck it is a relative bargain when one considers it was trading at nearly 5 dollars just over a year ago.

One to stock up on during price dips and it probably will when pre-Christmas sales figures come through during the beginning of 2009.




Pumpkin Patch @ Share Investor

Pumpkin Patch buyback shows confidence in the future
Pumpkin Patch takes a hit
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I'm buying
Why Did you but that Stock? [Pumpkin Patch]
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Pumpkin Patch profits flatten
New Zealand Retailers ring up costs not tills



Other quotable notables.

Telecom NZ [TEL:NZ] for its dividend. Buy around $2.

Contact Energy [CEN:NZ], Trustpower [TPW:NZ] and Vector[VCT:NZ] Any infrastructure company, especially these electricity companies are a good buy at any time but battered share prices are a good opportunity to stock up on more or make a first buy.

Auckland International Airport[AIA:NZ] A near monopoly with a beaten down stock price, buy on further weakness.

Westpac [WBC:NZ] and ANZ Bank [ANZ:NZ]. Good opportunities exist to buy at low stock prices.

If you have the nerve, any good company is going cheap in 2009 so there are plenty of companies worth buying.

Pick wisely!


Disclosure: I own RYM, FPH, PPL, AIA, and MFT shares


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Share Investor's 2013 Stock Picks
Share Investor's 2012 Stock Picks 
Share Investor's 2011 Stock Picks
Share Investor's 2010 Stock Picks
Share Investor's 2009 Stock Picks
Share Investor's 2008 Stock picks

Broker Picks

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c Share Investor 2008

Ralph Norris will pounce, you can bank on it

Given the recent marriage between Westpac and St George Bank[SG.AX] to forge Australia's biggest bank, to surpass the size of The Commonwealth Bank of Australia [CBA.AX] it seems unlikely that Ralph Norris, the CEO of CBA, will rest on his laurels.

Australia's banking sector has been ripe for consolidation for some time and talk of marriages and takeovers of various Aussie banks has been rife for the last few years.

It just so happens that Gail Kelly, the current CEO of Westpac Banking Corp [WBC.AX], was the former head of St George until August 2007 and she has wasted no time in making her presence felt at Westpac by moving to swallow the fifth largest bank in Australia, St George.

Ralph Norris is going to be biting at the bit to get his hands on one of the smaller sized oz banks as he cannot make a bid for any one of the "big 4" for competition reasons. Suncorp Metway [SUNN.AX], Australia's 6th largest bank and 4th largest insurer, would be a great fit for CBA and given slumping banking company share prices the current economic turmoil conditions would be a good time to pounce.

Even some of the smaller state banks like Adelaide Bank & Bendigo Bank [BEN.AX], merging themselves in August 2007, or the Bank of Queensland[BOQ.AX] would be possibilities for Ralph and CBA. These state banks have a strong presence in their home states but also have smaller niches in neighboring states.

Ralph is the sort of individual who doesn't like to be beaten. As an aggressive head of CBA's subsidiary in New Zealand, The ASB Banking Group, he helped turn that particular company from a strong regional Auckland based bank into the leading countrywide lender for mortgages today.

Whatever happens in the Australian banking sector though you can be sure that owning any of the smaller Australian banking stocks is going to be an exciting time for shareholders and it is only a matter of time before a few good ones are snapped up by Ralphy.

Australia is really a microcosm of what is happening world wide when it comes to banking stocks though. Right at this time in Thailand, where I am presently sunning myself, there is consolidation going on. In the US we have seen troubled banks gobbled up by competitors and Europe is having a good go at it too.

Ralph Norris will be on the hunt in OZ, he loves a bargain, so make sure as a shareholder you hold out for more come offer time!

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) by Benjamin Graham Buy new: $13.25 / Used from: $9.24 Usually ships in 24 hours The Essays of Warren Buffett: Lessons for Corporate America, Fourth Edition by Warren E. Buffett Buy new: $30.40 / Used from: $169.48 Usually ships in 24 hours

c Share Investor 2008