Westpac Denied

[cove]

I remain hopeful that our big 5 banks will get workovers so that retail customers are treated better than just account numbers.

 

[turnipapple]

Hi all (Sorry to ?hijack this thread - or perhaps it may be related??)

I was trying to apply for the Westpac Velocity CC earlier tonight. I only managed to get to the page where they ask you for your name, DOB, marital status and housing situation and address.

Upon entering the info and wanting to progress through the application, I hit this error message:

"We’ll contact you within the next two business days and answer any questions you may have."

I tried re-entering the application using my reference number, but hit the same page.

Now I'm not familiar with Westpac CC applications as I haven't needed to open a CC with them previously, so am not sure whether this is a normal thing or not! Every other CC application I've made over the past ... 10 years have been seamless ... until today! Anyone else ever have this issue?

Yes yes, I know I could wait the 2 days to find out what the issue was, but thought someone in the board my have had the same experience!

I have had an experience with St George this year where they declined me before asking me for additional document submission. Long story but ended up getting it removed from my credit report after many complaints & AFCA complaint.

Suggest you call them ASAP to sort it out before they do something silly.

 

[im.daniel]

Suggest you call them ASAP to sort it out before they do something silly.

Can’t, with Optus

Interesting data point, thanks! I’ll keep an eye on my on the Credit record. I didn’t even get close to the page where they ask for how much limit I would like, so surely it shouldn’t trigger a hard enquiry on my record …. But I’ll see

 

[turnipapple]

Can’t, with Optus

Interesting data point, thanks! I’ll keep an eye on my on the Credit record. I didn’t even get close to the page where they ask for how much limit I would like, so surely it shouldn’t trigger a hard enquiry on my record …. But I’ll see

FWIW I completed my application in a SGB branch so a different scenario. Head office assessors thought my duration with current employer was too short and declined me without questioning me or asking for additional documentation. After I tried to give them the documentation they said too late it's already declined. Any many other ridiculous conversations but thankfully after months of back and forth, it's removed from my credit report.

I've worked for Westpac and had to listen to their mortgage call centre recordings for a project. I have no faith in them

 

[cove]

KYC at Westpac stands for Know Your Customer.
Now with St George Mrscove tried to set up auto pay but they want to see her at a branch. Well the only branch is in Perth City for us until we get to Sydney.

 

[marki]

First time ever denied, multi year churner.
10+ Years home owner outright
10+ Years job > 150k
Single, no dependants
25k in 2 cards current no outstanding

Auto denied prior to hitting credit agency.

i read something about this recently and calling maybe an option?

They did not want to talk to me four years ago and treated me like a Lepper. No matter how solid my financials.

 

[N860CR]

Very odd Westpac are. I’ve got two mortgages with them and my everyday banking and they recently knocked me back for a Mastercard ($250+ salary). Did put in a complaint and get some cash out of them, but still a bit odd.

 

[JohnK]

Something strange going on with Westpac and other banks.

Received SMS today from Westpac

Hi John, this is an important reminder to update your employment and income details to keep your account safe.

...

I don't remember a previous notification so not sure how this is a reminder.

Also how is updating my income details going to keep my account safe? I've not applied for any credit products in at least 5 years, or longer. Why would I update my income details?

I don't want to update these details but failure to do so by 20 September could cause my account to be restricted. I don't want Westpac knowing how much I earn. If I lie is this an issue? This is just silly.

 

[Daver6]

Something strange going on with Westpac and other banks.

Received SMS today from Westpac



I don't remember a previous notification so not sure how this is a reminder.

Also how is updating my income details going to keep my account safe? I've not applied for any credit products in at least 5 years, or longer. Why would I update my income details?

I don't want to update these details but failure to do so by 20 September could cause my account to be restricted. I don't want Westpac knowing how much I earn. If I lie is this an issue? This is just silly.

You don't think someone providing you with credit should know how much you earn? Good luck with getting credit anywhere then.

 

[NM]

Something strange going on with Westpac and other banks.

Received SMS today from Westpac

There is the warning that the request is unlikely to be legitimate.

 

[JohnK]

You don't think someone providing you with credit should know how much you earn? Good luck with getting credit anywhere then.

They knew how much I earned when I applied. I owe them money on credit card and I've never missed a payment. I've paid them a cough load of interest.

No, they do not need to know how much I earn now as it's irrelevant.

 

[JohnK]

I've been reading some threads online regarding this request. Sounds like Westpac send similar SMS around 2 years ago. Related to "Know Your Customer" or anti money laundering laws.

Considering there aren't big funds going in and out of this credit card then Westpac may have been pinged for not having employment and income details from when I applied for credit card more than 15 years ago.

I maintain that the bank does not need to know how much I'm earning. I don't remember anyway. I'll answer their request.

P.S. What if I was not earning anything? What are they going to do? Ask for their money?

 

[LondonAussie]

I got pinged with something like this from CBA and when I questioned it they said it was new Australian government legislation requiring them to collect the information and pass to the ATO

 

[Cynicor]

There is the warning that the request is unlikely to be legitimate.

Not necessarily. SMS from banks is common.
What spam sms tend to do is include a link or phone number and a sense of urgency.

So a dodgy version of the KYC sms would be “your account will be closed as details are out of date. Follow this link to update…”

 

[Dmac59]

I got pinged with something like this from CBA and when I questioned it they said it was new Australian government legislation requiring them to collect the information and pass to the ATO

I also got this from CBA a couple of months back. The ATO already know my earnings through lodgement of my tax return, I'm sure they're not relying on banks to provide this information.

 

[Cynicor]

I also got this from CBA a couple of months back. The ATO already know my earnings through lodgement of my tax return, I'm sure they're not relying on banks to provide this information.

I’m not down with KYC rules on the bank side, but here’s how I can see it might work, with no privacy issues inherent in transmitting everything from a Bankside to ATO:
You report income to ato and bank
Bank match a general amount of money in your account or moving through your account with reported income.
Bank report your reported income to ato, and also accounts that seem to have higher $ value or activity than otherwise expected

This would prevent you telling the ato you earn $100k and the bank $5mil so they don’t query the account.

 

[Gladstone Tim]

Something strange going on with Westpac and other banks.

Received SMS today from Westpac



I don't remember a previous notification so not sure how this is a reminder.

Also how is updating my income details going to keep my account safe? I've not applied for any credit products in at least 5 years, or longer. Why would I update my income details?

I don't want to update these details but failure to do so by 20 September could cause my account to be restricted. I don't want Westpac knowing how much I earn. If I lie is this an issue? This is just silly.

My first thought reading this was…is this a dodgy text? I certainly wouldn’t be replying or relying on any links in it.

 

[JohnK]

My first thought reading this was…is this a dodgy text? I certainly wouldn’t be replying or relying on any links in it.

Looks legitimate. I do not click on links from banks as a general rule.

The SMS does have links but they advice to visit the website. They also mention they need updated ID and I did this last month.

As per what @Dmac59 posted above the ATO knows how much I earn from my employer and also the additional PAYG that I pay each year for my investments. I will not be providing up to date income details. Westpac does not need to know.

 

[LondonAussie]

I also got this from CBA a couple of months back. The ATO already know my earnings through lodgement of my tax return, I'm sure they're not relying on banks to provide this information.

I believe it's to catch people who don't declare all their income to the ATO, the banks are being asked to dob them in to the government.

 

[markis10]

I believe it's to catch people who don't declare all their income to the ATO, the banks are being asked to dob them in to the government.

The ATO already have more info than any bank can provide including access to property, car ownership and insurance details as well as eBay, Airbnb and Uber income data. They (ATO) have had all your credit and debit data for years.
Banks KYC actions are generally at the request of AUSTRAC, as they look for all those lambo driving jobseekers on Newstart.