CBA is offering NAB customers $1200 to refinance their home loan. To open a credit card or deposit account, CBA is also offering NAB customers $100.
I cannot find it on the website so I have provided a link to an article in The Age.
http://www.theage.com.au/business/cba-tempts-nab-customers-w…
yes i was told also the deposit needed to be from an external bank, and not just from another cba account. the loganholme staff pissed me off making up their own rules for the CBA no annual fee CC promo and aren't sure them selves so im off to a different branch.
Just got back from the bank and verifying my identity etc which included photocopying my NAB card.
I was told I would get the $100 in a couple of weeks.. but we'll see. The person on the phone said after 60days or so. Deposited $500 and there was no mention of having 'direct credits' setup etc.
I received this email yesterday from the lady who opened my new account:
Hi
Thank you for coming into the branch and giving me the opportunity in assisting you with opening up your new accounts.
Your Smart access account number is xxxxxx and I have transferred the $500 from your existing account as your request. As long as you keep more than $500 in there for 60 days and the bonus $100 will be there by then.
lol yet another version. i was specifically told that i didn't there was no need to keep a minimum balance.
Me 2. The guy in the branch said, you can spend that 500 after you deposit in. And you also can deposit 200+200+100 separately.
I applied for this at my local branch and the assistant said I have to show a closure statement to receive the $100. No mention of the $500 deposit whatsoever. Said the $100 will be available as soon as possible.
Try go to different branch. Worked for me
I'm interested in this, but there is so much conflicting information about this re: closing the NAB account, the minimum deposits, the time frames to receive the bonus, the need for a direct credit, etc. It just seems like there is so much inconsistency that CBA might have 101 excuses not to pay the bonuses when the time comes.
Ive crunched a few numbers on this deal and have found this may be a good deal for CBA, and hence why CBA has an interest in paying the bonus. The vagueness in the terms is due to the deal being done in quick response to NAB's campaign and the deal having no/word of mouth advertising.
Anyone else crunched numbers on this deal?
CBA launches its latest slogan inspired by SBS. It reads as the following:
We've abandoned complicated T's and C's.
Thousands different stories and counting by your local branch.
Do forget to report those new stories here at OzBargain.com.au !!!!
We'd love to hear from you.
Only time will tell whether all, some, a few or none of them are true.
Those who are informed that they will be paid in 5-6 business day should report back by now.
lolz
Alright.. guys and gals… here is my 2 cent…
I used to work for one of the banks and telecommunications companies, so you need to see where they are coming from. The whole idea of this so called 'competition' is not really competition.
It is based on the idea of customer with 'how many products'. What we call CW4P… that means 'customer with 4 products' or CW7P which means 'customer with 7 products' etc.. this is a common practice and training within the bank and telecommunication to make you more 'sticky' means that once you have so many product with them.. it is very hard for you to move to their competitor or wants to because it is too much hassle and you got way too much things going on with that particular bank. So… thats why they actually want you to use their products as often and as many as possible they include the following for banks:
Transaction account
Savings account
home loan
Credit card
Internet banking
wealth management
Insurance
So as you can see.. most of us have, transaction, savings, internet banking and credit card. Thats 4 products. and anything extra is bonus. Makes you VERY sticky.
For telecommunication, it is mobile phone(locked in a contract) and internet and landline etc.. same idea just different pushes.. I hope this helps.
It might look like they are giving you competition, its not. They just want to get your information (information is power, I know it is cliche but it is true) and that includes how much you manage your money and they can best maximise their profit by charging you the way how you use their products… so.. by signing up.. you are giving up your information to them.. just like facebook.. why all the advertisers are going gaga over facebook because they literally can target you specifically on your wants and needs and hence increase the possibility of sale to you higher…
Just my two cents..
CBA seem to have no idea what they're doing. I emailed them to ask if the NAB account had to be closed and they said no, and that they could set an account up over the phone for me with no worries. So I went into a branch and they said they would have to close my account in order to get this offer, even though I showed them the email. Seriously annoying that they can't get their story straight!
2 weeks and still no $100, anyone else getting worried?
No, not worried at all. The $100 is likely to be paid the end of April, going by what CBA have advised and how long it takes other banks in similar promotions.
There's going to be a monthly transaction fee of $4 for each month we wait. Unless you deposit $2k a month, which is a lot.
i got both CBA and NAB account…what should i do?
Could someone summarise the dates for this offer please, when is it open until, when do you have to deposit the money etc? Will I be able to open a NAB account now under the $50 offer, satisfy their T&C to receive the $50 and open a Comm Bank acct for the $100. Will I have to close the NAB account before I get the $50? Sorry if this has already been answered but I'm getting confused….
There are no real dates for this CBA unadvertised offer, but you should be able to get both bonuses considering the CBA one continues for a few weeks, which it is expected to. I would recommend opening the NAB account ASAP, then open the CBA account after receiving the NAB card, it only takes a few days for NAB to send the card, which is required for CBA offer, and NAB was a lot more organized and account opening a lot smoother than CBA.
Thanks very much for your quick answer!
Also are these offers available for under 18's accounts?
i thought this offer ends 31st April? i went to the branch yesterday and staff hadn't received any flyers on the deal and i dont think they will. anyway hope to get my $200 for cba wasting my time.once the $100 cash is credited to the credit card account whats the best way to get it out? if you do a cash advance they charge you fees and interest even though your account is in credit i think. can you simply transfer it over to your linked smart access account using net banking or close the account and still get the $100 credit out?
u dont purchase on credit card? y bother to take $100 cash out?
Why don't you just use it next time you need something that's $100?
31st April? So it's a permanent offer then?
lol
anybody know if it's valid for existing customers? can i open one more Smart access account even tho i already have one?
yes its valid for existing cba customers. you just need to open up a new Smart access account even if you already have one to qualify for the $100 and other cba credit card account if you want an additional $100 for it. just need to show nab cards.
Hi
Can someone or anyone clarify the following issues that all of us are having problems with.
1) How many times can you get credited for opening an account with CBA? Can i opened both a credit card account and a saving accounts to get $100 credited to each account as part of the promotion or is this promotion capped at $100 only per individual?
2) With regards to the deposit of the $500, can i used transfer it from my Netbank Saver? or does it have to come from another bank etc!1
It will be great if anyone could provide some answers to my following questions.
The best solution is to send these questions to CBA through netbank and post their answers back here.
its a maximum $100 for a new smart access account and another $100 if you decide to open up a CBA credit card account too thus a total of $200, plus $1200 home loan if your crazy to want that too. its capped at $100 per account type per individual thus i will qualify for $200 by end of april. its valid for existing cba customers too. you just need to open up a new Smart access account even if you already have one to qualify for the $100 and other cba credit card account if you want an additional $100 for it too. you just need to show the nab cards and you dont need to close your NAB accounts! If they try to get you to sign to do this tell them you don't wish to close the nab accounts yet as you have direct debits coming out and will do it yourself later. or simply go to another branch like i did. I found that different branches try to get smart and make up their own rules just tell them that you called the CBA call centre and they informed you that you don't need to close the nab account.
Yes the funds can't come from cba or your Netbank Saver. however simply go outside to the cba atm and take out $2000 and deposit it into your new smart access like i did to qualify for the $100 and avoid the $4 fee.
Seems to depend where you go - they insisted they had to close the account to get the bonus at my local branch - anyone else have this problem? I told them to forget it.
Better to do it over the phone! They just took my NAB account number and thats that
how does the cba verify your identity for an over-the-phone account opening?
GOT MY $100 BUCKS! (11th March, VIC)
Opened account on the 22nd, deposited $500 on the 25th!
Well done Mattgal
Husband's account: opened on 23rd, transferred $500 from other bank on 24th, got $100 today.
Mine: opened on 23rd, transferred $500 from hubby's CBA acct on 28th, then transferred $500 from other bank on 3rd, haven't got anything yet. Hopefully it will turn up next week this time.
i also deposited $500 on 25th feb and i just got paid today. that's exactly 2 weeks from the deposit. i also moved $2k through the account to avoid the account keeping fees. i only left $100 in the netbank saver account during this time so it appears you don't need to maintain a minimum balance of $500. i didn't have to close my nab account.
Got my $100 bonus today. yay!!!
i got my $100 on " 11/03/2011 NEW ACCOUNT BONUS Admin." that was quick since i only opened it on 24/02/2011. now just waiting to get another $100 for the credit card. let me know if anyone gets mulitple lots of $100 for more then one smart access account opened?
Which credit card did you apply for? What's the annual fee?
i got the gold-awards card. they have extended the campaign on to waive the fees on new card applications current until the end of march. thus its still a current offer. see http://www.commbank.com.au/personal/credit-cards/gold-awards… you can also migrate your old CBA card over to a gold-awards and pay no annual fee (2 yrs for me (waived until feb 2013) it all depends on when your old card annual fee falls) but i don't think you will get $100 unless you show them your NAB credit card and apply for a new CBA card account. depending on your total credit limits on all cards you can always later combine them and migrate to a platinum card if you meet the minium $8000 limit. thats what they just told me on the phone thus its worth considering.
Thanks for your reply. Wish I had read it though before I called. I must have got a commission fueled rep on the phone. He signed me up for a Low Rate card, and avoided answering my question about the annual fee until the end of the 20 minute phone conversation, which after the third time asking, he said it is $75, and by that point he said he couldn't amend the credit card application to the Low Fee one which is only $25 annually. He made no mention of the waived fee until the end of March with the gold card promotion. Now I am really annoyed and am going to call and cancel it.
GOT MY BONUS..
Deposited $500 on 3/3.. got bonus yesterday…
;)
Just opened at Haymarket Sydney CBD. She took photocopy of my ID and NAB bank a/c card.
She asked me a lot of marketing questions, which I answered anyway (not with great accuracy).
She said I have to deposit $500 FROM NAB Account to CBA account in order to get qualified $100.
She also prepared a letter to close my NAB A/c and I had to sign it, which I did as I don't use NAB account anyway.
As I don't see any comments that I have to make deposit $500 FROM NAB Account, I will contact NAB customer centre for this and see how it goes. I won't even keep $500 deposit in CBA a/c once it's there.
ONly a good thing is I am a full time student this year, I won't be charged any a/c keeping fees - however not sure how long I keep this CBA account. IMO, CBA is the one of the most evil banks. NAB a/c is obviously more friendly with all * deleted.
and I received a bonus $100 as of 29 March (it was deposted earlier).
Just got off the phone with CBA as i had not received the $100 deposit yet while reading here others had (I signed up on the 24th).
The guy from CBA said i will have to wait upto 60 days before the bonus is paid unless i do some sort of direct credit to show i am regularly using the account.
Accounts who have already received the bonus are probably credit card sign ups or they have done a direct credit already eg pay or perhaps the $2000 / month to avoid fees. My only deposit was the $500 cash deposit on the day of signing up.
So if like me you are waiting for the bonus either continue to wait or deposit via a direct credit another amount via EFT from another bank.
wrong ;)
I deposited $500 cash into a new Smart Access Account on the 3/3 and received bonus on 11/3 ;)
Haven't done any EFT transfers, direct credits, etc etc..
not wrong rather inconsistent application of the CBA policy. lucky you to have to jump through less hoops. the purpose of my post above is to forewarn people in case they expect a payment prior to expiration of 60 days and if they do, what 'may' be required.
How did you open your account - in branch or over the Phone? Did you have to close your NAB account?
The payment of the bonus may also depend on the bank branch your account is at, and if this is the case it may have been a bad idea to open the account over the phone with the requirement that some CBA staff require the account closed.
I had some problems getting the $50 from the december nab kiosk promo, the bank branch of my credit card that the classic banking account was also set up to did not pay the $50, and it took a number of calls to get the issue resolved. Hope its not the same with this CBA promo, which maybe worse if the account needs to be closed.
when is this offer end?
Got my $100. Account created 22nd feb.. paid $100 on 11th March.. now to xfer funds and close the account :-)
is the $100 per customer or per account? I just went to a melbourne cba branch and they told me it's per customer and not per account. Which means, I can only get $100 for either a savings or credit card account. can anyone confirm if this is the case?
If you have a NAB Credit card and a NAB savings account, which you would have two cards, you can apply for a CBA credit card for $100 and you can apply for a CBA savings account for another $100.
Try asking at another CBA branch or over the phone, as there seems to be inconsistency or different terms at different branches.
I understand that some people here have obtained $200 when applying for a credit card and a savings account.
yea, i did tell them that other branches allows $200 in total per customer if you have both NAB savings and credit cards accounts. he replied by saying they may have put in the application, but CBA would know and will only allow one new account to receive the $100. I am aware there are a few people here who have managed to transfer both NAB savings and credit card to CBA but have anyone actually managed to get both $100? If they have, then perhaps it's worth going to another branch…
It's only a maximum of $100 per customer, that's what I was told. Nobody here has got more than $100, if there is such thing as $200 it would have happened already? $100 is already a lot considering NAB is only offering $50 for opening 2 new accounts.
the logan central cba said if you have a NAB Credit card and a NAB savings account, which you would have two cards, you can apply for a CBA credit card for $100 and you can apply for a CBA savings account for another $100.
Has anyone actually applied over the phone and not had to close their account and received the $100 payment?
I applied over the phone and was advised that i did not need to close my account, but still waiting on the payment.
There may also be a requirement that the terms and conditions where your BSB/local branch may require nab account closed, hope this is not the case.
a bit confusing after so many comment. i by myself is an exising CBA customer and NAB as well. Contacted CBA sing logged in secure msg asking abt this campaign and what I get is "this offer is for new customers only", "our bank wont accept if you close your account and reopen it to get the $100 bonus". Why did some of you say "its valid for existing cba customers"???
Any existing CBA customers successfully get the 100 bucks? did you close and reopen it? or did you open up a NEW(extra) Smart access account or an additional cba credit card account?
Those who got $100, share your experience with me please!
opem a new one, do it over the phone
I tried my local CBA and was advised need to close my nab account for the incentive, then I gave them an old iSaver account number with has no money in it, and ask them to close it for me. After the girl knew I have zero in that account and has nothing to be transfered to the new CBA account, she just told me I can close the account myself and no further proof required.
I believe the closing nab account is not necessary at all, they are just asking you to transfer you money from your nab account. So a bit disappointing to them to know both my iSaver accounts have no money and I will keep the main nab debit account which most payments, C/C and bills are linked with.
Now waiting for $100 incentive.
Received my $100 today, opened the account on 03rd of March. I was an existing CBA customer with few accounts including smart access. Went to Melbourne CBD branch, opened another/new smart access account, transferred $500 from my existing smart access to the new smart access account. And 3 weeks later-$100 bonus in my new account. Easy $100 made.
received my bonus yesterday, But only after 2 deposits of $100 over a week in addition to the initial $500. It seems they were waiting for confirmation of regular use as discussed over the phone when i complained it had not been received yet. I open my account about Feb 24.
great! will have a try tmr maybe, 've been struggling since am an existing cba customer as well. i can say "my friend" did it as well, hahaha
btw, did u ask them abt the offer when u opened it, or just simply open one without mentioning anything abt the $100?
Yes, first thing I asked them was if they know anything about the $100 offer(I went to couple of other branches and they had no clue). I also asked specifically if I was an existing customer can I still take up the offer.
thanks, did it today, gonna transfer $500 next monday, does it have to be transferred from NAB?
I transferred the $500 from my existing(old)CBA smart access account. But a friend of mine was told the $500 has to be transferred from NAB.Maybe check with CBA before making the transfer just to be safe. sorry can't be of much help…just don't want to give u wrong infos. Because I noticed few guys here also said the $500 MUST be transferred from NAB
I transfered $500 from a ubank account. It doesn't matter what bank the $500 is transferred from.
Got $100 deposited in new smart access account openend. $500 deposited on 16/3/2011, $100 received on 24/3/2011. Pretty effective it seems..
Has anyone actually got 2 deposits of $100 for both new smart access and credit card account opened? I know there are people who have managed to transfer two new accounts, but have they actually got a total of $200 deposited?
I deposited $500 on the 21/03/2011 and got the $100 bonus on the 24/03/2011. I applied for the Smart Access in a branch.
Got mine today also, and this account was opened over the phone on the 25th Feb and there was no need to close the nab account. Interesting that it was paid today as yesterday and the day before, some transactions were made in and out of the account.
i suspect the cba process them in batches. my friend also received the bonus today (24 march). the account was opened 1 week ago.
think so, do they process them every thurs?
A friend of mine opened one last week and was asked to sign authorisation form, authorising CBA to close her account at NAB and transfer all balance to CBA. Can they do that?
Yes
I opened my account today over the phone .. have $500 going into the account tomorrow, I was told on the phone that the $100 would be in my account within a month … also was told that they would close my NAB account … meh, I only opened the account at NAB to get the $100 anyway!!
i was told that the $100 would be transferred within 6 WEEKS!! but he also said usually the more regular u use the account, the faster u get paid. did u sign any authorisation form to authorise them to close it?
coz i told them i dun hv money there ( i do in fact) and they trust me and said i dun hv to sign any thing.
I just gave my nab account number (no money in it), I applied over the phone. Am an existing CBA customer so it was a little easier!
How do you apply over the phone? what number do i have to call and what is the procedure?
when is this promotion end?
i think end of april?
i think end of april?
anyone has managed to get two batches of $100 for complete access and credit card accounts? from the forum, it seems most have gotten the $100 for complete access account… if there are people who got another $100 for credit card, maybe it's opening a new one as well…
u have nab credit card? i want to get the 100 for credit card but i already got one cba cc but no nab cc, did consider to apply one in nab, but it just seems not so worth opening a new credit card….plus there's an annual applied on nab one's
Isn't this sockpuppeting? this guy's the rep for weshare, he evn has it as his website
got my $100 bucks!!
opened account on 25th March, deposited $500 today(5th April)
easy $100 bucks!
thanks CommBank=)
Got my $100. Opened acct end of March, deposited (and withdrew) required $500. Paid yesterday
ditto … YAY!
i got the impression the deposit needed to be a transfer from an external bank, and not just from another cba account.