Commonwealth Bank - Bank Transfer Reversal Process and Timeframes? Settlement Sent to Wrong Account.

tunzafun001 on 14/01/2025 - 19:13
Last edited 14/01/2025 - 19:23 by 1 other user

So just had settlement process. Couldn't see my funds.

Looked elsewhere and saw they had landed in the wrong account. Pain in the butt, as it is meant to go to a high interest saver account with a short term bonus rate.

Tried calling CBA (worst bank in Australia…by far). Was on hold for over an hour, then they just hung up (as it is their closing time). Call back and it says to call within opening hours.

Re-checked my discharge forms and I have the accounts correct, but they sent the funds elsewhere. Looks like they have used my conveyancer account, not the discharge form details itself.

No idea how this is possible.

Any ideas if this can be reversed? How long have I got to reverse it?

P.S - saw on product review many banks are 4+ star rated. CBA is 1.5 star. How on Earth are they still operating?

Financial Money Transfer

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Comments

  • djkelly69 on 14/01/2025 - 19:40
    +1

    So it went to one of your accounts with CBA, but just the wrong one? Or it went to the conveyancer's account instead of yours?

    • tunzafun001 on 14/01/2025 - 19:42

      The second one…

      • djkelly69 on 14/01/2025 - 19:46
        +8

        You need to talk to your conveyancer then.

        I assume this was a PEXA settlement? CBA can load in the bank account details that they have been given by you for the surplus funds, but your conveyancer can essentially override this (which it sounds like they have done).

        • tunzafun001 on 14/01/2025 - 20:09

          It was PEXA… Which actually crashed and they had to wait till Monday and try again.

          Conveyancer over ride does sound correct. What a pain.
          But don't recall ever asking the conveyancer to send excess funds to said account. But they would have that account on file from prior work.

          Any ideas if I can reverse it?

          Alternate, am I going to have any issues transferring a couple hundred K sum between accounts? Technically that sum moving twice in 24hrs?

      • JimmyF on 14/01/2025 - 20:04
        +4

        So what did your conveyancer say when you asked them about it?

        • Protractor on 14/01/2025 - 20:40
          +7

          Said to publicly shame CBA

          • JimmyF on 14/01/2025 - 21:37
            +7

            @Protractor: Did CBA do anything wrong though?

            Sounds like the conveyancer got CBA to send them the money instead, so they can deduct their fee before sending it to the OP

  • MS Paint on 14/01/2025 - 19:44

    If the accounts are linked just transfer to the correct account.

    • tunzafun001 on 14/01/2025 - 20:10

      Unfortunately different banks.

  • Sye on 14/01/2025 - 19:49
    +2

    NAB and Westpac both rate 1.2 🌟 on product review. ANZ rate 1.1 🌟.

    • tunzafun001 on 14/01/2025 - 20:12
      -3

      The turd 6. Never will I go with one of the turds again.

      I came from credit unions, and still have one active…. Infinitely better in every way.

      I just want to recoup some of CBA profits via their Bonus netsaver product, and then leave.

      • CyberMurning on 14/01/2025 - 20:50
        +2

        They still exist because overall, they are still good.
        One person with bad experience will tell 1,000 friends, one with good probably not saying a thing

        • Protractor on 14/01/2025 - 21:00
          -1

          Nobody loves a bank when they owe them money.Everybody loves them when they need some money.
          When it comes to bank reviews, really they should be running at handicap odds.
          1.5 Stars for a bank ~ 3.5 Stars for another business.

          • tunzafun001 on 15/01/2025 - 09:23
            +1

            @Protractor: I base my review on service. Simple as that. If I call a number and need to press 1, then 6, then 2… then get put on hold for an hr.. then auto disconnected…I'm going to give 1 star.

            If I call and a person answers, and if they don't know the answer but will direct me to someone who does. Then 4+ stars.

            The big 6 are paragraph 1, the small credit unions are paragraph 2. Ironically the Big 6 say their rates are slightly higher as you are paying for branches and service…

            • Protractor on 15/01/2025 - 09:58

              @tunzafun001: I agree with the whole phone service /support shit.The problem is policy and politics have allowed the rules to allow piss poor performance from all big orgs, most of them using offshore slaves to field the calls.They have a few locals you may be lucky enough to get. Based on security alone this should be banned. We have unknown, possibly not even police checked to our standards,staff accessing our ID, our saved details,personal info and all sorts of deep data. It's a joke.
              My dealings with CBA have been mainly OK, a few 'shit me' moments, but not enough to bolt. And our setup is pretty basic (for all the reasons above).
              Consumers need to call out the rules that allow these impacts on us.Anyone who thinks getting rid of cash will benefit consumers is dreaming. 5 minutes after they get the green light to drop it, most of our dealings will be with offshore unaccountable and/or unidentifiable ppl when things go awry, or we need assistance.We're halfway there.

              • tunzafun001 on 15/01/2025 - 10:22

                @Protractor: Yep. Also, not using phones in your hands in cars these days is a big thing. They should ban all phone services that require "push 1", push 3 etc. Just encourages people with legit hands free systems to touch their phones.

  • bargaino on 14/01/2025 - 20:08
    +3

    So what did your conveyancer say? Or is he halfway to the Bahamas by now?

    • tunzafun001 on 14/01/2025 - 20:15

      Haha..they were actually on leave. But yes, they appeared to override my most recent discharge form with their old form.

      My instincts say they have done something wrong (the newer form should have been actioned), but they were stressed from the PEXA crash and missed it.

      Does beg the question though. Why am I bothering to fill and sign a complex discharge form that isn't followed anyway.

      • JimmyF on 14/01/2025 - 21:37

        they appeared to override my most recent discharge form with their old form.

        They'll deduct their fees etc and then send the money over to you

        • tunzafun001 on 14/01/2025 - 22:09

          Any ideas if sending the money across accounts is going to flag me anywhere?
          Like am I more likely to be targeted by the ATO etc?

          Was hoping I could simply get it reversed back, and then sent to where it is supposed to go?

          …let alone losing out on $100+ a day on what should be in an offset account.

          • JimmyF on 14/01/2025 - 22:15
            +1

            @tunzafun001:

            Any ideas if sending the money across accounts is going to flag me anywhere?

            Its not moving across your accounts though. You said the money went into the conveyancer account, so that isn't yours.

            The only transaction you'll get is from the conveyancer account to your account.

            If anyone asks questions, you have a valid reason for the money? right!? RIGHT!? :)

            Was hoping I could simply get it reversed back, and then sent to where it is supposed to go?

            CBA would have to do the reverse and that will take days. They also won't do it if that is what they had been advised.

            Just wait and ask the conveyancer.

            …let alone losing out on $100+ a day on what should be in an offset account.

            It is what it is….

            • tunzafun001 on 14/01/2025 - 23:07

              @JimmyF: I meant sending the money from the account it is currently sitting in (a basic transaction account with another bank) across to CBA where it should be (in my offset accounts).

              It should have just been a PEXA dump. Now it will be a large standard transfer / transaction to send it to the right account.

              Absolutely nothing dodgey. But it's still a large transfer. I'm guessing it might flag somewhere. I remember reading transfers above $10k flag something?

              Currently dealing with the shitshow that is the ATO and associated accountants. Got the Inspector General and the TPB involved. Who found in my favor. But still probably 500+ hrs of my time wasted with absolutely no compensation.

              So don't want to be on any radars unnecessarily. Nothing dodgey, but doesnt need to be dodgey to be flagged, just a dollar value?

              • JimmyF on 14/01/2025 - 23:56
                +1

                @tunzafun001:

                I meant sending the money from the account it is currently sitting in (a basic transaction account with another bank) across to CBA where it should be (in my offset accounts).

                Are these both your accounts? If so, no issue. But as above you said the money wasn't in your account, but your conveyancers account?

                Yes all transactions above $10k are recorded. You'll be ok, the money going into your account was already 'recorded' as it was only $10k.

                • tunzafun001 on 15/01/2025 - 00:54

                  @JimmyF: Yep, both are my accounts (but different banks).
                  Guess it came from the conveyancer. No idea (just lobbed into my savings account labelled as PEXA). The conv said they keep $500 for water, then return it later on if it isn't required. I never thought the full several hundred $k would land there. I figured I filled out discharge forms with CBA, so obviously thought that's what would be actioned (after all conveyancing fees removed).
                  But really, if moving a couple hundred k between my accounts won't end in the wasting my time again, then I'll just move it.

                  • JimmyF on 15/01/2025 - 09:41
                    +2

                    @tunzafun001:

                    But really, if moving a couple hundred k between my accounts won't end in the wasting my time again, then I'll just move it.

                    Seriously, just move it. No issues.

  • ihbh on 14/01/2025 - 20:38
    +4

    Thank your lucky stars it's not in a scammer's account!

  • Essem on 15/01/2025 - 07:55
    +3

    Not CBA fault. Vendor conveyancer can “assign” surplus funds direction in PEXA. You could also have used PEXA Key (if sent a link by your conveyancer) to direct your funds. As a conveyancer I prefer discharging bank to receive full proceeds and cr surplus funds per Vendor instructions on Discharge Authority. Sometimes Vendors want funds to go to another bank they have account with and I invite them to use PEXA Key and they enter in their own bank account details into PEXA. I also wouldn’t direct all monies to Trust Account to deduct fees then pass on balance. In PEXA it’s simple to direct funds to as many accounts as required.

    • tunzafun001 on 15/01/2025 - 09:16

      Thanks, this seems correct. The conveyancer is creating exposure to email hacks/ fraud by not using the banks discharge form. I thought they would deduct their fees (which I did try to prepay in advance), then the remainder would be actioned as per the customers instructions to the bank.

      • Essem on 15/01/2025 - 17:59

        Sometimes banks don’t create a destination line for vendor funds and only create the payout figure line notwithstanding the directions for surplus funds in the DA. We start messaging them in PEXA pointing out the directions in the DA but if the bank hasn’t created the destination line the Vendors conveyancer will need to assign the surplus funds and create the destination line for the balance. It may have been the case of settlement being delayed waiting on the bank and using a known account you have previously provided. Next time ask to use PEXA Key.

  • wetsandwich on 15/01/2025 - 14:38
    +1

    The big banks are big and profitable because they are fine for most people and presumably the fees etc are worth it, compared to the risk of trying a smaller bank. You also only see bad reviews because no one successfully pays for their morning coffee and thinks 'gee, I need to get onto productreview and give my bank a 5 star rating'.

    I have had flawless experiences with a large yellow bank since I was about 6 years old - they're not cheap, but they're also the only one that would lend to me for some property purchases.

    I've also had to call a few times and got through to someone within about 30 seconds, so maybe it's just bad luck with the time you called them.

    You can also use the mobile app to send support messages to them, and they will respond to you (in my case I got responses within 5 minutes and they fixed the issue).

    • tunzafun001 on 15/01/2025 - 15:08

      Mobile app says you need to call for this sort of thing. They just lodged a complaint process as no one is equipped to deal with basically anything in real time.

  • tunzafun001 on 15/01/2025 - 15:10

    Just to wrap this up.

    I got my brain functioning and realised the smart move was to open high interest saver accounts with the other bank (took seconds), then transfer funds back across to offsets each day.

    • kiitos on 15/01/2025 - 16:18

      How did that help? Isn't your money still in the conveyancer's account?

      • redforever on 15/01/2025 - 17:08

        It was never the conveyancer account. It's OP's another account that the conveyancer had on file.

        • kiitos on 16/01/2025 - 21:37

          Oh, OK. Was confused/confusing. Thanks.

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