Westpac Loses Customer of 25 years
Last week, Roger Griffiths, a proud purchaser of Westpac Bank for twenty-five years, withdrew his $190,000 savings in $20 bills after he was denied a mortgage. Westpac, the second biggest bank in New Zealand, confounded Griffiths’ application for an $80,000 mortgage because he didn’t have steady revenue as an artist.
Griffith said that he could be a successful artist, with his paintings displayed in the Big Apple’s arena of Wearable Art. Griffiths had $200,000 saved in notes and was going to sell his $110,000 campervan.
According to Griffiths, the property would have generated $500 per week. ( Money flow from commercial use and a home home ). All these financials surpass Wetpac Bank’s factors for a twenty p.c. down payment. Griffiths was extraordinarily upset when he learned of his mortgage denial. He alerted the bank of his approaching withdrawal, and his local branch gave him a red and black duffle bag to perform all his savings in readies. Griffiths’ loan refusal wasn’t the sole reason to leave from Westpac Bank.
A record of bad business furthered his call. Westpac recently loss $111 million to Lane Hiker Rudin Industries, a top New Zealand clothing firm. Being that Griffiths is a loyal buyer ( he alleges he never missed a loan payment ), one would expect the bank to deal with proved, fiscally responsible local holders, rather than dodgy companies.
Earlier in the month, Westpac’s Alexandra branch chief fessed up to deceiving the bank up to $400,000 and allowed $10 million to be incorrectly credited to a customer who has recently fled to China. Now I see why Griffiths was sick of this bank. It needs a lot of difficult work to stay financially stable in this global recession.
Since when doesn’t having a “steady income” mean you are financially irresponsible? His monetary record appears to be way better than Westpac. With all of its shady dealings, I ask why they are rated as “bank of the year” by Cash Mag.
© 2009, admin. All rights reserved.