Over a Month to Set up a simple CMT Bank Account!

I’ll not use the Banks name to protect the innocent – me! But I thought I’d write this because it is just staggering how hard it is to communicate with a bank where you have had a business account for more than 20 years and want to do something relatively simple. And where you have much of your cash deposited.

I have had a superannuation trading account with this banclip_image002k for probably 20 years. I noticed that in October they arbitrarily doubled the account fees from $5 to $10 a month.

So I called them. It wasn’t easy. I had to call a number listed to the usual menus and press two different numbers to get through to the “customer service desk”. I was entertained with mind numbing music for about 10 minutes before someone answered the phone.

I was then subject to the Spanish inquisition to establish my identity just to ask some general questions about setting up the CMT.

All I wanted to do was set up the CMT account in the name of my company that acts as a trustee for my superannuation fund. They told me to ensure the company name was identical to the old account so I could easily move the funds and some shares into the new account. It seemed that I could do that but had to fill out the form on line, print it off and send it to the bank. Simple – Yes?


On the first page I had a question I could not answer and could not go any further. So I called the bank again, got the menus, pressed the two numbers again, listened to the same music for maybe 10 minutes and got someone different.

I suffered a second inquisition and then was able to ask how I answer the question.

I hung up the phone and entered my response and successfully completed page two of the application, but got stuck on another question on page three.

You guessed it. I called the bank a third time, listened to the menu, pressed the two numbers and listened to the music for a third time and held on for several minutes.

I met yet another person who assured me they could help me even though I wanted to speak to the person I spoke to originally to avoid the inquisition. All I had to do was go through the inquisition again before I could ask the question I had about the form.

It may seem unnecessary to be so pedantic but I was filling in the form for a Superannuation Fund with a Limited company as a Trustee. It had to be right or the bank would reject it.

After getting help with this last question I was able to complete the form and print it off. I signed it and sent it off to the bank.

About a week later I call them to find out how things are going. You know the drill by now. Call, menu, two additional numbers to get through to customer service plus a dose of music. Then wait the obligatory 10 minutes before I could ask if the account was set up.

They told me it was all set up and ready. I’m wondering why they did not email me? Why did I have yet again contact them and spend about 20 minutes doing this?

No matter I went on line and sure enough there was the new account ready for use.

It then occurred to me that I need to move the money from the a CDIA Account to the CMT Account and I was not sure of the best way to do that. The CDIA Account was with the commercial bank and the CMT was with the Share Trading part of the bank. They did not talk had different phone number – and different music too.

So…. I got up and walked around the room for a few minutes telling myself I could call the bank one last time. With immense emotional strength I dialled the bank number again. I calmly gave my details to the inquisitor and waiting to talk to someone about transferring the money and the shares to the new account.

The person who came on the line told me there was no way this could be done.


Well the accounts are NOT identical?


The designation for the new account does not match the designation for the old account.

What is this designation anyway? I have never seen it, only the company name?

It’s not in your account profile where you would normally expect it to be. If you click on that tiny icon you can hardly see beside your login name, you will see it.

Sure enough I saw the designation for each account new and old. The problem was there was NO designation on the old account. I think it predated all the regulations concerning superannuation accounts.

So I said something that to me was very logical. I asked them to add the same designation to the old account and then all should be fine. No can do they said. I was then accused of trying to do something shady.

No matter what I said the bank would not move the shares and the cash across to the new account.

Their solution was simple. Sell the shares – even the ones with some losses, move the cash and close the old account.

Unnamed bank managers thought I was trying to do something illegal. I was assumed to be guilty and the bank would not get involved.

A few days later I called the bank again. I got yet another person and told them that I find it incredible the bank cannot find a way to resolve this problem without me having to sell shares and take some losses. This person actually said they could help.

They suggested a solution and whilst it was not the final solution it looks like the CMT will be set up in the next few days without me having to close the old account.

Fast forward to today 15th April. It’s just over a month since I tried to do what the bank had said I should do. Simply move from a CDIA Account to a CMT Account.

Had I been able to go to an office of the bank I expect I would have had this sorted out in an hour. When people are face to face it is often easier to get things done don’t you think?

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