I have been a member of Teacher’s Mutual Bank for more than 20 years- I joined long ago when they were a small, helpful Credit Union. I am disgusted by their behaviour and ever increasing poor level of service. In addition to my existing personal account I decided to open a separate business account 11 years ago for all of the banking needs of my new small business. During the past 11 years I estimate I have sent more than a million dollars to overseas parts suppliers and from all of this money which the bank has sent in overseas telegraphic transfer payments, they would have made a considerable amount of money out of me in the foreign rate conversion rate fees and charges. TM Bank has benefited greatly in all of the money I have had in my business account yet the one and only time earlier this year that I approached the bank for a short term loan they gave me every excuse under the sun not to give me this loan. The purpose of this loan was to purchase goods from overseas suppliers which my business uses in the manufacture of end user products used by the government. The NSW Government sent me an official purchase order which I gave a copy to the bank as proof and showing the terms of payment. The terms of payment were the usual government terms ie, payment after 30 days of an invoice issued after all goods orders had been supplied. So I only required a short term loan for a maximum of 3 months of 20% of the invoice total I would be paid by the government to cover the upfront purchase costs of the parts and importation and shipping costs- all of which must be paid in advance. I really didn’t expect I would be knocked back for such a small loan especially considering I was to be paid by the NSW Government (NSW Transport) and not some small unknown company. If the NSW Government is not in the strongest financial position to be able to pay for the goods they have requested on an official purchase order then I don’t know who is! TM Bank lied when they gave me the excuse that they are not “set up to provide loans for business purposes”. So I asked then for a personal loan so I could buy the goods I needed for my work. They refused this also saying they could not approve a loan for a business purpose. Yet so why have they been happy to give me a separate business account for the past 11 years (in addition to my personal account) for all of my business banking needs? They are very happy to take your money and use it to their advantage but when it comes to a rare one off occasion helping a customer they don’t want to know you. So their motto “we put you first” is the biggest lie of all. They only put themselves first. This motto used by the bank is false advertising and disgraceful.So I had no choice but to look at other financial institutions and banks to finance my short term 3 month loan. I heard a lot of good reports in the media about satisfied customers of Bendigo Bank so I called them to enquire. It was so pleasant to have a real human being answer the phone in under 30 seconds and to not have to reply to an automated phone message after wasting my precious time battling the menu of different button options on the phone as is the case with TM Bank. I visited my local Bendigo Bank branch and had a meeting with the bank manager. He could not have been more helpful and did all he could to offer me a business loan but also worked out the cheapest option with the lowest fees and charges. I thought that the business overdraft option would suit me and after looking at my situation he decided that in this case a personal loan would be best because I would not have to pay the $800 establishment charge for the business overdraft. So this was a bank who doesn’t know me from a bar of soap yet they approved a personal loan for my business needs while TM Bank whom I have been a business banking customer for more than 11 years didn’t want to help me in this, the only time in more than a decade I needed help due to receiving a much larger than expected government order which I could not finance myself. The overall level of customer service provided by TM Bank has also deteriorated over time as the bank grows bigger. I can remember several years ago and in the days when it was a small friendly credit union a real person would almost instantly answer the phone to answer any customer enquiries. Since becoming Teachers Mutual Bank it is virtually impossible to speak to someone without having to be put on hold- of course this is after wasting time navigating the keypad options. So many times even in the past 12 months I have called the bank only to receive the standard recorded message that all lines are busy and someone will get back to me in what is usually 6 minutes while I am on hold. Several times after waiting on the line for 15 – 20 minutes or longer for a real person to answer the phone and still a recorded message, I have given up and hung up. I have a business to run and work to do and don’t have time to waste when someone tells me my wait is 6 minutes, yet they are still not on the line after quarter of an hour or more. That is unacceptable service in my book. The staff turn-over and transfers are another problem. For several years I could talk to the same staff and they knew my situation well and so could fix any problems quickly. With the changes and growth since becoming a bank, now when I speak to someone on the phone they don’t know me and I never know where the call will be answered whether in Homebush or Rooty Hill branches (as my enquiries were always used to be taken care of in these branches) or to my surprise my issue is dealt with from branches located in Newcastle, Perth or Brisbane. These people in these branches that I haven’t had any dealings with know nothing about me so I have to repeat my entire situation over and over again with new people when the same staff from Homebush Branch who knew me well for many years and provided exceptional service have either left the bank or been transferred to other branches or departments. So while the bank was at one time extremely good (back in the days when they were the smaller friendly Teacher’s Credit Union), for all of the reasons I have outlined above is why this week I walked into Homebush Branch, withdrew all of the money in my business account, closed my business account and took my $160,000 dollars to another bank who provides the service I expect (like Teacher’s Credit Union used to). Teacher’s Mutual Bank is now not much better than the “four big mongrel banks” so if you are thinking of opening an account with TM Bank I hope you will think twice.Suggested new bank motto which is the truth- “We put you last”One last word for anyone contemplating joining TM Bank.....DON"T WASTE YOUR TIME.
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One of Australia's largest Mutual Banks, supporting teachers and their families with savings accounts, loans, insurance, term deposits, credit cards and more.
