Many of us have had issues with our bank at one point or another. But when Westpac bank of New Zealand turned down Roger Griffiths for a mortgage, he decided to make a protest.
He removed his entire life savings of $192,000…and got the the bank to give it to him in $20 bills!
Mr Griffiths did it in protest at the bank’s refusal to grant him a $80,000 mortgage. He met their 20% deposit criteria but his application for the mortgage was rejected because he did not have a regular income.
However, he was a successful artist, exhibiting his paintings in Christchurch and New York.
Mr Griffiths, a Westpac Bank customer for over 25 years, was so angry that the bank did not support him, that he decided to take his business elsewhere.
He wanted to buy a $385,000 property, he had his $192,000 in cash and was going to sell his $110,000 campervan.
That more than met the bank’s criteria for a 20% and the property (which included a home and commercial premises) would have returned $500 a week, he said.
He was disappointed when his loan application was rejected, and after making the decision to withdraw his money, he then decided to make it hard for the bank…
…by requesting the whole amount of $192,000 in $20 bills!
He said the Nelson branch told him it did not have that amount and he would have to also go to other branches at Stoke, Richmond and Motueka. However, he insisted the bank have the money ready to collect at 9am.
The bank helpfully provided a red-and-black carry bag to take away the cash after meticulously counting it in front of Mr Griffiths at its Nelson branch.
He then took it to the Nelson Building Society, saying he would rather deal with NBS because it was part of the community. His message to Westpac was: ‘If you don’t support the community, the community won’t support you.’
Mr Griffiths explained his situation saying:
“Being an artist I don’t have a weekly income, but I think people should go on their track record, and have I ever let them down? No.
‘Why should they have an ad saying they’ll lend on 20% deposit. I had 80% deposit. I wasn’t even asking for a big amount of money.
‘Unless the small person stands up against these institutions, then they’re going to walk all over us.”
Westpac media relations manager Craig Dowling said that when the bank lent money it required certain information to be provided to enable that lending to be done prudently.
But the bank says it had asked for certain information about Griffiths’ income and a rental evaluation of the property and says it hadn’t got it. Mr Dowling said:
‘Should the lending turn bad and the customer be put in a difficult situation as a result of it, we will be hauled over the coals for being irresponsible if we hadn’t done what we needed to do as bank.’
He added that Mr Griffiths’ withdrawal was disappointing and said:
‘We would like to welcome Mr Griffiths back. We just need the confidence regular repayments can be met.’
Poor old Westpac has not had an easy run of late and has been in the news more times than it would like!
It has been left red-faced over the slip-up that led to $10 million being put into the account of a business couple who had asked for a $100,000 overdraft, and who have since fled to China with the money!
In addition the bank is owed over $111 million in loans by failed Christchurch clothing firm Lane Walker Rudkin, one of the oldest brands in New Zealand and once the manufacturer of All Blacks jerseys.
Westpac is also currently in court over a disputed tax assessment of $903m.
So, were Westpac justified in their decision to turn Mr Griffiths down for a mortgage?
And would you have protested in the same way as he did?
Let us know in the comments below!
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July 24th, 2009 at 9:49 am
kiwis don’t put up with poor service like we do in the uk
July 24th, 2009 at 10:50 am
That is because poor service is rare in NZ.
Good service is the norm and most people care enough about their jobs to provide it to the customer!
July 25th, 2009 at 9:23 am
Here in the UK there are no real community banks like in AUS i.e. CPS Credit Union.
All profits are shared with members. i.e. you own part of the bank.
Should take the hint like Mr Griffiths and move our money from Dinosaur banks to a safe community based organisation with a manager empowered to make decisions.
The Dinosaur banks have the ‘computer says NO’ syndrome. How many small businesses have recently gone to wall by their overdraft facilities being pulled? even though they have orders.
Do we have safe local small credit unions in the UK?
July 27th, 2009 at 8:09 am
here is a clear example of people power,imagine if the majority of savers who felt they were being refused or exploited with high interest rates took their money out of a high street bank ,it would cause a huge stink and get alot of media coverage but it has to be done on mass.nice to see somebody leading from the front.nice one sport, or is that Australia
July 27th, 2009 at 9:05 am
Good for him
Why should we put up with such service[b][/b]
July 27th, 2009 at 10:15 am
At last, one up for the little people! I take my hat of to him. We here in the UK have got too complaisant. We have the ‘nanny state’ syndrome where-by political correction has got seriously out of hand! Fair enough, nothing wrong with the concept ‘willingness to please’ but when the result means getting walked all over, then surley we need to draw the line! I’m sure we’ve all been in a situation where-by we want to speak out, we know it’s unfair, we know we’re right in our opinion, but what DO we do…nothing! Lets all take a leaf out of Rogers book and stand up for ourselves! The UK is now operating under the ‘Roger Syndrome’
Just as Graham commented…People Power!
July 27th, 2009 at 11:15 am
hi dont take any crap from the banks vote with your feet.I have just moved from Lloyds tsb after they close down all access whilst i was away on holiday. my rent could not be paid or staff and important bills.Upon my return was told i would have to set up new securities with on line services and so would my accountant before any instructions could be authorised.I was told by my manager to ‘JUST FOLLOW PROCEDURE’ like everyone else has to and he could do nothing about it .MY instruction was ‘Follow this procedure’ and ‘CLOSE THE ACCOUNT’
July 27th, 2009 at 11:24 am
Loved this story. Some years ago I had an unresolved dispute with a bank/building society, so I moved all savings and credit amount except £1 to another institution. This forced the original bank to waste time and money to mail me my account statement monthly, after 5 years I reckoned I wasted enough of their money (and more than the original dispute) so I withdrew 90p, leaving 10p to keep the account open. They since closed it and sent me a cheque for 10p (more expense to them). I kept the cheque on my kitchen wall and told anyone interested the story. The institution has since closed down (been taken over).
July 27th, 2009 at 2:09 pm
I’m glad I wasn’t behing him in a queue, the tosser
July 27th, 2009 at 11:15 pm
RE The Voice of Reason
Voice of Reason my backside! Me thinks you’re the tosser! At least the guy had the balls to stand up for what he believed and make life difficult for the bank. I wonder if you would have the same amount of backbone?? Or let me guess – you’re a banker (or something similar sounding!)
July 28th, 2009 at 10:26 am
good for him – i think the banks need a good kick up the ass asfter they were the ones in part to blame for the ressession worldwide then we the tax payers were FORCED to bail them out. and now they wont lend (thier primary business) what a joke the establishement is ? get monkeys to runs a country and everyone slips on thier bannan skins
July 30th, 2009 at 3:44 pm
Good for him! I have been waiting 4 weeks for a reply [quote][/quote]to my complaint with Halifax I shall withdraw my money and put it with a bank/building society who as the decency to reply to their costomers. But does one exsist.?
July 30th, 2009 at 4:24 pm
Good for him…..about time these idiots realise they can’t treat people this way. Shame the same can’t happen in the UK with our current structure…..
I’m fed up with the ‘nanny state’ attitute in this country……..we could learn a lot from NZ.
July 30th, 2009 at 4:47 pm
I think The Voice has a very good point. Yes, the bank needs to be straightened out, but not at the general public’s inconvenience. Providing resources to do this would have meant the bank’s public service was impaired. So I think SJW321 is the Berkeley Hunt here.
July 30th, 2009 at 5:41 pm
I got a parking fine which happened while I was in court for divorce proceedings. Case before overan by two hours and was told I could not leave. Court said if I get a fine refer them to the clerk of the court. My case was five minutes and parking ticket was over by ten. Council refused to budge so I paid the £40 fine in one pence pieces. I don’t blame him you should protest if you think you have been treated unfairly.
Mark
August 2nd, 2009 at 10:21 pm
I sold a business a few years back. I believed all was in order until the last monment when the management that held the lease refused to let me out off my agrrement even though the local manager signed the document to release me, so for the next few weeks I paid the rent in small change. They evenually accepted £1000.00 to relase me from my contract.
Ps when I left I put Fresh Prawns in the roof space above the managers office. A few weeks later I went back to see the new owner of the business. Spoke the the cleaner who was using a lot of airfresher she told me the smell was horrible and the toilets must be blocked. When I left I did not stop smiling for days.