Posts tagged ‘TSB’


What’s on the door can count more than who runs the shop

06.02.2013

I walked into the National Bank yesterday to sort out something for Dad—years ago, we gave each other signing authority on our accounts. They had misplaced that authority—a bit worrying if a bank doesn’t hold on to things over 10 years old—but, with the transition of the National Bank branding to ANZ, it reminded me of an interesting phenomenon.
   Most folks know that ANZ has owned the National Bank since the early 2000s. There were always rumours that the Lloyds horse would be retired as the licence would expire, and that eventually, everything would bear the ANZ brand collateral. ANZ had sent out letters in the past talking about the acquisition, but that everything would stay the same—until last year, when it said that it would finally take the best of both organizations and combine them under a single ANZ brand.
   Fair enough. It might mean the closure of branches where both banks existed, for cost savings, but it was inevitable.
   The surprise was this: the announcement of the rebranding of the National Bank brought mass defections to other banks. Westpac, Kiwibank and TSB mounted campaigns to attract departing National customers. My friends at TSB, where I have banked happily since the late 2000s, said potential customers came in, with at least one commenting (ironically to the Australian-born staff member there), ‘I hate Australians.’
   But to those Aussie-hating National Bank customers: you have been banking with Australians for the good part of the past decade, and the only thing that will be changing is the logo on the façade.
   There was no ownership change, no change on the board of directors, nothing.
   It brings home that people can be loyal to an organization simply of how it looks to them outwardly, even if, inwardly, it’s owned or run by people they might “hate”.
   There’s nothing wrong with this behaviour, but it’s something for branding consultants and advisers to bear in mind: never underestimate the effect of brand loyalty even in an age where we advocate transparency. There are some that opt not to peer behind the corporate veil.
   This is the reason that certain publications are still seen as locally owned even when their share holding in the Companies’ Register says differently, or that no one seems to mind that the vast majority of our New Zealand fruit juice brands are in the hands of Japanese and American companies. Just Juice and Fresh-up aren’t really competitors, just as ANZ and the National Bank have not been for years.
   At the end of the day, does any of this matter? A little, if “Aussie-hating” stems from an opposition to profits heading offshore rather than, say, TSB’s community trust. It’s not very ANZAC of anyone to hate our neighbours, but if folks truly think this way, it’s worth understanding just whom owns what, and do your business or shopping accordingly.
   The same rule, I might add, applies to political parties: does “your party” actually stand for the values you think it does? Or, for that matter, does your preferred political candidate?

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Posted in business, marketing, New Zealand | 3 Comments »


Today’s adventures with US dollars and New Zealand banks

14.11.2011

National Bank Asian Banking
Above: I’m Asian, and I want banking. National Bank gets me again. (For that story, click here.)

Out of the businesses I have, one is unincorporated, and it has a US dollar bank account based in New Zealand. Over the years, it’s been at numerous banks, and was at the ANZ.
   Until the ANZ began charging a deposit fee for foreign cheques. It seems that the ANZ does not understand the basic principle that a deposit is a loan by the customer to the bank. I would only accept such a fee if, when borrowing money from the bank, I can charge it a Jack Yan Is Good Looking and Humble fee, but, alas, the bank said it would not accept such a term, nor such an outrageously false name.
   So the account went over to the TSB, still my preferred bank by some margin, but it would have to be a term deposit—that was the rule back in 2006. However, I was advised that it could be turned into a call account, which sounded closer to what I had at the ANZ, but without the ridiculous deposit fee. That would work for me—plus I needed an account where I could deposit US dollars and not be a two-time loser on the exchange rate when depositing and withdrawing money because of using a Kiwi account as an intermediary.
   Unfortunately, the rules have changed. TSB will only open a new account for foreign currency for legal persons, and an unincorporated business is not a legal person. That’s fair enough, though it doesn’t help me. HSBC, for whom TSB acts agent, is in the same boat after I enquired there today about its market currency account. However, I should note that, unlike many other businesses, I had a competent person on the phone who could answer all my questions with only a total of one minute on hold.
   So, what are the alternatives? After visiting several banks, I don’t believe I have any answer.
   Kiwibank, a division of Johnny Foreigner Bank (2013) Ltd., did not know. The teller believed that I might be able to, but it was done over the phone, not in person. She was unsure how I could deposit cheques over the phone. I couldn’t find the slot on my phone where I could insert a cheque.
   The National Bank, a division of ANZ, still charges a deposit fee. I was shocked to learn that the fee has increased to NZ$15. I was pretty sure it was NZ$5 when I left the ANZ group. Stuff that. Enough horsing around.
   The BNZ, a subsidiary of yet another Australian bank, was unable to advise me whether I could open an account without my making an appointment.
   I have yet to try Westpac, where Lucire Ltd. has its account here, but Lucida turns me off. I may have to check them out next, but I would really prefer a New Zealand-owned bank. As I write this, I realize there’s also the Auckland Savings Bank, also owned offshore, but they may be able to accommodate me (goodness, a decade of Goldstein and it’s still not in my consideration set?). Might have to be a trip into Bay Road tomorrow.
   Where does John Key keep his $50 million? Maybe that’s where I should put these funds.

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Posted in business, humour, New Zealand, USA, Wellington | No Comments »