Frustration with CommBank

Hi Parpera community,

I’m an independent contractor in the Inner West. Tried recently to set up a business account with Commbank, and this came up. Really frustrating that online application can’t work, especially in these times where I would prefer not to be in person at a branch.

Bob

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Hey Bob (@bobqin1987),

Thanks for sharing this. I empathise with your frustration as the same thing has happened to me!

It would be great to hear how long it eventually takes you to get a business account setup.

Spoiler-alert: if you end up using CBA, you’ll have to wait for their physical card to arrive in the mail, before you can setup and start using your virtual card! :see_no_evil:

We won’t have any branches and once you setup your account with us (within minutes), you’ll instantly receive a virtual card so you can get on with running your business, without having to wait for the card to make its way to you in the mail :slight_smile:

Hey guys another example here re: Commbank. If you set up a new CBA entity (trust / co) accounts, they need to AML/KYC and FATCA check you.
They do this via a central team. I had to field 5 calls between Dec 18 and Jan 14th before they got all my entities set up correctly, and all phone based :frowning:
It sucked!
Mercury Bank and Firstbase.io in the states do this process well. CBA…not so much! :smiley:

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Thanks for the link to firebase @joey, had not come across them!

There’s a clear opportunity to help people with their business from Day 1, including setup and incorporation and then moving into banking and other services.

I’ve felt your pain re: CBA as I’ve been through that exact process myself. Multiple visits to the branch and phone calls with their central verification team. Each interaction requiring me to recite what had been covered in the previous interaction… experiencing an even greater level of pain in opening a nabTrade account :man_facepalming:

Have you come across any Australian offerings that you feel do digital KYC / KYB well?