Bank just increased interest rate for no apparent reason.

I received a letter from the bank a couple of weeks ago. I read it and burst into tears. Here's my reply to be sent to the bank once paperwork to go elsewhere is finalised.

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I received a letter dated 26/10/12, stating that my interest rate will be increased by 0.25%pa. For no particular reason other than you feel like it, it would seem.

That may not seem like much to a bank that earns billions, but for me, that amounts to an awful lot of money. Between this and the increased "gap" between the RBA rate and your rate, I am now paying almost $4,000 more each year than I should be. This would allow us to be able to send our son to private school. No wonder you are making record profits at a time when other companies are struggling.

I realise I signed a contract with you that included a clause that basically says you can do whatever the hell you want, whenever the hell you want. I signed knowing that if I requested said clause to be removed, you wouldn't have offered a loan. I signed in good faith, believing that an Australian company would not rip it's customers off like that. I suffered my first disappointment when the ink was barely dry on the paper, with the first gap increase occuring in the first month of the loan term.

I don't care about your funding costs. That is your problem and shouldn't be mine. I can't say "oh income provider, my cost of living has increased because my stupid bank increased the interest rate on my home loan so you must pay me more even though I agreed that you would pay me $x.

The only reason I have not changed banks so far is because every single one of you and all the non bank lenders have increased the gap. This latest increase for no apparent reason is the last straw. We are taking our business elsewhere. You are losing a customer that has never had any issues with repayments. Never been in default on anything. Never even been late with repayments. Your loss. Not mine. You can take your interest rate rise and shove it thank you very much.

Not only are you losing our mortgage account, you are also losing our credit card, transaction account and share trading account. And we're getting a better rate without having to pay $350 for the "privilege" of a "discount".

And I will be telling anyone who'll listen not to bank with you and the reason why.

Your extremely unhappy customer,
Rowellen.

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Anyone got anything to add?

Good on you!! They totally suck!!

Well done :)

Brilliant - post it on their FB wall!

I think I might, Keike. Although looking at other people's posts, it appears the standard response is "we're sorry you feel that way. Please call 13..... and we will be able to help you."

Oh well someone might read it and decide to bank elsewhere ;)

So which bank are we talking?

... ;)

A bank whose initials conveniently form a word meaning "to steal"?

Haha no! But no doubt they are just as bad.