Spent an hour and a half on the phone to UBANK to transfer interest from a finalised term deposit to another account and then reinvest the same principal into a new term deposit. Their on-line system is impossible to use. Once they have your money, they don't want you to have any of it back.
For comparison/reference, this is an easy task with Rabobank and semi-easy with ING Direct (provided you negotiate some rather opaque menu choices).
thanks for sharing
i have been with Ubank for a fair while now never had any problems and find them pretty good on the phone but in saying that it all depends on the reps attitude on the phone.
Were they annoyed that you found a way to get your money or did they just end it with "Well, we got beaten by the best. Well done Madam!"?
Waited 20 minutes on phone before I could speak to someone at UBANK.
Talked to first operator for fifty minutes,and he couldn't help me, with his system.
Transferred to supervisor for 15 minutes who tells me he would arranged it manually.
You poor, poor man.
But on a more constructive note, perhaps the operators had trouble understanding your broken English.
I have never had a problem with Ubank's phone operators.
You guys are pretty mean to Op :(
You can manage the maturity instructions for your term deposit online
Theres an option to reinvest principal + interest, or principal only from memory, and have the interest paid out to an account
The benefit of rolling over the term deposit as opposed to starting a new one is the .1% bonus interest. You can change the term of the investment too if you wish online
Thanks cytotoxic,
Am aware of this arrangement, however actually doing this within their system is extremely complicated,,and difficult to perform. Even their own phone operator could not assist with this procedure during a fifty minute discussion with him.
TO BENISFORGINA —As a born and bred Aussie, have no problems with Australian or English language. It took twenty minutes to even talk to a phone operator. How's that for service.
4 or so years ago I had no problem getting money from them. I had to do it on the phone unless I wanted to transfer $2k a time online!
Then again for security, I'd almost rather do that then someone being able to withdraw it all online in one go.
Twice recently I have conducted withdrawal transactions, had them apparently go thru, printed out my withdrawal RECEIPTS, etc. but then the transactions never actually happened!
After I discovered the first failure, I simply repeated the transaction on-line, and it worked (and paid) the 2nd try.
After the second failure, which was a real issue to me because I was paying for something with a strict due date, I rang up and had an operator do the transaction for me. She could see the transaction "failure" but could not explain why, but she offered the comment that "these things seem to happen a lot on weekends and banking holidays, when their 'system' is being asked to store the transaction until the next banking day."
Their deposit rates appear excellent but drop down to mediocre levels, for the entire month, during any month in which you have had even one withdrawal!
I have my larger, and "active" account with RaboDirect, and only put into UBank - money that I don't intend to use in the foreseeable future.
Thanks ssmith3104
Useful info, it does proves my point however, easy to put money into UBANK, difficult to withdraw.
Once they have your money,they want to keep it, to loan to others, at a much higher rate, to provide themselves and parent, THE NATIONAL BANK with BILLIONS in annual profit
Greykath,
As a NAB shareholder, I hope that they DO make billions! I want the dividends.
I just want them to improve their website, both as to making it more intuitive, and mostly to make it more reliable. For it to accept a transaction, issue a payment receipt, and then LATER, next day, if I happen to log in, to only then find that their website has re-labelled the thing as "transaction failed" - is just totally unacceptable!
Website isn't great, and certainly had its glitches when they rolled out the last major update. But its reasonable and still has the best options…unlike other accounts where you can only transfer to one linked account.
I've been using their website for years and have term deposits and once I figured out the sorts drop down system it's straight forward. You need to give each TD a name such, 'expires 12 Dec' or some such to tell them apart as after a while the different dates can get confusing.
cool man!