I just joined UBank and been a little frustrated with the auto transfers, why does my savings ultra account always automatically transfer $500 into my other account? I never have this problem with other banks, is this some glitch?
Ubank Sweep? (How to Customize)
DEvok on 08/07/2015 - 00:31
Last edited 09/07/2015 - 09:44 by 1 other user
Last edited 09/07/2015 - 09:44 by 1 other user
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Why does it automatically transfer $500? Because you must have transferred the $500 back into your savings account whenever UBank does an auto-transfer for you.
Quick explanation of UBank Sweep:
1) It is designed such that there is $500 in your Transaction/Debit Card Account.
2) It check your account balance every night, and tops it up to $500.
3) So, lets say during the day you spent $50 using your UBank debit card (making your balance $450). What UBank at the end of the day is to top it back up to $500 by taking $50 out of your saving account.And as johndowy said, you can change the default amount of $500 to any amount you want (min. $100).
Steps to change:
1) Managing > Accounts > Select your Account > Manage Sweeps
2) Click the red pencil below "And what's the MIN amount of cash you need to have available?"Quite simply, unlike most Banks where you have to transfer money from your "Savings Account" into your "Debit Card Account" in order to spend your money, you don't have to do it for UBank.
UBank automatically tops up your account for you once your balance gets too low (below $500, unless you lower it).
expert hint (from WP forum):
set your minimum and maximum sweep amount to $500,000
and you will have $0 in the ultra account! save interest on that $100 (default minimum amount)Yep, those interested can read more about it here: http://forums.whirlpool.net.au/forum-replies.cfm?t=2288475&p…
the Ultra account min is 1000 if you set them both to a really high amount that you dont have does that essential disable the sweep because i find it moronic that i cant disable this function?
about to go overseas in oct
just got my ubank ultra saver card to use as no forex fees/conversion/withdraw fees…do i put my funds i want to withdraw in the ultra saver or the saver account??
You need to make sure you have enough funds in the Ultra account for a full day's worth of spending. When using your card overseas you should select the 'credit' option on card terminals and ATMs, and there is no live sweep from your Usaver account on 'credit' transaction types. The overnight top up (Aussie time) should still happen though.
hi mate, so the ultra account would be for credit transactions?
how about eftpos/cash withdraws from atm… still ultra account?
or the saver account?i think it'll be safer for me just to load up the card in both accounts - set a high limit to be safe
As above, set the default amount of $500 to any amount you want (min. $100).
The sweep facility is great for many people (especially when using empty debit card, or direct debits), but won't suit everyone.
Note, if you're doing it for ubank's interest rate, I think we may have another interest rate shakeup soon. Downward unfortunately. My opinion only.
As stated above you can totally disable the sweep and not loose any interest.
The sweep function is a good thing that I wish other banks had as well.
You can customise the sweep in the options, just look around at your account settings.
The sweep basically keeps a certain amount of money in your like everyday transaction account. If that account falls under a certain amount, an automatic transfer will be made to top up that account for you.
Just go read for yourself:
https://www.ubank.com.au/help#/?m=c&p=1&q=what%20ultra%20swe…