God, Ubank are snakes (missed email about the increase from $200 to $500)

cannedhams on 10/01/2025 - 16:20

I missed the email earlier last year where Ubank changed the rules on earning bonus interest from $200 to $500 - you have to deposit in excess of that balance to qualify for interest. You effectively get zero interest if you don't see these rule changes in time. This was effective from 1 July 2024, apparently. So seven months. Zero interest on a $170k odd balance. I had continued to deposit $250 a month thinking everything was okay.

Lost about $6K in interest. What absolute shysters.

Yes, I should have been looking at it more closely. I was busy with kids, work, etc. Didnt see the email.

Must be at least hundreds of people in the same boat. Ubank must be absolutely minting it off tactics like this.

Lost about 2K when they changed their BSB and payments sent to the old BSB didnt qualify.

Pretty depressing really. No one can afford a house anymore and you have to deal with coin clipping antics like this from supposedly reputable financial institutions.

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Comments

        • cannedhams on 11/01/2025 - 07:39
          +1

          Thank you for pointing this out, thats very helpful.

  • try2bhelpful on 11/01/2025 - 07:19
    +2

    I just went through my back emails and I have at least five where they say the deposit is now $500 for the interest rates to apply; from what I can see every time they talk about the interest rates they say what the amount for deposit is. Also if you login to the account they have a pink box that says “Activate bonus interest this month by depositing $500”.

    You should be checking your accounts regularly to ensure you aren’t a victim of fraud. You had time to start this thread and reply to the posts so the kids can’t be monopolising all your time.

    I do sincerely hope the venting has helped you dump some of the emotion but take this as a lesson well learned. Take a few minutes to check your accounts regularly. At least it was an interest issue rather than a fraud issue.

    • cannedhams on 11/01/2025 - 07:38
      +1

      Yes, I think we've amply clarified that there is a section of the app, although not especially conspicuous and not on the front page, where it says to deposit $500 to qualify for the bonus interest. Thank you for confirming that for the eighth time.

      I generally get an hour or two to myself after the kids are in bed, but spend this watching Netflix on the couch with the wife, as its about the only downtime we get. Perhaps I should have kept a closer eye on Ubank, but honestly, I would rather transition my account to a bank where hopefully I don't have to look out for these sorts of unscrupulous tactics in the first place.

      Will be moving to Macquarie.

      • try2bhelpful on 11/01/2025 - 08:06
        +1

        I was also clarifying that there were multiple emails pointing out the new rate. You must’ve missed all of them.

        Be aware that some Macquarie bank interest rates drop somewhat after 4 months.

        If you want assistance and sympathy, rather than just a platform to vent, then you might want to reflect on your communication style.

        You do what works for you.

        • cannedhams on 11/01/2025 - 09:39

          Just to be clear, I take absolutely no offence from you or anyone else on the thread, nor am I looking for ersatz sympathy from strangers on the internet. I have been on this website long enough to realise that this is a carnival of arseholes and I love you all for it. I dish it out and I take it.

          I have a specific beef with this bank on this issue.

          Thank you for the leg ham you sent me over Christmas. It got rained on but still tasted okay. And good luck with the mobile soap business.

          • try2bhelpful on 11/01/2025 - 11:39

            @cannedhams: OK. If you think this works for you.

            You seem to have a lot more issues than the fact you didn’t pay attention to what was happening with your bank account.

            • cannedhams on 12/01/2025 - 17:28
              -3

              @try2bhelpful: You are absolutely right about me having other issues. I've got this fungal toenail infection that I just can't get rid of. Its been years. I'm impressed that you could diagnose that over the internet.

          • Karfaffel on 11/01/2025 - 12:09
            +1

            @cannedhams: 🤣 carnival of assholes

            Now that's good use of the English language.
            Thanks for the chuckle. And btw I agree.
            This is an internet forum. What else can we expect, sadly.
            Having said that, there are definitely some good people on here providing helpful advice.

            • try2bhelpful on 11/01/2025 - 12:52

              @Karfaffel: You think that shows wit? Well you are half right.

            • cannedhams on 12/01/2025 - 17:41
              +1

              @Karfaffel: Weird isn't it? I'm just suggesting that Ubank should have gone to greater lengths to notify people. A simple letter is all I ask. Maybe putting a notification on the front page of the app. It wouldn't have harmed anyone for them to do this.

              There are people bitterly arguing against this in this thread. They are confecting stupid and fanciful reasons as to why this can't be done. We would have to cut down old-growth forests to do it. It would clutter the app to do that, etc.

              • MS Paint on 13/01/2025 - 00:48
                +1

                @cannedhams: I'm guessing 99% of the app user would have gone…

                FFS, another pop up notification, please stop, I've read the email, I know, stop treating me like a child.

                • cannedhams on 13/01/2025 - 14:38

                  @MS Paint: I feel for them, truly. Imagine having an unwanted notification pop up on your phone. I mean, could you even conceive of something as dreadful as that?

              • Brianqpr on 14/01/2025 - 11:28

                @cannedhams: It actually seems like more effort would be required to do this than for you to just pay attention to your own account.

              • Muppet Detector on 14/01/2025 - 20:11

                @cannedhams: I would have thought "they didn't want to do it", was the only reason they really needed.

                C'mon, hey! Can't believe you went seven months without checking your bank account. You're a member of a forum where people hint ways to scrape a few extra bucks out of some random transaction and you let more than 6k slip through your fingers cos you can't be arsed checking your bank account once a month?

                Then instead of accepting that you're a right royal muppet, you blame the bank?

                Worst thing about this is you probably vote, drive on public roads and breed!

  • Myone888 on 11/01/2025 - 07:44
    +1

    Yes. It was very sneaky of ubank to up the threshold by huge quantum. Banks are very greedy.

  • quick-dry on 11/01/2025 - 08:10
    +1

    thanks for making the post, I hadn't noticed that they'd increased the amount as I had a $2000 automated monthly shuffle back and forth between ubank and HSBC.

    (I use HSBC for the 2% cashback on 'under 100 card tap' purchases, but you have to deposit 2000 monthly to get that bonus, so that transfer in and out seems to keep the bonus ticking over. I'd suggest you do something like that, set a few grand to shuffle to one account on the 1st of the month, and on the other bank a scheduled transfer to send it back on the 2nd of the month)

    All the banks change offers and entice with the one hand, then claw it back with the other via various means.

  • carboncider on 11/01/2025 - 08:53
    +3

    I feel for you OP. Had something similar to this happen to me with ING's bonus interest hoops while back, didn't have savings for a while when they changed their TCs, but started using the saver account again after a refinance. Didn't realise for a number of months and lost out. Contacted the bank and they weren't helpful, expensive lesson :(. My bad for not checking and being greedy for that extra 0.5% or so that they have over other competitors without hoops, but also aware bonus interest schemes are targeted specifically to catch people like us out like this.

    Moving banks wasn't an option at the time for us.

    I now have a calendar reminder set each month.

    • cannedhams on 11/01/2025 - 09:45
      +1

      Thanks for that. Definitely a different vibe today compared to the late night crowd.

  • Hvrd on 11/01/2025 - 09:13
    +1

    i thought it was $2000, good to know

  • donotuse on 11/01/2025 - 09:26
    +3

    It's called the LAZY TAX for a reason.

  • kalithreaver on 11/01/2025 - 09:47
    +5

    You (profanity) up. Just accept it. Everyone always blames someone but themselves.

    You missed the email, but then also didn't check your app each month to ensure that it reports that the bonus interest is activated? That's on you.

    Never trust the banks to do the right thing. Always make sure you are checking for any dodgy/scam debits too.

    • cannedhams on 11/01/2025 - 10:21
      -3

      "There are literally a half-dozen reiterations of this exact point, in this exact thread, in addition to the fact that I said in the original post that I had not read the email and that was my bad.

      I fully realise that this will not dissuade people from chiming in to say the exact same thing another fifty times (literally another one appeared below you in the time it took me to post this). Sometimes I wonder though, why do people bother endlessly make the same exact derivative point in any given online discussion? Its like people get some sense of self-satisfaction from being the 373rd sheep to jump over the fence.

      Not a ding against you personally, just a random musing on human nature."

      • kalithreaver on 11/01/2025 - 13:18
        +1

        its because no one is gonna read through 100 posts to make sure that the topic hasnt been covered. you asked a question, i read a few comments below and i posted my reply.

        i think the issue is that you just dont like the replies that you got from the majority of posters. i get it, i would be upset if i lost that interest too as that is a lot of money. i dont get anywhere near the amount of interest that you too but still this is why at the start of each month i make sure to check over my accounts. the banks want us to slip up. at least ubank only expects a $500 deposit, my main bank expects $2000 as well as 5 transactions on the debit card which is (profanity) annoying having to go to paypal to make 5 1c transfers each month.

        • cannedhams on 12/01/2025 - 09:15

          "the banks want us to slip up."

          Exactly.

  • samcro on 11/01/2025 - 10:26
    +3

    You obviously don't read their emails. I've just checked and there's a ton of emails referencing the fact that you need to deposit $500 now.

    • cannedhams on 11/01/2025 - 10:34
      -4

      "There are literally a half-dozen reiterations of this exact point, in this exact thread, in addition to the fact that I said in the original post that I had not read the email and that was my bad.

      I fully realise that this will not dissuade people from chiming in to say the exact same thing another fifty times (literally another one appeared below you in the time it took me to post this). Sometimes I wonder though, why do people bother endlessly make the same exact derivative point in any given online discussion? Its like people get some sense of self-satisfaction from being the 373rd sheep to jump over the fence.

      Not a ding against you personally, just a random musing on human nature."

    • tooblue on 12/01/2025 - 12:39
      -1

      However, he/she had all the time to read the hundreds of comments and reply to most of them, despite the claim "I'm fairly time poor with kids, work etc.".

  • SuperMid on 11/01/2025 - 10:54
    +2

    Probably the same email for all those Californians who had their home fire insurance policy cancelled.

    • try2bhelpful on 11/01/2025 - 11:50

      Got a link to that assertion? I know policies were cancelled but I can’t see them getting away with an email.

      • SuperMid on 11/01/2025 - 15:51
        +1

        This is the internet bro, im cousins with barack obama i dont need to link you anything.

      • cannedhams on 12/01/2025 - 17:43
        +1

        So just to clarify, do you think that sending an email is sufficient notice for important changes to a bank account or insurance policy?

        Because you're not being very consistent with this.

        • Eeples on 12/01/2025 - 20:16

          How many emails did the bank send you?

        • Muppet Detector on 14/01/2025 - 20:19

          How do they usually communicate with you?

  • aliam on 11/01/2025 - 12:15
    +1

    I think there was a thread about the same thing about a year ago here, where someone missed their bonus interest as they forgot to check their balance.

    • cannedhams on 12/01/2025 - 17:43

      Interesting, will have a look.

  • mrkorrupt on 11/01/2025 - 12:27
    +1

    Cannedhams, you are acting like an entitled Karen man child. The bank sent you notification and you ignored it and you claim to be so time poor that you are literally arguing on the interwebs with randoms telling to man up and own your actions. Seriously, you did NOT lose any money, you just didn't make a gain, it's a huge difference and the fact that you have no shame or self awareness that your on this platform having a sook shows you are being dishonest or disingenuous that you are time poor. In some cultures, interest (any dealing with it) is considered a heinous crime (charging interest) as it is consuming the wealth of the less privileged to benefit your own self instead in those society if you want to benefit the society then you should lend money with no interest or make a business / agreement and profit sharing.

    • cannedhams on 12/01/2025 - 17:46
      -1

      In some cultures, interest (any dealing with it) is considered a heinous crime (charging interest) as it is consuming the wealth of the less privileged to benefit your own self instead in those society

      An interesting response in any event.

      • mrkorrupt on 15/01/2025 - 01:06

        Yep, are you not aware of such things. In some cultures there are three ways of borrowing money.
        a) for the benefit of society - you give that money (to a trust worthy individual) with no expectation for its return as you are making an investment in your society (kinda like paying it forward, your generosity could rewarded in another way)
        b) you lend the money expecting the same amount back.
        C) you lend the money and expect a share in the profit and loss, such as you give someone a loan to buy stock worth $1000, he buys $2000, worth of stock makes $500 profit, you take $250 for your 50% share.
        If he loses and sells for $1900, you bare the $50 loss.

  • TheFreaK on 11/01/2025 - 12:33
    +3

    You can’t read and that’s somehow their problem?

  • hazzad on 11/01/2025 - 12:47
    +2

    To be fair most people would be logging into such accounts at least mostly to check status. I know I check all my account monthly but in honestly daily. Sucks but kind of on you to be honest. They did advise and you didn't see it. You would have noticed it if you'd logged in regularly.

    Having said all that there is a serious case of tall poppy syndrome on this group. People work hard to get things and all many can say is waa waa sucks to be well off. Many the converse of that is don't expect to have everything handed to you and make sacrifices for many years to achieve these things. We have loved a frugal lifestyle for over twenty years to have what we have. Seems many people can't go without for a few weeks little lone years to actually get what they see others have. Instead prefer to cut them down for actually making that sacrifice.

  • buckethat on 11/01/2025 - 12:52
    +5

    Honestly, I would be equally upset if I was in your situation. 6K is lost interest is huge, but at the end of the day, it is objectively your fault. They notified you, it's really not on them that you didn't see it.

    Also as others have mentioned, the app literally tells you whether you qualify for the month. Have you not checked the account at all in the last 7 months..? Do you not notice that your balance went from 170,000 to 170,250 and remained there until the next deposit..? You've saved a huge amount of money, I would think you would be a bit more diligent with something like this.

    Anyways, I feel for ya, but not much you can do, and its really no one fault but your own unfortunately.

  • logisync on 11/01/2025 - 13:21
    +3

    You dont have literal seconds each month to check your bank account which you say its all your savings/potential future house deposit because you are time poor due to family/work. Yet or example spend alot of time replying to people calling you out on here - Get you priorities in order my man.

    On the change itself I'm pretty sure they sent multiple emails about it, and as others have said, it shows in the app each month if you qualify and and they had notification in the app from memory about it changing as well.

  • us3rnam3tak3n on 11/01/2025 - 13:53

    Thanks for the heads up. I also missed the email but luckily still qualify for the bonus rate.

    • cannedhams on 12/01/2025 - 09:16

      No problems, glad it helped in some small way.

  • LFO on 11/01/2025 - 14:55
    +2

    Pretty depressing really. No one can afford a house anymore

    Gets worse.

    Someone lost their home because they forgot to pay their mortgage. How dare those greedy lenders !!

  • footscrayvic on 11/01/2025 - 15:37
    -1

    This is only one of the many annoying things that Ubank has done over the last few years. So Ive withdrawn all funds from them and have gone elsewhere. They really dont care about customers anymore.

    • KangaDrew on 11/01/2025 - 18:35
      -1

      Just because something doesn't work for you, that doesn't mean it isn't working for the rest of us. Every bank at some point changes the criteria. If you don't like what it gets changed to, you simply move to another bank.

      • footscrayvic on 12/01/2025 - 09:03
        +1

        Der….. Thats what i did.

  • skidexa on 11/01/2025 - 16:04
    -1

    You didn't lose money or pay interest…so take it as a missed opportunity and learn from it

  • Hangryuman on 11/01/2025 - 16:24
    -1

    'I missed the email earlier last year where Ubank changed the rules'

    that sounds like a U problem …

    do I O U - no I don't … ;-)

  • cerealsmok3r on 11/01/2025 - 16:46
    +1

    didnt realise it was increased. then again moved away from them

  • peterw1 on 11/01/2025 - 17:04
    +1

    how dare you associate banks with snakes, snakes have rights and shouldn't be smeared with such groupings. Your issues reminds me of the proverb, experience is a bad teacher because he gives the test first and the lesson afterwards. Anyway I think the real shocking thing in your story is that u didn't check the balance every month, especially when the media play stories weekly about bank scams. In your case you may have waited 6 whole months to detect a scam. I agree life is busy for all of us but checking your bank balances monthly won't take more than 15 minutes. Lesson learnt move on.

  • Vulvasaur on 11/01/2025 - 18:36
    +1

    If you didn't check your email for 7 days - no problem.

    But you didn't check your emails for 7 MONTHS and are blaming Ubank. That's all you.

  • gromit on 11/01/2025 - 19:08
    +1

    So they notified you but you didn't read it, nor did you check your balance and interest for seven months, yet it is all their fault? seriously? I have more than that in a HISA and I religiously check it every single month without fail. It is to much money to just assume it is all ok, if that is too much hassle then obviously you are rich enough that this isn't an issue for you.

  • vacuity21 on 11/01/2025 - 19:43

    YTJ

  • yet another user on 11/01/2025 - 19:57

    Ubank is a snake?

    More like OP is a snake for not doing your homework, losing your interest for not just 1/2 months, but 7 months, and as a bonus blame others for your own mistake.
    Now, hand over your ozbargain badge.

  • ttt888 on 11/01/2025 - 20:42
    +5

    Man u took so much effort to create this thread and also actively replying on it. Imagine if u just log into your ubank app for 2 mins and see your interest payment or your balance in last 6 mths.

    I can sympathise if someone caught off guard for the 1st mth or even 2 of this change.

    6mths..

    • Jono05 on 13/01/2025 - 09:59

      But that’s 2 minutes less of netflix….

      • Muppet Detector on 14/01/2025 - 20:25

        Bank should have advertised change on Netflix…

  • lunartemis on 11/01/2025 - 21:40

    I normally dont read promotiomal emails from banks but this time, it was so obvious even an ignorant sod like me could interpret the changes in the amount required.

    You sound like one of those people who blame the bank for sending money to scammers because they didnt warn you multiple times…

  • cheesecactus on 11/01/2025 - 23:57
    +3

    Thanks for the post, made me check my ubank bonus interest. Turns out my auto-transfer from my primary bank had stopped after October (no idea why, it was meant to be reoccurring until further notice). Missed out on two months of interest which is unfortunate.
    Thanks for limiting my loss to 2 months only!

  • Punda on 12/01/2025 - 00:48
    +2

    Why don’t you turn on notifications? On the 1st they text you what you earnt in interest.

  • timhn on 12/01/2025 - 07:10
    +2

    OP, so sorry for your loss (of money) !!!

    Do what everyone recommended to prevent it happening again :

    • check your emails regularly, especially from financial institutes.
    • check your bank accounts more often and pay attention closely to alert messages.
    • set reminders/alarms in your calendar

    Blaming others for your bad planning is not a solution to go forward. Too busy or no time is not an excuse. Surely you can find few minutes before go to bed (or at lunchtime breaks) once a week to do.

    • Jono05 on 13/01/2025 - 10:01

      He didn’t lose any money, he just didn’t earn interest on it. There is a difference.

  • Amazingly on 12/01/2025 - 09:13

    Jump onto https://www.productreview.com.au/listings/ubank and make a complaint.
    See if they reimburse you for your error.

    • cannedhams on 12/01/2025 - 09:23

      Thats a good idea. Thanks!

  • tooblue on 12/01/2025 - 09:33

    Entitled Karen.

  • mini_wombat on 12/01/2025 - 09:58
    -4

    I fully agree with the OP. Interesting how many Ozbargainers defend the bank here.

    The terms of the bonus interest should not be allowed to change in this way (should … but guess they can do what they want). The bank calculates that some people will miss it for a months or two … and in your case even longer. Like that they can offer a better rate and lure more people in to become customers … rinse and repeat every year or so. Pretty dodgy business model as a bank. An email as notification for such a change might not be sufficient.

    I personally would contact them and see if they can fix this. To go to 0 % is in my opinion a case for the banking Ombudsman. Just tell them you want to raise a complaint and go ahead with it (sad that only people who scream get something but guess this is the only way here). Make it a formal letter to UBank and see what response they have … if not satisfying just raise a complaint with the banking Ombudsman.

    • gromit on 12/01/2025 - 11:40
      +1

      It is nothing to do with defending the bank, It was a dick move by the bank to bolster profits. However, the incompetence and laziness that saw him lose interest for 7 months was entirely his own doing. The bank notified him and provides multiple ways to check and verify everything, he failed in basic due diligence.

      • cannedhams on 12/01/2025 - 17:57
        -1

        It was a dick move by the bank to bolster profits.

        Exactly.

      • Jono05 on 13/01/2025 - 10:03

        They bolster their profits by increasing the interest rate?

        • gromit on 13/01/2025 - 12:04
          +1

          by making it more difficult for people to qualify for the bonus interest.

        • quick-dry on 13/01/2025 - 13:05
          +1

          they bolster profits by luring money in with the bonus interest rate, knowing that they will shortly switch up conditions and a significant number of people won't meet the changed criteria and the bank can earn more form the money they brought to the bank plus bonus they ddin't ahve to pay out.

    • cannedhams on 12/01/2025 - 17:58
      -2

      Thanks for the reply, and for having the stones to go against the majority of the posters here. Kudos.

      • pulpfiction on 13/01/2025 - 09:36
        -1

        For what it's worth I agree with you - a single email is easy to miss. You shouldn't need to check everything in your life monthly to avoid it going to hell. A single email is easy to miss and a notoriously unreliable method of communication, which is why most reasonable companies notify you several times of important information.

        • Randolph Duke on 13/01/2025 - 10:50
          +1

          For what it's worth I agree with you - a single email is easy to miss.

          It wasn’t a single email, and there’s way to check on the app. Unfortunately banks can’t do much if people ignore their emails or their accounts for months on end.

  • tooblue on 12/01/2025 - 12:17
    +2

    cannedhams on 10/01/2025 - 15:20
    I was busy with kids, work, etc.
    cannedhams on 10/01/2025 - 16:05
    As set out above, I'm fairly time poor with kids, work etc.
    cannedhams on 10/01/2025 - 16:10
    How many kids do you have?
    cannedhams 2 hours 52 min ago
    Thats a good idea. Thanks!

    I highly doubt you are a qualified parent or employee. How on earth did you spend over 2 days posting and replying to most of the comments while not doing you parenting and working duty? You are obviously too busy to spare 30 seconds each month to check your email or account balance?

    • cannedhams on 12/01/2025 - 17:49
      +1

      "I highly doubt you are a qualified parent"

      How dare you sir? I am the proud recipient of a Certificate IV in Parenting from the Wide Bay Institute of TAFE.

      • Randolph Duke on 13/01/2025 - 10:53
        +1

        Where did you find the time to do that?

  • payless69 on 12/01/2025 - 12:21
    +1

    I was Ing hooping for 12 months and they tell you on the app what to do.
    But to my horror they told me no interest in January so I gave them my middle finger.
    Funny they came back with a promise. Try Bankwest, the snail bank, takes a week to wake them up….

  • Bunnyburger on 12/01/2025 - 15:45
    +1

    I check my e-mail like a hawk, like a diligent bank employee! Actually no, like a falcon, ANZ Falcon!

  • cannedhams on 12/01/2025 - 17:50
    -6

    Just wanted to say, thank you to everyone for the engagement and helping me get the word out that UBANK ARE SNAKES!!!!

    Which they are.

    Snakes.

    Ubank are snakes.

    • umoddbro on 12/01/2025 - 17:56
      -1

      They aren't snakes you're just lazy, if you saw $10 on the ground would you go pick it up? takes less effort then that to log into your app to check.

    • Nillionaire on 12/01/2025 - 18:41
      +2

      uBank are not snakes. You are the snake. You have the audacity to shift blame onto others and label them a snake over your carelessness. This behaviour is pathetic and you are financially irresponsible and immature. I pray for those dependant on you.

    • TheFreaK on 13/01/2025 - 10:03
      +2

      Way to ignore your own incompetence

    • Jono05 on 13/01/2025 - 10:12

      You’ve actually informed everyone how lazy you are. That’s all.

  • nobro25 on 12/01/2025 - 18:04
    +2

    Is OP the cousin of steamedhams?

    • cannedhams on 12/01/2025 - 18:44
      +3

      "Yeah and you say they're steamed but they're obviously FLAME f***en GRILLED!"

      • nobro25 on 21/01/2025 - 16:34

        I don't know but it's how we say it in Utica

  • ProlapsedHeinous on 12/01/2025 - 19:40
    +2

    Ubank can suck my taint. Wanting me to jump through extra unnecessary kyc hoops for less than a dollar in the account… nosey pricks.

  • GordonD on 12/01/2025 - 19:40

    The title of OP's thread suggests it is a plea for help from some other remote faceless genderless omniscient being other than OzBargain. I suppose it is easy to get us confused. Posters do know we are happy to pass judgement on anything, and expect us to know everything about everything, and to be able to achieve miraculous results.

    • cannedhams on 13/01/2025 - 14:41
      -1

      Yep, I've always considered Ozbargain my own personal Jesus.

  • chasingstoke on 12/01/2025 - 21:46
    +3

    Closing my Ubank accounts after the recent changes.

    No more 28 Degrees Mastercard, and now no more Ubank. End of an era

    • footscrayvic on 13/01/2025 - 08:24
      +2

      Yes, after being an early customer of Ubank the last few years caused just too much irritation. Their changes to account numbers forced me to waste a lot of time rearranging financial affairs, then they changed the processes around top ups which forced me to change my finances again, and then they kept sending me requests to verify my details after I had already done it. Their customer service centre was terrible. Multiple phone calls to get them to correct their records. And after they the continued to hassle me for many months for updated details which they already had. Just pure incompetence. No more Ubank for me.

  • crazyboy on 12/01/2025 - 23:40
    +3

    ubank is one of the most fairer banks in Australia is all I can say.
    Their support and their app both are amazing.

  • pulpfiction on 13/01/2025 - 09:33
    +1

    This forum blows my mind sometimes. People freak out over a toaster failing after 5 years but are quite content when corporates screw them over technicalities. The jealousy and envy these people carry must be horrible.

    In terms of your situation, sorry to hear this. It's an easy miss. A single email in my opinion is not reasonable and not acting in good faith. I would have expected multiple emails, with subjects including "IMPORTANT: " and "FINAL NOTICE: ".

    I would make a formal complaint and claim with them. Mention that if they do not resolve it, you'll be making a formal complaint with the Australian Financial Complaints Authority (AFCA). Also let them know they'll be incurring interest charges while is is being settled equal to their advertised interest rate. While this is being settled leave your money in the account with the $500 deposits if you can make that work to hit the bonus interest.

    Would love to hear how you get on with an update in the future.

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