UBank - read saga to see that they do have a refreshing customer service worth a good look- see update

[Deactivated] on 22/05/2009 - 14:07
Last edited 16/06/2009 - 10:28

Edit - worth reading all the comments below as it shows how a negative can be turned into a positive…….

Just had a call from Ubank rejecting my Term Deposit application - seems like my SMSF cant open an account because it has 4 members who are also directors. They say their system can't handle it.

While thats surprising, I can accept that. However the sting in the tail is they wont refund the money we deposited for another 5 days - so no interest for the week. And they wont pay interest on the money while they hold it. Then the representative has the hide to say to me "now is there anything else I can do for you?"

Sure roll me over and NAB some more money from me at the same time….. Stupid

Not a nice experience and a warning to all, they are not that sweet and lovely, no matter what they say on twitter they are still the big bad "big 4 bank" with no real regard to customers

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Comments

  • scotty on 22/05/2009 - 14:37

    Maybe they'll need some extra fund for a short period of time to pay for those 1,000 USB keys that they gave out last week :) I agree that they might have a fresh face to appeal to the Internet generation, but underneth they are still NAB…

    • ggschenkel on 24/05/2009 - 09:36
      +1

      Hello Scotty -

      If you'd like to get to know UBank a little better, we'd be happy to host you at our office in North Sydney so you can meet our team, including our Direct Banking Centre crew.

      Just send me an email at [email protected] and we can arrange a suitable day and time.

      Speak soon,

      Gerd Schenkel

      • scotty on 24/05/2009 - 23:35

        Thanks Gerd for the offer. I'll think about it :)

  • ggschenkel on 23/05/2009 - 16:59
    +2

    Hello "ozpete" -

    We are sorry that your experience has been unsatisfactory.

    The 5-day delay in returning your funds is a requirement resulting from the "Anti Money Laundering" legislation. Otherwise we'd be able to return your funds the next day.

    This is the first time a customer has submitted a SMSF application that is not eligbile. Whilst we made all efforts to make the restrictions clear upfront, I will review our communications again to avoid this happening to other customers in the future.

    If you have further concerns or would like to discuss the matter in more detail in a private setting, please feel free to email me directly at [email protected]

    Best regards,

    Gerd

    • ggschenkel on 24/05/2009 - 09:39
      +2

      Hello "ozpete" - I have since reviewed our SMSF application process again, and as it is impossible to enter more than 2 trustees (directors) I wonder how you were able to submit an application in your case?

      I'd love to discuss with you directly, in a private setting of course.
      (In order to match your post/avatar with the actual application we'll need some personal information)

      Would you be able to send me an email on [email protected] ?

      Thanks so much

      Gerd

      • [Deactivated] on 24/05/2009 - 09:58
        -1

        Very simple it just asks for two - it doesn't say you have to enter ALL the trustees. As my SMSF permits under its charter any to sign AND this is linked to only an account already setup by the directors rather than a completely new account it having all 4 directors/trustees having to sign and make application doesn't make sense to a lay person like me. So as a lay person only having two directors details requested doesn't and didn't raise any flags.

        Before we start quoting laws etc, other institutions handle these applications fine. Like AMP, BankWest, BOQ.

        This issue with holding the funds for 5 days under the antiterrorism laws is understandable BUT who gets the interest generated?? Not me and it turns out to be at least a week when all the transfers in the system are taken into account.

        i will email you next week

  • cuteduck on 24/05/2009 - 09:38

    Wow.. GM of Ubank @ Ozbargain..

    • HueyData on 24/05/2009 - 09:41

      OzBargain ain't no two-bit operation you know ;)

      • scotty on 24/05/2009 - 19:57

        Still did not stop us having a corrupted database this morning which stopped all new deal postings :(

    • punter1 on 24/05/2009 - 11:28
      +2

      Ubank actually treat clients as persons, not just numbers like the big 4 banks.
      I am very impressed.

      • scotty on 24/05/2009 - 19:58

        Yeah. +1 for Gerd.

        • [Deactivated] on 25/05/2009 - 08:33
          -2

          Just be aware of my original post

          1. They have terms and conditions other banks don't impose
          2. Currently they dont show any flexibiliy in changing those conditions - we'll see after I contact Gerd
          3. Their customer service representative wasn't as sensitive as Gerd with the "Anything more I can do for you comment"
          4. The penalty is borne by the customer - like most banks when the error is made - I lose the interest on my deposit, they gain
          5. I have had to arrange with my accountant certified copies of documents - already sent - at cost to me - because of service fees.

          Since that post I posted my concerns to Twitter and to here. Twitter being an ongoing dialog. The response to my issue was to Ozbargain.

          To Gerds credit he has offered to discuss the issues, although nothing in his post indicates that they will address any of these. He did investigate the 4 director concern but so far the response doesn't adequately bring in a safeguard for an error. A simple - question like how many directors are there - if you enter a number greater than 2 then the system says - sorry - we cant process etc.

          To me the responses from Gerd indicates Ozbargain's consumer focus and "bargaining" power in that it gets action from businesses.

          To that end Gerd has indicated one aspect different from his parent company - a public willingness to enter into dialog with dissatisfied customers. A satisfactory resolution is still yet to occur. And the dialog will now go into a private phase

          I'll keep you posted

  • ggschenkel on 25/05/2009 - 09:07
    +1

    Hello folks -

    We're committed to following up any and all customer service issues, regardless of the method they're raised by.

    The most relevant and powerful suggestions for improvement tend to come from customers, so we really do value feedback.

    The easiest way to submit feedback is via our email [email protected] or via our 24/7 Direct Banking Centre 13 30 80. Both of these are also private methods to discuss individual cases.

    Speak soon,

    Gerd

  • [Deactivated] on 28/05/2009 - 10:13
    +3

    I wish to advise that Gerd and his team have addressed some of my concerns - I'll qualify the "some" below.

    They have been in communication with me and have fixed the issue about the funds being held on the "rejection" - I won't mention how, Gerd might like to do that - I don't want to set a precedent for them. Suffice to say it has been handled VERY satisfactorily.

    As for their customer service, I think Gerds willingness to discuss that here and with me directly, shows a refreshing attitude towards customer relations.

    This makes their offering BETTER value than most other offers in the market place. A bargain is good value and customer service especially in the banking industry means a better bargain. So to Ubank and Ozbargain - THANKS.

    They show that if a complaint is handled well then everyone gains. Other Banks and Telco's take note!

    To my "some" comment, regrettably my SMSF doesn't comply with their criteria for an account, it has 4 directors rather than 2. Which ironically was increased by us to comply with another banks T&C's for a term deposit. So now Gerd and team has shown Ubanks customer service, I am now disappointed I can't get access to this bargain - ce la vie.

    Hopefully they can change this criteria - and if so I can take advantage of the bargain like others here will

    Thanks for all the comments and support from everyone

  • ggschenkel on 09/06/2009 - 06:56
    +2

    Hello folks - yes, we've been in contact with Ozpete separately. On that basis we'll improve the application form for SMSF customers to avoid the issue presented in future.

    Since our launch, we have made several improvements to UBank based on customer suggestions, and we're grateful for the time those customers invested in sharing their ideas with us.

    Thanks for your support.

    Speak soon,

    Gerd Schenkel

    13 30 80 (24/7)
    www.ubank.com.au

    • [Deactivated] on 16/06/2009 - 10:24

      Ubank have now finalised this with me and have also made a generous payment to cover interest for the period that the money was in limbo.

      A big thanks to ubank for their care and attention. A different banking attitude that all here should be aware of.

      Now to get that SMSF restriction lifted so I can enjoy their service…..

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