ubank Not Paying Me My $4000 Cashback

oshe on 27/06/2023 - 22:17
Last edited 28/06/2023 - 10:19 by 1 other user

ubank won’t honour the $4000 cashback, I applied in December, settled in April, they changed the minimum loan requirement from $250k to $400k 1st of March 2023. My loan is $340,000 so they emailed saying I am not eligible.

Lots of delays due to lack of replying to my emails, a glitch in their identity system, settlement date far in the future due to them being busy.

What can I do to get the $4000 cashback?

I contacted them 10 days ago and senior management will look into it. Even the (after hours) staff member I spoke to said he would be frustrated too in my situation. About to call them back one of these days to check the status, any recommendations what else I can say?

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Comments

  • jjjaar on 27/06/2023 - 22:19
    +6

    The loan commenced in April, which means you didn’t meet their cash back requirements.

    It’s annoying and cheeky of them for sure, but I’ll bet somewhere in the T+Cs you signed, it said they have the right to change cash back requirements which may render you no longer eligible.

    • kyle on 27/06/2023 - 22:25
      +2

      Wouldn't the terms normally say the new requirements apply for new applications from such a date onwards?

      • jjjaar on 27/06/2023 - 22:36
        +2

        I may be cynical, but I’d expect banks to have terms that always work in their favour.

        OP will have the T+Cs they signed though, so they can let us.

        Edited to add: have just done a quick google, and found this article that suggests there was a date at which settlement needs to occur to get the cash back - end April - as long as LVR is less than 80%. Perhaps I am too cynical.

        https://mozo.com.au/home-loans/articles/ubank-now-offering-5…

        OP, I’d be doing a bit more of a google and hunt in all the documents you signed / screenshots you took.

  • freefall101 on 27/06/2023 - 22:54
    +7

    I'd push it more because it sounds like you're within the terms - https://web.archive.org/web/20230224152206/https://www.ubank…

    This ubank Cashback Offer is available only for new home loan or re-finance applications received between 1st December 2022 and 28 February 2023 (inclusive) and settled by 30 April 2023.

    They do state:

    This offer may be varied, withdrawn or extended by ubank at any time without notice.

    However I suspect the ACCC of AFCA would have issues with simply being able to go "yeah, nah" on paying it out without notice. If they didn't tell you they weren't going to pay it, I'd raise hell with them.

    • Almost Banned on 28/06/2023 - 00:27
      +5

      Yep - complain to the bank, if no joy, go straight to AFCA.

    • lachhelix on 28/06/2023 - 01:03

      Yep - take a screenshot of this on the archived page and send it to them and ask why you're not entitled to it when these are the general terms of the promotion

    • Pcoder on 28/06/2023 - 15:37

      The key thing here is to make sure they know you have supporting documents like above, that say you meet the conditions.

      Make it very clear that you will continue (with other organisations if need be) with this until it is resolved in you favour. They really need to know you'll be a pain in the arse until it is resolved.

  • Pufff on 27/06/2023 - 22:59

    Tough one. Taking roughly 5 months to refinance is ages for a such a small loan.
    They probably get you on this term.
    - This offer may be varied, withdrawn or extended by ubank at any time without notice.
    Best bet is to see how the complaint goes. If badly, threaten to go to the ombudsman and hope they pay or give some sort of settlement.

    Edit: Detail all the delays and if it's mainly on their end then they might look at it more favourably.

  • oshe on 27/06/2023 - 23:17

    thanks guys, worst thing was that before I got the email saying their rules changed on 1/3/23, I called to ask when I am getting my cashback and the guy on the phone said, after reviewing, that I met the eligibility criteria, then a few days later I got an email saying unfortunately no you actually don’t meet them.

    That call would have been recorded, got a screenshot of the date I called them.

    • hasher22 on 28/06/2023 - 00:42

      AFCA will help you. Ubank customer service is effing useless, they gave me the wrong information three times.

      1st
      I wanted to be a third party authority on my mums account as I sometimes need to manage her money, first rep took my name and DOB and he said that's it. I called a second time few weeks later and the rep said there's no such thing as third party authority and I needed to be a power of attorney. Well she sent me a form and I needed my ID signed off my a JP on their Ubank form but it's ILLEGAL for any JPs to sign a form to confirm identity on a passport or driver's license, they can only sign photocopies of said ID. I went to the ombudsman about their illegal activity as I needed to be a third party some how. They didn't get back to me until 2 weeks later from the complaint and they DIDN'T even address the illegal activity they're doing. So I went to the ombudsman again alerting them about their illegal form for customers to sign and the fact that JPs can get jail time and a fine for signing such forms.

      2nd
      Called today regarding a glitch in their shared account app from mine and my mothers. My app stated I activated the bonus interest, my mothers phone said it didn't. I called and the rep said I need to deposit $400+ as there's two users, I said ok. And deposited another $200 in the account and the problem was fixed. But that's not how it works, it's deposit $200 or more. She was wrong, she didn't know the product.

      3rd
      Their website state you can log into the app and select travel dates. YOU CANNOT, I called and the rep said to log into the app, I said there is no option. I said to her "do you have the app?" and she said "yes" and I said "log into it now and show me where it is"…. she couldn't find it….. useless

      It's very sad their policies and processes and training lacks.

      I would keep going to to the AFCA, they will keep making up stories and delay your complaint.

      Good luck

      • cheesecactus on 01/07/2023 - 01:50

        Issue #3 is annoying. If you're on the old ubank app, it has that feature. But the new 86400 app they removed it :/ And haven't updated their website.

  • payless69 on 28/06/2023 - 02:51

    Bankers bonus payments have priority over you and the shareholders want to see the freefall ending!

  • try2bhelpful on 28/06/2023 - 08:54

    Usually the first answer is “no”. I would keep pushing and indicate you are willing to escalate.

  • Choc83 on 28/06/2023 - 08:58
    +3

    Go through the Bank's complaints channel first. Make it very clear you'll be escalating your complaint to an external body. Use the archived web page as the cornerstone of your complaint.

    If a complaint goes to AFCA/Ombudsman, the bank is charged a fee ($1000 ish) regardless of the outcome. This may be what prompts them to negotiate. There may be others in your position as well, and there's a chance that they'll pay you out to keep you quiet, because there's a chance that your case gets publicised, and a couple of hundred other people in the same boat as you will come after them.

  • Drakesy on 28/06/2023 - 10:41

    It's from the date it settles.
    You can apply anytime you like.
    You had the opportunity to pull out otherwise no?

  • oshe on 29/06/2023 - 10:13

    I called again and the staff member that said he’d be frustrated too never lodged a case / complaint / query. I spoke to someone who discussed it with his manager, the manager said I was eligible after all and they don’t understand why it wasn’t paid, but they cannot guarantee $4000 because it’s up to the home loan servicing team who have the final say, the manager I spoke to cannot force their hand…so I have to wait another1-2 business days.

    • hasher22 on 01/07/2023 - 02:16

      If you don't get it, AFCA. Doesn't matter about which party needs to give it to you, if they keep making excuses, keep going to the AFCA, it will eventually turn into a level 2 then level 3 complaint and the AFCA fees will be more than the 4k.

  • BargainBenno on 01/07/2023 - 08:28
    -1

    Cashback terms state that the loan refinance must be settled by a certain date, and it seems like, unfortunately it was not.

    • oshe on 04/07/2023 - 00:31
      +2

      it settled before 30 april 2023, ubank now say I am eligible but the service team have the final say, this is after me calling them 3 more times for clarity. I have now filed a complaint with AFCA, because ubank never call or email me back when they say they will, and for me it’s an emotional rollercoaster with the timewasting and the yes no yes game over $4000

      • Muselibar on 04/07/2023 - 13:34
        +1

        Goodluck! What was the outcome?

  • oshe on 07/07/2023 - 16:46

    ubank sticking to their guns, waiting for their ubank's answer re: AFCA complaint (can take 28 days)

  • oshe on 07/07/2023 - 17:53
    +1

    A manager now said they were under the impression I applied after 1st of March 2023, I showed him emails from December and January (something you'd think he has access to) and now he will show them to the Product Service Team, that I am 100% eligible for the $4000. What a f-around.

  • capslock janitor on 07/07/2023 - 18:36

    straight to afca

  • oshe on 08/07/2023 - 13:22
    +3

    I asked AFCA for $4250 - an extra $250 for wasting my time and interest on the money that they could have just paid on 1/5/23 (14 days after settlement)

  • oshe on 28/07/2023 - 11:14
    +3

    got $4100 in the end, worked pretty hard for that extra $100 at least it's tax free haha

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