ubank is an online bank that is backed by NAB, one of Australia's big four banks. It launched in 2008 with a competitive term deposit before expanding its product range to include home loans, savings accounts and bank accounts. As an online bank, ubank doesn't have a branch network but it does have a 24-hour, seven day a week 'person to person' phone banking centre for those wanting to speak to a real person. Best of all, cost savings are passed onto customers in the form of competitive rates and lower fees. In 2021, ubank merged with neobank 86 400, taking on its range of banking products.
10 years after my first horrific experience with the uBank Home Loans settlement team I thought things may have changed and stuck with them in 2024. Nothing has changed. They missed settlement three times by not doing what they were tasked with. Meaning I incurred extra legal fees. This despite raising my case to urgent with them more than 5 times over a two month period. Avoid. Avoid. Avoid.
I have been a loyal and active customer of UBANK for quite some time, but I was shocked and deeply disappointed when my account was suddenly closed without any prior warning or clear explanation. I received an unexpected message informing me that my account had been closed based on UBANK's "general terms." In an attempt to clarify the situation, I immediately contacted their customer service. The operator informed me that the account was permanently closed and, when I requested the reason, I was told to refer to their general terms. After searching for the general terms online, I found a vague and nonsensical explanation stating that my account was closed due to "identity information not provided." This was both puzzling and concerning, as I had never been asked to provide any additional identification or verification, and I have consistently complied with all necessary documentation requests. I called back to request further clarification and proof of the alleged request for identification verification, such as the date of any email, SMS, or letter that could demonstrate this requirement. The operator’s response was still vague, reiterating that the closure was in accordance with their general terms—without providing any concrete evidence or justification. This experience has been the most frustrating and unsettling encounter I've had with a financial institution. It raises serious questions about UBANK's practices, customer transparency, and the security of their clients' funds. If the bank can close accounts without notice or clear explanation, it casts doubt on their reliability and the safety of the money entrusted to them. I strongly advise potential customers to think twice before opening an account with UBANK. Your funds may be at risk, and you could find yourself in a situation where you are unable to access your own money without warning or a valid explanation. I intend to escalate this matter further if no satisfactory resolution is provided and will explore legal avenues to hold UBANK accountable for their actions.
The sign up and account opening and closure process is super simple, even for joint accounts. The interest percentage earned on accounts is fantastic. On top of that, feel free for overseas which made it an awesome card to travel with. We moved our daughter onto UBank as soon as they were old enough.
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