ubank Reviews 160

Don't ever use ubank!

We are trying to do what they call a substitute loan. We have had our home loan with them for 3 years. Basically we are downsizing and keeping our existing mortgage and they just do a title transfer. Pretty simple you would think.
I called them back in February/March to get all the details of what was required before we put our house on the market. All they said was we need to settle both properties on the same day, keep the same or lower LVR, and buy within the same geographical area. That's it. We could do that, easy. So we put our house on the market, sold it with a 12 week settlement to give us time to find something to buy.
We had been looking for months and finally found our dream brand new home.
We have since spent the last 4 weeks trying to get it sorted with them. First they tell us its a policy that we cannot purchase a brand new build home, but they will see if they can do a change of policy request, but... it will take 3 or 4 days. We get approval for that subject to a valuation. So we exchange on a 5 day cooling off period so they can do the valuation but with a short 4 week settlement.
We send them the contract on the Friday night we exchanged and get told approval and valuation will take 3 or 4 days, not sure what they are "approving". On Sunday we get told the valuation came back at purchase price and we are good to proceed bar a discharge form and ID.
Then 3 days into our cooling off period we get an email saying they are waiting for a form, no clarity around the fact they were holding our application for it. We assumed the form was for our sale so it wasn't urgent. I send the discharge form that was requested via email that night and then find out on day 4 that it's incorrect and we should hurry up and send the correct one which they decide to actually attach, so they can send our application off for approval and valuation, wt!
On day 5, our expiry day, the Friday, I complain to the supervisor as we are on a deadline, who tries to justify his team members poor performance until I explain how they should communicate. All I get then is "thanks for your feedback, it will help for other people, but we can't do anything today, sorry. I can't call the team to chase it as they don't have a number" lol, sure. So we had no choice but to ask for an extension to our cooling off period for 4 more days.
On Monday we get an email saying it's all approved subject to valuation, omg seriously they now want to do an on-site one. So for the next 4 days of our extended cooling off period, we have been chasing them every day to find out when the valuation will be booked as our agent has't heard from them. Every day they say the valuer has tried to call, left messages for the agent. 4 days of this. She has had no calls.
At 4pm on our day 4 they call to say its declined as its "not a security they can take on and thats all we can tell you as its confidential". With us both in tears wonder what is going on, we extended again for 3 days and we are seeking finance elsewhere.
The plot thinkens more... hubby then gets a call to say the reason is "saturation of that area for NAB" but we might be able to get it through and we will book a valuation tomorrow for Monday and let you know...... yep that's where we are at and we are meant to be setting in 2 weeks Friday.
Thanks Ubank for ruining our buying experience and making a simple process impossible!
They have already lost one client from our experience as a friend of hubby was about to use them for his home loan until he heard what has happened to us.
Ubank are messing with people's lives and just don't care.

Are UBank determined to get rid of loyal customers? First we have the fiasco of their changing their sytem which now makes it one of the most un-user friendly among their peers.

Now we have this lates changes to what accounts you can move money from to the incomprhensible "tiered' savings rates. Adding insult to industry they are incapable of telling us what those rates will be. And, oh yes. they now want X2.5 more deposited each month.

Bieeeee!

There is no longer any reason to use Ubank. Recent changes have stopped people making direct payments from ‘Save’ accounts. They created a new account type ‘Bills’ but you can’t open a shared ‘Bills’ account so it’s useless for a couple or family managing their family expenses. There are many easy ways for them to solve the problem easily, but they’re not smart enough to work it out. Better off elsewhere.

I have been with Ubank (Part of National Australia Bank) for a few years. To be honest, it is the worst bank I deal with. Their service is awful, selfish, cruel and arrogant. They can lock your account any time even they don't want to tell you the reason. If you want your money safe, you must stay away this terrible bank. Now, I will tell my terrible experience with them. It is nightmare and ruining my life.

In 20th May 2024, I sold $1,390 digital currency to the buyer through Binance Crypto Exchange Platform. After the buyer transferred the money to my ubank account, I immediately release the crypto to the buyer through Binance. However, during that night the buyer called his bank to ask my bank to return all money because he lied he didn't receive the crypto. He was lying. That's untrue. Binance told me he was lying and a scammer. He transfered all my crypto out of Binance and then lied to his bank. Since I reported his fraudulent behaviour, Binance immediately froze that scammer' account.

In 21th May 2024, my bank called me and said they would hold my $1,390 for further investigation but won't lock my account and I still can use remaining funds, meanwhile, they asked me to provide evidence that I had released fund to the buyer.

Unfortunately, ubank broke their promise and locked my account in 22th May 2024 although I provided all evidence. I seriously rely on ubank account because I use it to pay the food, bills, mortgage and even for my new home which will be settled in June.

Since they blocked my account, it makes me in hardship and causes a lot of difficulties in daily life. I tried to call and send emails to them to tell my hard situation and complain their unacceptable behaviours. But they really don't care and always said 'no further updates'. They are so cruel and arrogant.

I must emphasise all the money in ubank is legal and my hard-working savings. They don't have right to locky account and freeze all my legal money. My life is so tough since the account was locked. I asked them to release some fund for my hardship. They said you could ask help from government, charity and other banks you deal with. How ridiculous they are. I can't believe they can say that.

After I called and sent a lot of emails to complain them many time and I still didn't get an answer from them, I felt so helpless and then I complained to AFCA(The Australian Financial Complaints Authority) and told them my hardship. They immediately contacted Ubank and let them reply ASAP. Unfortunately, Ubank even ignored AFCA's request and didn't reply them. How arrogant they are!!!

So far, 10 days has gone and my account is still locked and makes my life harder and harder. If I can choose again, I swear never ever use such horrible bank.

I will continue to seek help from other source, such as media, police and government and tell them how terrible Ubank is if they don't unlock my account.

Remember, if you have account in ubank and you sell your things to other people, your account are likely locked by Ubank like me if your customers are scammers and try to steal your money from ubank.

I've been a loyal uBank customer for years, and their recent decision to eliminate direct debits from savings accounts is deeply disappointing. This change is clearly not in the customers' best interest. Now, we're compelled to keep the majority of our funds in a spending account to manage outgoing bills, and we have to deal with the inconvenience of changing all our existing direct debits to a different account.

It's particularly disheartening because I've always spoken highly of uBank's excellent service and customer-first approach. However, it appears that since NAB bought them, they have now decided to prioritise profit over customer satisfaction.

Now they're no different from any other bank... I used to keep my spending money here to earn interest on it but now I'll just be putting it all in my offset account with another bank.

Also, they used to be tech focused but now falling behind, the only 2FA method they offer is SMS.

Twice in the last 12 months UBank has made changes requiring me to re set up direct debits, one of which involves me going in person and performing an elaborate procedure with another bank. Once they changed their account numbers, meaning all inbound and outbound payments needed to change and now they are removing the ability to have their savings account direct debited, necessitating a shuffle around of money on debit days, effectively removing the automation feature of this account.

They are now just a sub par savings account with warnings of future unspecified changes to even that to come. This is an appalling respect for their customers time and why I will never trust UBanks or any NAB owned subsidiary. The worst part is I haven’t seen any commercial justification for this, it’s just inconvenient for no good reason. If they needed to charge or offer a lower interest rate to keep the feature I would understand, but losing their only competitive advantage seems an act of self sabotage on their part.

Guys seriously stay away from this bank. I opened an account with them and transferred funds onto it. The first day a transaction got stuck, the next day I found that my app was not letting me login anymore and the day after I got an email saying that my account would closed.
Upon calling them no one wanted to let me know why it will be closed and only referred to the general terms and conditions. Since then I have called multiple times without receiving any other information
My funds are still with the bank, I have no access and they say they can keep my funds indefinitely with them.
I have now raised a complain with the Australian financial complaints authority (AFCA) hoping that I will somehow get back my funds.
I feel this bank is a SCAM for what happened!!!

I have been using this app and I have made my earning to get paid in this account, without letting you know they blocked my account and asked me to verify my details, I did send my driver licence to verify after 3 days they send me email saying they couldn't verify my details and decided to close my account, Also so called customer service team said if the money if your account belongs to you then it will be processed to another bank in 30 days, what a crap, that's common sense that if the money is there in my account means that belongs to me. Very disappointing service and not happy at all. They have freeze my money for no reason.

UBank allowed a criminal who had stolen my identity to open bank accounts in my name by only requiring my stolen Medicare number. I only found out because UBank sent me a Visa Debit card to authorise. Their method of checking ID was grossly faulty! They will not admit negligence which made me a victim of fraud. They drag out the dispute with rubbish generic statements. If this is how they open accounts how many more fraudulent accounts are opened causing other innocent people to become victims of Fraud by criminals using stolen ID?

easy to use, one of rare banks that is honest. you deposit $200 in bonus saver & get paid next month. most other banks make you wait 2 months or have duplicit conditions.

Anyone with no photo ID stay AWAY. Do not fall for the easy Medicare card sign up. When I signed up it was 86400. Now I can't access my account until I have a physical copy of my photo ID. They won't stop my payID and money has been getting sent there. It's so frustrating knowing ANYONE over 18 can use ONLY a Medicare card but NOW my Medicare card, pension card, bank card, a photo of my proof of age card, bill in my name, a script and screenshots of my Centrelink account aren't good enough.

Never had a problem with uBank. After reading the negative reviews here, the first thing I noticed was the serious lack of factual descriptions of the exact issues. Sure, one gets pissed off with long wait times on the phone, but then, that's reality these days.

My experience with whingers on here is the same as elsewhere - they only give you their side of the story which usually means at least 50% of the facts are omitted.

As for those people being scammed, the first and golden rule is always call the bank about any suss issues on their main number, not some private mobile number, and check your facts. I've never been scammed yet

I like uBank.

Do NOT bank with this organisation under any circumstances. My mother was in palliative care in a private hospital, she had a substantial sum sitting in this account for her funeral wake etc. my son was financial power of attorney sent them the documents after he attempted to transfer as we knew she was fading. On the day she died, he called them they insisted she spoke to I deny herself and give him permission to speak on her behalf. She was in agony and breathless continually she was forced to talk even after identification. This disgusting saga went on for days prior to her death. This bank are financial predators that have outrageous policies in place to benefit the bank NOT the customer. The distress they have caused us is disgusting and the distress they caused my mother prior to death is unforgivable. All legal documents were provided to them prior, they have no excuse. Please do not invest nor bank with UVank.

I would give 0 stars and get as far away as possible from this bank as possible. I have just been defrauded of $17K by someone pretending to be from the ubank fraud team. Ubank’s team claims they would never call me and would only email me but at the same time their text message generated by a 0499 number about a REAL fraudulent activity says “we will call you shortly to discuss this fraudulent activity”. It is hard to tell what and who is really from ubank as the fraudulent phone call I received was from a no caller ID.

Currently, Ubank says “there is no guarantee we can recover this money” and when I said this is a criminal activity, the ubank representative SIGHED and said that “if I am unsatisfied with the outcome of their investigation then there are other options they will put forth in their report”. They did not offer the time frame automatically, and instead I had to ask, to which I am told “up to 120 days”. So, you are saying I should think about making a police report after up to 120 days of you not recovering my money?
I have filed a cybercrime police report immediately on the day, regardless of what the ubank representative “recommends”.

I have done a search and news articles dating back from a year ago in Jan 2023 describe victims of Ubank fraud losing tens of thousands of life savings and paychecks. It is unbelievable that Ubank and NAB is allowing this to happen for OVER A YEAR while taking everyday folk’s hard earned money, and is pretty much saying we will try our best but we can’t get your money back — which also gives them no incentive to try their best if we are paying for their lack of security and action on cracking down on this.

I want to call for the leadership team at Ubank and NAB to be removed and replaced by people who are capable of stopping these frauds that have been ongoing for years and actually CARE about their customers, and compensating their customers rightfully. Not only that, there should be a senate/parliamentary hearing on their mismanagement.

I was scammed on an online purchase which I paid via a direct deposit. Since I and the scammer both had ubank accounts I thought it would be straight forward to report the scammer and get my funds returned. After giving all the details and waiting more than a week Ubank advised me the scammer has not agreed to return the funds. Seriously!

I recently tried out Ubank and have to say my experience was rather disappointing. A problem cropped up within a month, admittedly it was my mistake, but it was due to me being a new customer and not being familiar with their rules. Ubank had $10,000 of my money for a whole month, they used it to make more money, but did not give me my cut (i.e. interest). I talked to them about the problem, what was disappointing was the lack of effort to strive for a happy customer. They weren't interested in a compromise or a good will gesture. I ended up closing my account and moving to another bank. They pretty much preferred to kill the goose rather than get golden eggs over the long run. For most people they will probably be OK, just as long as you don't make any mistakes, and don't expect too much consideration for unexpected circumstances.

They've locked my 80 year old mum's account with no explanation why. She's unable to transfer her 200 dollars per month to get her bonus interest. When we called they apologised but have now blocked her from moving money in and out. She was told she would get a response in 4 hours from an internal team. Three days later, no communication and account completely blocked. All transfers where from her cba account and have obviously nothing to do with fraud. Extremely stressful. Very DISHONEST and DECEPTIVE bank and staff. She's now missed her bonus interest for 3 months. A complete waste of time for her and still unresolved. VERY VERY STRESSFUL. I see the other negative comments here and I know exactly what they've gone through.

I can’t believe this bank 12 WEEKS they have locked it forMy account has been locked coming onto 12 weeks now and the amount of times I’ve been told it’s been escalated. They unlocked it 8 weeks ago for an hour to lock it again and say this ‘internal team’ is reviewing it crap. Never use this bank. I’ve sent all my id through I’ve done everything asked they send a message on Thursday saying it was unlocked just for it to be locked like it was never unlocked. Like some sick joke I’ve asked for hardship payment and emergency funds no response emails ignored they have caused me to become homeless and I’ve told them about my mental health the issues they are causing and yet they don’t care if I am depressed etc… they have made me had terrible thought I’ve struggled long enough and they still won’t GIVE ME MY MONEY!!!!

Ubank claim Free charge ATM withdraw, But I withdraw some cash in Bendigo bank branch ATM, they charged me $2.5, I called Ubank, they said only big4 are free charge, this doesn't match what Ubank said on their website.

Note: Review is subject to change once i get help!

I have been overseas for a while now and other than my UBank i dont have any access to my funds, they locked my account for what they call "Regulation Check" and i have submitted my documents and now waiting for their reply, luckily my cousin accepted me at his place until my bank account gets unlocked.

UBank please reinstate my account asap because i dont have any access to my money currently.

Reference #071001538