We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

 

[Suzanne rose]

This is scary, Disgusting and something no one should encounter .

The bank stated an unauthorised transaction with an ammount like this it should bever have been aloud to be withdrawn ?
Wouldn't he have had it in a term deposit and only left a smaller ammount in his every day account ?
Maybe everyone needs to put a limit on their accounts.

The bank now owes him more than an apology

He needs to take this to the financial ombudsman

 

[Lulabelle]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

 

[Ricci]

I am partially with Ubank as they have fantastic returns on savings. I just checked my balance yesterday and it's all good but I will be keeping an even closer eye on it going forward.

 

[Lulabelle]

Wow unbelievable. I feel for this man and family. Nobody should have to go through this. Highly stressful!
Ubank needs to step up and return this man's money immediately.
Why did they not contact him saying that money was being withdrawn?
Obviously a large withdrawal of the whole account would raise red flags, you would think.
ANZ emailed me saying a $72.00 withdrawal looked suspicious, did I authorise it?
Mo I didn't so they shut my debit card down and sent a new card out.
If I was a Ubank customer I would shut my account down and go to another bank.
Hope this man gets his funds back immediately.
Disgusting Ubank!!!

 

[Magieme]

If it has been taken in an Unauthorized Transaction Then get in touch with Banking Ombudsman Immediately. How can that much money just disappear. They may have hacked your account and many others.
Do not leave it another day. Also report it to the Police and see a Legal Person. I assume like NSW that you can get a Free one.

 

[Marilyn]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

Absolutely disgusting The poor man Really feel him Hope he gets it back with interest and apologies

 

[michaelcowan2]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

The moral of the story is to remain with the 4 long established bricks and mortar banks, with High Street branches you can physically visit, that trust these banks in the Sky, such as Ubank with no face-to-face accountability, and getting satisfaction/resolution is an impossibility - mc

 

[Ricci]

The moral of the story is to remain with the 4 long established bricks and mortar banks, with High Street branches you can physically visit, that trust these banks in the Sky, such as Ubank with no face-to-face accountability, and getting satisfaction/resolution is an impossibility - mc

Are you telling me this sort of thing doesn't happen with the Big 4? I had untold troubles with Westpac which is why I changed to UBank.

 

[Macarj]

How a bank can make that sort of debit without contacting the person is beyond me it's just another amateur bank

 

[michaelcowan2]

Are you telling me this sort of thing doesn't happen with the Big 4? I had untold troubles with Westpac which is why I changed to UBank.

Yes, at end of day, they have their faults also! I wonder if our money wouldn't be safer hidden in our mattresses, or hole in our back garden?

 

[Gazman]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

This is the new "better?" world? In those bad old days we grew up in this type of thing rarely ever happened. I think a lawyer is called for here.

 

[Glen44]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

When you get your money back change to a bigger bank , HATE these smaller banks tonharf to deal with

 

[mcneillkerry]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

When Bruce gets his funds back he should close the Account and keep money in a few different accounts.Sorry this happened to you.Horrible.

 

[Staffordshire Whippet]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

Yeah...Naaaah.
If a bank doesn't have branches I can walk into, staff I can shirtfront or arses I can kick, I'm not dealing with them. I refuse to have anything to do with online banking, with ANY Bank.

 

[Iggydi]

I had something similar happen many years ago but not with that amount of money. My husband and I were with Bank of Queensland and so was my husbands daughter. She knew the people in BOQ and one day she decided to close her accounts of which there were 2. They got her to fill out 3 forms to close her accounts. She (being young) didn't think much of it as she thought it was just a formality. They closed our account where our pays went into and our bills come out of. It was lucky she came home and mentioned she filled out 3 forms to shut her 2 accounts down. We went straight to the bank and got it sorted. The person that shut the accounts just looked at the surname. It was a bonus that it was only a short time between closing her accounts and when we got there. This was way back before internet transfers (luckily) I don't think we would have been so lucky if it happened now

 

[Shane O'Neill]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

Champ when you get your money back go to another bank that's bullshit

 

[888D.C888]

We here at the Seniors Discount Club know that many of our members have worked hard all their lives to save up enough money to comfortably enjoy their retirement.

So, you can only imagine how scary it must be for those who have diligently saved for years only to have their life savings mysteriously disappear with no explanation – as was the case for one Ubank customer in Western Australia.

The man, who wished to remain anonymous, received two emails from his bank informing him that $580,000 had been withdrawn from his account without authorisation and his account was now closed.

Understandably worried and confused, the 73-year-old retired engineer spent 15-20 hours on the phone with Ubank customer service (whom he described as 'space cadets') last week in an attempt to get some answers.

Worse still, because he is a self-funded retiree, this money was meant to be his safety net in case of unexpected medical emergencies or other unforeseen expenses – none of which he can now access. All because of what appears to be a huge mistake on Ubank's part.

View attachment 10060

A retired man's Ubank account was mysteriously emptied, taking with it his entire life's worth of savings. Credit: Pexels/Nicola Barts.

The nightmare began when Bruce (not his real name) received an email on November 24 from Ubank stating: 'Just want to let you know that we've processed a debit on your account for $578,759.53.'

Just a few seconds later, a follow-up email revealed that Bruce's account was now closed. After logging into his online banking account and discovering that his balance was sitting at zero despite never authorising any transaction, Bruce immediately called Ubank.

He was told by customer service that they would fix the issue overnight so he could access his funds again in the morning. But 11 days later, nothing has changed; Bruce still doesn't have any answers and is unable to access any of his own money.

'I could have a bloody heart attack over this. I'm generally a relaxed sort of guy, but I'm freaked out, and it's sure not doing my health any good,' Bruce told reporters.

'Those are my life savings. I'm a self-funded retiree and if I had to go into hospital or have an operation, it could well have been my living fund, and I'm totally screwed as I have no access to it, wherever it is.'

The entire situation, he continued, has been 'freaking him out,' and he still finds it difficult to accept the reality of what happened.

View attachment 10061

Ubank couldn't explain where the victim's money went. Credit: Ubank.

Ubank has confirmed that the emails Bruce received were legitimate and not a scam, yet they have not been able to tell him where his money is or when he will get it back.

The bank says they are 'working with customers who have been impacted', yet they are unable to provide any further details due to confidentiality requirements. They also haven't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for Bruce and his family.

'I can't eat, I can't sleep, my wife is freaking out, and the kids are on my back. You work for 40 years and think you have enough money to live with and do what you want to do, and then, suddenly, a big portion of it is gone,' said the father of two.

'I'm at my wit's end, and no one should be treated how I have been treated. It's unbelievable.'

Ubank, which started in 2008 and now operates under NAB's licence, has recently been merged with another bank, which has caused a lot of problems for customers who have been forced to get new BSB, account numbers and debit cards as part of the transition.

In Bruce's case, this recent change may have something to do with his savings mysteriously disappearing, but no one seems to know for sure.

Hundreds of other customers have vented their frustration over the upgrades, which have made it difficult to access their money, yet no one has reported anything as severe as Bruce's experience.

Key Takeaways

• One Ubank customer from Western Australia had his life savings vanish without a trace, and the bank was unable to provide an explanation.
• As a self-funded retiree, these funds were supposed to serve as a safety net in the event of medical emergencies or other unforeseen needs. Now, he is unable to access them.
• Ubank hasn't offered any sort of apology or explanation for the mix-up, which has caused a great deal of stress and anxiety for the victim and his family.

If you are a Ubank customer and have been affected by the recent changes, we recommend you get in touch with their customer service department as soon as possible to sort out the issue.

For everyone else, this story is a stark reminder of how important it is to keep a close eye on your bank statements and report any suspicious activity immediately.

We also recommend not keeping all your eggs in one basket and spreading your savings around, in case something like this ever happens to you.

We here at the SDC hope he gets his money back as soon as possible. This is a horrifying story and a terrible thing to happen to anyone, let alone someone in their retirement years.

We will update this story as more information becomes available.

What are your thoughts on this story, folks?

Disgusting that the Ubank have no idea what is going on! That poor man dealing with all that unneccessary stress particularly at this of year, could pursue them legally, and I believe he ought to.
I bank with The Commonwealth Bank of Australia, and they constantly montor for any and all types of unusual activity and they would have contacted me if this had of happened! Quite a few years ago now I had an overseas withdrawal of $10,000 from my Mastercard. My bank knew that I was not overseas, because I always notified them if I did go overseas and they cancelled my credit card straight away. I had tried to use my credit card to purchase groceries on the way home from work but it would not work. The bank had left me voice & text messages on my moble phone, a message on my landline phone answering machine and via email.

 

[LynneM]

An unauthorised account transfer and it cleaned his bank account of all money is so so wrong. Surely the bank should have contacted Bruce before doing it. They were on the ball to send two emails to him to tell him he has no money left,.........NICE!!!!!! When it gets sorted Bruce, and they have to refund all your money as it was their mistake, say NO!!, dont put it back in my account as im closing my account with UBank. Even though the big 4 banks make mistakes too, I do not think they would have allowed such a large amount to transfer without looking into it first. I trust them more than online banks, because I can walk in to a branch and see people. Who works for Ubank anyway? Bruce hope you get all your money back so very soon. If this happened to me I would be so, so angry, but who could I abuse???? Good luck!!

 

[Jumping Jack Flash]

Unbelievable! ..... the bank should have questioned this transaction authorised or unauthorised, with the customer prior to ripping out his life savings. Ubank is clearly at fault here and should reinstate those funds immediately! Next step otherwise would be contacting the Banking Ombudsman .......