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Add ability to disable sweep on Ultra account.

It would be good to be able to disable sweep or if not then would be good to make people aware that if they have a low balance they are worst off signing up for the Ultra account assuming they have no use for the debit card.

A minimum of $100 ($500 default) is swept from your uSaver to this transaction account that doesn't pay any interest. So there is an indirect cost of having this account (minimum indirect cost pa of $3.11 ($100*3.11%) or default indirect cost pa of $15.55 ($500*3.11%)).

If you don't intend to use the debit card then the minimum amount in your uSaver account to make this bonus benefit you is:
(sweep amount * (uSaverInterestRate + bonus rate)) / (bonus rate)

At the default (sweep $500, savings rate 3.11%, bonus rate 1.06%) you need over $1966.98 in your uSaver to be better off.
At the minimum (sweep $100, savings rate 3.11%, bonus rate 1.06%) you need over $393.39 in your uSaver to be better off.

The reason I and possibly some others signed up for an Ultra account was for the bonus and not the debit card. I like uBank as a company/brand and this issue doesn't affect me but I do believe that people should be able to have $0 in their Ultra account (ability to cancel sweep) or if not then it would be ethical for uBank to make it clear to customers that with a low balance they will get less interest with the bonus/Ultra product.

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Anonymous shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →
under review  ·  AdminPublic Team (Customer Support Agent, UBank) responded  · 

Thank you for your honesty and kind words for UBank. The Ultra has some great features, and we always look to provide our customers with as much information as we can. Recently we have also started to send an email the night after the first sweep. To educate, as well as provide the knowledge of the minimums that are available for sweeps.

I have passed through your suggestion to provide the option to disable sweeps. Watch the status for further updates.

23 comments

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  • Anonymous commented  ·   ·  Flag as inappropriate

    As well as the option to disable sweeps, I would the extra security of a PHYSICAL token to produce one-time codes, NOT an APP token as many banks are starting to use!

  • Anonymous commented  ·   ·  Flag as inappropriate

    I agree completely! The sweep puts all my saving at risk and for that reason I am considering moving my funds to another bank and I'm sure I am not the only customer with this concern!

  • John commented  ·   ·  Flag as inappropriate

    From usaver-ultra-terms-conditions.pdf :
    If your USaver Ultra would not otherwise have the funds required to complete one of the following transactions:
    ........[purchase, withdraw, BPay, Direct Debit].........
    but the required funds are available in your USaver, Sweep will automatically transfer the necessary amount from your USaver into your USaver Ultra so that the transaction can proceed.

    Is it possible to disable this facility? It is the reason I have been reluctant to sign up to the USaver Ultra. I want to control how much is available via my USave Ultra. If it is not possible, my alternative it to move most of the funds out of my USaver, but that would inconvenient.

  • Marcus commented  ·   ·  Flag as inappropriate

    Please give us the option to turn this off. I can't believe it's an automatic feature and we have no say in it. I was very annoyed when I realised I don't have full control over what happens to my money.

  • Anonymous commented  ·   ·  Flag as inappropriate

    This is precisely why I didnt "upgrade" my account to Ultra. It simply didn't fit into the way I do my banking... Do your user research and take all personas into consideration Ubank!!!

  • simple commented  ·   ·  Flag as inappropriate

    yep sweep i want to disable but cannot, its set in stone.
    Can the banks keep it simple with these accounts and stop wasting peoples time with all this complicated technical noise. Its just a bunch of numbers for crying out loud! Fix your systems!

  • Luciano commented  ·   ·  Flag as inappropriate

    I agree too.
    The minimum or max amount kept on any account should be the only prerogative of the account holder.
    I really do not like been forced to keep a minimum amount on the ultra saver, what to speak of losing interests because of it.

    Taking in consideration another issue, not been unable to operate my accounts from overseas without carrying a mobile phone, I'm wondering if it was at all worth the move from ING... the urge to reverse it is strong indeed.

  • Elaine commented  ·   ·  Flag as inappropriate

    I totally agree with the desire to disable sweeps. I do not intend to use the Ultra account as a transaction account at this time. So far I am not excited by the changes made to the Usaver accounts. I am on a number of panels that review Banking products and I always used to give great feedback for the UBank Usaver accounts and the ability to earn bonus interest on all accounts held at Ubank, but my experiences with the new Ultra Account will not earn the same ratings from me.

  • Melissa commented  ·   ·  Flag as inappropriate

    Oh yes, and not being able to link my Visa debit card to PayPal. Wow, this is actually more problems than I've had with any other bank, and there seems to be no inclination towards fixing any of these issues. I don't think I'll be recommending uBank to anyone.

  • Melissa commented  ·   ·  Flag as inappropriate

    Between the inability to disable sweeps, difficulties using Lastpass with this site/mobile app, and not showing pending transactions, I've started looking for another bank.

  • Anonymous commented  ·   ·  Flag as inappropriate

    Are you all aware that as of 1st March 2015 there is NO LIMIT on the automatic sweep for EDTPOS savings transactions? I'm not happy about it and am surprised nobody else seems to be complaining. I've raised a separate feedback item for it.

  • Anonymous commented  ·   ·  Flag as inappropriate

    You are disinterested in your customer feedback as you have done nothing about it.

  • Anonymous commented  ·   ·  Flag as inappropriate

    I agree that customers should be able to control the sweep (including the option to disable sweeps). Placing a sweep with a minimum of 100 not only reduces the interest that I can make (by moving money out of savings) it also makes it hard to budget the amount of money I am spending in a fortnight.

  • Anonymous commented  ·   ·  Flag as inappropriate

    Completely agree. I feel annoyed that the sweep was sold as a "feature" on the accounts, which I assumed would not impact me negatively. But it does, I lose interest by having my money in a worthless account. And the bank receives $100 interest-free from every customer by force? It makes me feel swindled, no matter if it's 35c or not. Thought the offer was too good to be true ...

    I've told my brother about this and he's now opening a Westbank account instead. It's the perceived sneakiness that really annoys me.

  • Anonymous commented  ·   ·  Flag as inappropriate

    All that the sweep minimum currently does is annoy people.

    Making the minimum amount in a USaver Ultra account $0 would not hurt UBank at all.

    If UBank wanted people to use their transaction accounts they should make it attractive to people like ING does. NOT try and piggyback off their USaver account

  • Souksada CORNET commented  ·   ·  Flag as inappropriate

    about the SWEEP function in Ultra: how to switch it off (and on), instead of changing the dollar limits? Nothing found in the help screen about that ....

  • Andrew Lewis commented  ·   ·  Flag as inappropriate

    To the last anonymous commenter, the Max amount is irrelevant. Only deposit funds into the uSaver account, not the Ultra account. Set the Min amount to $100 and then you won't have more than $100 in the Ultra account. You only miss out on about 34 cents per month.

  • Anonymous commented  ·   ·  Flag as inappropriate

    I was a bit disappointed to find out that you are controlled by the ultra sweep where the max can't go lower than 1000. I don't mind the sweep idea so much, but I think I should be able to control it completely and choose to disable if I wanted.
    I would be xtreemly positive towards ubank if they changed all this!

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