Union Bank of India UK fixed bond

swordtail

It may be worth removing this bank from the MSE recommended list.  They are extremely difficult to get hold of and do not pay any interest until you've transferred the entire deposit you specified when applying.  Having done that 5 days ago (3 business days) I still have no confirmation the bond has been set-up, no login details, I can't get through on the phone and no response to e-mails.  I expect I'm losing interest day by day while nothing happens.  Let's hope my money hasn't been lost too!  I've used a lot of start-up/challenger banks and never had this experience.

bristolleedsfan

I found them excellent, upon applying was able to stipulate return funds to originating account upon maturity, very quick reply to emails. maturity funds hit my bank account on maturity date.

swordtail

Wish I was having this experience

bristolleedsfan

swordtail said:

Wish I was having this experience

It sounds like your application was not  completed correctly and as such would have gone into an exceptions handling queue.

Minimum deposit £5000

Amount deposited must match the amount you put on the application

T&C's at least used to  state  only one deposit is allowed to fund the bond.

eskbanker

swordtail said:

It may be worth removing this bank from the MSE recommended list.

At the foot of each page:

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

lohr500

I had no issues at all opening a 1 year bond with UBI UK a year ago. At the time they were offering one of the best 1 year fix rates. The bond matures tomorrow.

When I contacted them a few weeks ago with a question they replied by email within 24 hours to advise that they use Faster Payments to transfer matured bond funds to the nominated account.

So it will be interesting to see if the funds hit my nominated account tomorrow!

The email communication from them over the past few weeks has been good as well in terms of options on what to do when the bond matures.

Nritchie1966

Hi I’m having similar issues with UBI, successfully applied and was accepted for their Fixed Bond on Tues 7th Nov, transferred funds over on Wed 8th Nov. Cant get access to the website using the details I registered and got confirmation of in my sign up email. Have NOT had an email 2 working days post funds transfer to confirm money has been lodged into my account AND have been calling them everyday since Friday and no-one answers the phone ie over 30 mins listening to elevator music! Not sure where my money is at all now and cannot speak to a person. Also emailed daily with no response .
Anyone else having problems or actually have a Tel no that has worked this week ?

swordtail

bristolleedsfan said:

swordtail said:

Wish I was having this experience

It sounds like your application was not  completed correctly and as such would have gone into an exceptions handling queue.

Minimum deposit £5000

Amount deposited must match the amount you put on the application

T&C's at least used to  state  only one deposit is allowed to fund the bond.

Unfortunately I have seen two example of contradictions in T&Cs.  In addition to the one deposit condition which wasn't stated in the application or initial e-mail, the confirmation e-mail stated "The interest rate is as applicable at the day when the application was submitted." and further down stated "Rate of interest applicable on Bond would be the interest which will be prevailing at the time of receipt of cleared funds".  

I finally managed to get hold of them and apparently there have been delays due to high demand for the bonds in addition to their branch move messing up the phone lines.  They didn't receive an e-mail I sent 5 days ago. 

Perhaps when their branch move is complete their phone lines will work better and they'll have time to answer e-mails.  As I said, I've never had such problems getting through to or getting responses from other start up banks.

SCHEHERAZADE

I Nritchie1966 said:

Hi I’m having similar issues with UBI, successfully applied and was accepted for their Fixed Bond on Tues 7th Nov, transferred funds over on Wed 8th Nov. Cant get access to the website using the details I registered and got confirmation of in my sign up email. Have NOT had an email 2 working days post funds transfer to confirm money has been lodged into my account AND have been calling them everyday since Friday and no-one answers the phone ie over 30 mins listening to elevator music! Not sure where my money is at all now and cannot speak to a person. Also emailed daily with no response .
Anyone else having problems or actually have a Tel no that has worked this week ?

SCHEHERAZADE

I've had similar issues and am seriously alarmed about where my money has gone and at the total lack of communication from UBI - no response to emails and after 5 hours on the phone I gave up. UBI sent out an email to customers with an apology that phones were down and offered alternate numbers to phone. I eventually got through on one of these numbers and asked why I'd had no acknowledgement of receipt of funds or access details for my account and was told that I would receive this once I had deposited the full amount (85K) into the account. I asked for a written receipt of funds already deposited and received a simple email  - not on bank headed notepaper - to say my funds (20K) had been received. Feeling somewhat reassured I put another 25k in the account. On both occasions my regular bank had asked me to call the fraud dept and check that I had not been co-erced in anyway to deposit the funds & was I comfortable going ahead. Interestingly the fact that I'd made the application via a link on Martin Lewis's website seemed satisfy them that it must be legit.
However when I went to make the third deposit I was once again question by the fraud dept - they were alarmed that I'd been sent a phone number to ring by email - and could not verify the number. Also in disbelief that I had not been given details of my new account, access and was unable to see where my money had landed. They had advised unless I can see evidence that my deposit is safe I should not put any more money into the account. 
Meanwhile I am once again trying to contact the UBI for an official document - ie access to my account - in the fervent hope it's a legitimate enterprise.

Swipe

This outfit doesn't deserve any new money. I'd steer well clear just for peace of mind. Not worth the stress and worry of whether your money's arrived or not.