Judo Bank

Complaints

I have lodged a request for financial hardship to get my term deposit proceeds as unfortunately my job ended in mid March. I have used up my previous savings. I do not have enough money to pay my rent beyond this week nor to cover costs needed to sell property due this week, nor to pay mortgages. As I did not receive a separation certificate, in lieu of this I have provided proof from a government website ASIC, as I was a financial planner and dates of ny employment are public record. I have also provided proof of costs and banl balances show I can't cover these. My other optipn os to take title loan if my hardship request is not approved in next few days. Cost ofcthis is $1,450 to borrow $10,000 for 3 mths which annualises to almost 50%. Judo has delayed my initial enquiry which was almost 2 weeks ago. Preet at Judo Bank has failed to ask reasonably to ny geunine financial hardship rewuest. This is already an extremwly stressful timecforcme and Judo Bank's poor handling of this matter have only made it much more stressful. I also asked for matter to be esculated to a formal complaint bit Preet did not action this request which I believe is also a legal breech. Please urgently resolve this matter otherwise even though ot is not my preference I will be forced to take out a titel loan at preditory rates and esculate thos matter with Judo Bank to AFCA.

I have a term deposit with the Bank since July 2023 and wish to change my email address but it has been not possible. The staff member advised on the phone last Monday saying it would take few days for the I.T. team to do it for me and now more than a week, I have received no information about the movement of the process causing anxiety and worrying as this is the first time dealing with your bank while having no trouble to update an email address with other banks

I contacted your customer service team by email recently and, after a few exchanges, still did not get the information I was requesting. The customer service representative didn’t seem to understand what I was asking. So I asked her to escalate my enquiry to someone more superior and received no reply. I then phoned Judo and spoke with someone who also didn’t know the answer to my enquiry, but said she would phone me back that afternoon with an answer. That was on 28th March and to date I’ve heard nothing. Based on this experience I’m unlikely to bank with Judo again. I would like a reply to my initial enquiry and an explanation as to why it wasn’t addressed in the first place.

I have recently had term dep with Judo which matured 17th March 02 March i emailed judo asking if my Bkaysuperfund Term dep was rolled over to a 12 month term, would i get the rate plus the loyalty .1%? 4th March email back from Judo. "Good Morning Brian, If you choose to roll over your Term Dep. you will receive the advertised rate plus your loyalty bonus of 0.1%. SEE ATTACHED Judo is now refusing to give me this loyalty bonus saying it is for personal. My super IS personal I am only member I am only Director. My personal money. My EMAIL identifies me as Bkaysuperfund Pty Ltd

JUDO COMPLAINT – JUNE 2024<br />Time Line:-<br />• Enquiry Phone Call 30/05/24 14:48 38mins 33secs<br />• Set up 2 new TD’s 31/05/24<br />• Existing Term Deposit Maturity 01/06/24<br />• Provide new TD Set up Instructions 01/06/24 16:00 <br />• Follow Up Phone Call 05/06/24 14:43 13mins 43secs <br />• TD Cancellation Emails 10/06/24 21:51<br />• Letter of Complaint 11/06/24 <br /><br />Hello, I cannot express how disappointed and frustrated my wife and I are at the continued incompetence and failures encountered dealing with Judo Bank. Unfortunately, this is not the first time that we find ourselves in this situation, and it leaves us to believe that your systems and processes are falling far short of being satisfactory and fit for purpose.<br />The issue of events is as follows…<br />During May 2024 we received an expected automated email from Judo Bank confirming to us that our current Term Deposit was due to mature on 1st June 2024. <br />On 30th May my wife and I called Judo bank with a list of questions as to options available going forward, as we wanted to set up, increase our funding and create multiple Term Deposits over different time periods. After a rather lengthy and very helpful discussion with the customer services operator (please listen to recorded transcript for evidence) we were told that the best way to action any changes would be to use the internal Messaging System within our account. <br />I initially expressed concern at this course of action as previously I had encountered issues with a failure to carry out the written instruction via the internal messaging system that in the end, I needed to call up Judo Bank to follow this through to completion as I was told that the message had been missed.<br />Having received assurance that any earlier issues with the messaging system had now been fixed I said that I would discuss our final options with my wife and then leave a message with clear instructions of our new intentions for the new term. I was told that there would be 10 days to sort this out so I confirmed I would get on to this straight away.<br />So, on Friday 31st May I set up 2 additional Term Deposits in readiness of our upcoming intentions and these were instantly approved as our details were already held by Judo Bank. <br />On Saturday 1St June I sent an internal message giving clear instructions of our intentions as to how we would like the three term deposits to be set up commencing from 1st June 2024 (2 new TD’s plus 1 adjusted rolled over matured TD). <br />Having not received any messages by Wednesday 5th June I reluctantly decided to call Judo Bank to ask why the messages were not being dealt with. I reiterated my concern that these had been missed (again please listen to any recorded transcript) and I was told that they would get someone to look at them straight away. I don’t know why they had been missed or not seen first thing on Monday Morning as no explanation was offered. Anyway, within the next hour, I receive 2 emails from an Ashlea Aitofi stating that Judo would have to refund me some of the money from my matured Term Deposit as they could not do internal transfers for me to fund the two new TD’s, and then another email stating that they had set up some changes to the maturity instructions so that the 3 term deposits were effectively set up and ready to go. <br />I replied straight away requesting that the Judo operators refund the difference of the matured TD so that I could send the money back to fund the 2 new TDs as soon as possible. I would have preferred an internal transfer as this would have been much quicker and more efficient but apparently it could not be done this way which I thought was just ludicrous. <br />Given that my response was immediate, and it was now 5th June I reasonably assumed that the Judo team would sense the urgency of the matter and that these instructions would have been carried out straight away. <br />I checked in again on 6th June to see if the funds had been transferred but they had not, and I was away for the public holiday weekend between 7th June and 10th June, only to find today (11th June) that I have received 2 automated emails from Judo Bank stating that my 2 newly set up Term Deposits have been closed due to inaction. I can also clearly see that no refund or further action has been carried out since my additional contact on 5th June. <br />I have no idea what has gone wrong and what more I could have done in this situation. I have followed all the instructions to ensure that I should now have 3 term deposits up and running dated from 1st June 2024. It is quite clear that the internal messaging system is being ignored and instructions are going unchecked.<br /><br />To resolve this matter, we would like…<br />1. The Two Cancelled Term Deposits reinstated and set up as per my written instruction on 1st June 2024<br />2. The balance of funds from my matured TD refunded to me - other than $150k as per the instruction on 5th June 2024<br />3. I will then fund the 2 x TDs with Judo within 3 days of my refund hitting my bank account<br />4. All Term Deposits to have the same maturity DAY as 1st June as intended<br />5. No loss of interest from this incompetence of failure by Judo Bank to enact any due diligence in ensuring that my instructions were dealt with in a timely manner. <br /><br />I hope that you will take time to review my account, listen to any transcripts of my phone conversations, and read the messages to understand the level of incompetence in this instance. <br />If I can help someone internally to make the required changes so that customers like my wife and I feel more respected and valued, then maybe the 2 unnecessary additional hours I have spent writing this today will be worth it.<br />I look forward to your reply and a satisfactory resolution to my issue.<br /><br />Kind Regards<br />David Harvey