uBank Debit Card

[kickazz]

Is anyone else concerned with uBank's new terms and conditions?

Bit of a question for those who know more about debit cards than I.

Ubank have set up a system whereby if you wish to maximise interest gained in your online savings, you also need to open a linked 'ULTRA' account with them. The ultra account comes with a debit card.

As of today, it seems they have changed the rules so that there is NO LIMIT on how much money they can 'sweep' from your online savings account to cover purchases made with the debit card (even if the debit account only has a few bucks in it, they can grab it from your savings). Essentially, it seems a possible back door has been set up that would allow someone to use your card online to access your savings.

Of course you could dispute transactions, but my understanding is that a key difference between a debit and credit card is that with debit you the account holder bear the risk upfront and the subsequent burden to overturn fraudulent transactions.

Anyone else have this account and understnad what I'm on about? Is it as obvious a hole as I think or am I missing something?

 

[BIRDBRAIN]

I've just opened this account. I think your concerns are valid. I've set the SWEEP amount to the lowest possible ($100) and I'm just going to cut up the card when it arrives and use the Usaver as a standalone savings account with $100 sitting idle in the Ultra.

 

[kickazz]

I've just opened this account. I think your concerns are valid. I've set the SWEEP amount to the lowest possible ($100) and I'm just going to cut up the card when it arrives and use the Usaver as a standalone savings account with $100 sitting idle in the Ultra.

That's the thing though, if i am right, then up until yesterday, your method would ensure attempts to spend over 100 being denied. Now, i think your entire amount in linked savings is up for grabs!

Might chop my card too, got plenty of others.

 

[BIRDBRAIN]

Cards showed up yesterday. Chop! Chop!

 

[Mingo]

I never got a card *shrugs*