Review Time
The TM bank has the worst phone system of any Australian business. A call to them starts with a warning about rude or abusive behaviour. It's as though they have come to expect it. You are directed to a series of automated questions try to steer your query in the right direction. The limited options often will not meet your needs. They have found the most annoying music while you are on hold in the hope that you will simply hang up. After investing an hour on hold, you are compelled to stay on line. Beware though, the phone may hang up if it's too close to closing time. They are the absolute worst. Other institutions have more respect for their customers.
Been a member of TMB for 30 years , the last six months I have had my work wages delayed until the next working day and it's happened more then once. Now the website is down and the App is not working, this is the last straw I am moving elsewhere. It seems the Bank has been slipping slowly over time.
I joined because they are one of the more ethical banks - which I appreciate - and I guess the fact that it's a pretty bare bones service is kind of the price you pay for that. It does seem though that a few relatively low cost improvements could be implemented to make things easier for customers. One of the weirder things is that your account number is this odd internally generated customer number that is only recognised by their system, so if you want to set up transfers to your account you have know to go into your account settings to look up the "account reference" to get a number that other systems will recognise. It just made things unnecessarily complicated when I was trying to change my bank details with my employer - i literally had to ring them to ask how to find the correct number. The customer service is pretty poor, unfortunately. Calling them works out OK once you accept that you will have to sit and listen to the 450 different menu options before you get anywhere. But I found it strangely hard to get clear information about how their different types of accounts work even after a couple of phone calls, which means I keep needing to shuffle money around to pay bills - which is time-consuming, and mucks up my budgeting. Other banks have similar limitations on how you can use accounts, but they usually provide some advice around this. You also seem to be only able to have 2 everyday accounts with cards? Not sure if this is correct - the advice was very confusing.They have an in-app messaging service, which is a great idea, but the responses are mostly unhelpful, which is frustrating after you've already wasted time looking for information on their website or in app, and it's something really obvious.
This Bank is appalling in almost every way. Their app never seems to work and I have to reset my access code every time I try to use it.When I try to reset it, it always says "something went wrong". Trying to talk to someone about this or any other issue is impossible. No one ever answers the phone.Go anywhere else for your banking needs if you value your mental health
I have had an excellent experience with Teachers Mutual Bank, in particular with Vincent Chau who is a home loans specialist. I had the potentially stressful and daunting task of finding the right home loan for me, and purchasing a new property. Vincent helped and guided me step by step, and I am very grateful with the outcome. I believe the experience of having worked with Vincent was the best experience I could have had.
Twice in 2 weeks the "new" updated app has crashed and the website has been non functional. Unable to log into my account. I spent days trying the get assistance from the 'COSTUMER WE DONT CARE TEAM'. TO BE TOLD we are unable to verify you online. When asked why, the response " it is not our policy to tell you why". Went to the Melbourne branch - 3 hour drive mind you - all was sorted out. NOW 2 weeks later SAME THING AGAIN only this time no one answers to the phone or calls back. I have not been able to access my accounts online or on the app now for almost 72 hours. Monday morning I am back to the Melbourne branch to lose my account then to open a new account at HSBC - TMB you are a joke SEE YA.
Unfortunately today I had a bad and costly experience with TM Bank. I first joined TM Bank in 2000 when they were a smaller credit union. Over the years as they have grown their quality of service has diminished. Today I attempted to make a payment to the globally recognised exchange, Bittrex. TM Bank blocked the transaction then called me to "check it was a legitimate transaction". After I confirmed it was legitimste I was advised by TM Bank to re-do the transaction and "it will go through". And so my troubles began with this, the first of their lies.The transaction did not "go through". I called back to instruct TM Bank to allow my money to be transferred to where I wanted it to go only to be told that the recipient was not accepting it. They tried to convince me that the exchange was not accepting money...Huh? The most silly thing I've heard all day.So, I attempted the same transaction but this time from my Greater Bank account (to which I telegraphically transferred monies across from my TM Bank account. TM Bank even expected an explanation from me as to what this transfer was for). Same amount paid to the same exchange via the same payment method but - key factor - NOT from TM Bank. Lo and behold payment was accepted by the exchange. TM Bank = fail. Greater Bank = success. Despite TM Bank's attept to slander Bittrex, Bittrex is not the problem but TM Bank sure as hell is.Update: 5 hours later, TM Bank still have my payment held as "pending", I cannot access my money and TM Bank continue to lie that they don't have my money while conversely also claiming Bittrex hasn't accepted it either. Someone has it - and it isn't Bittrex or myself.... Meanwhile, I offer to send TM Bank the transaction history from the recipient (Bittrex) showing that Bittrex has attempted to charge the transaction - twice - but was blocked on both occassions. Yes, even after TM Bank claimed they wouldn't block the second attempt. TM Bank say they "don't need" the evidence I have to prove the actual truth of the situation. TM Bank continue to pretend that Bittrex have not tried to charge them for the monies and refuse to release my monies to either the recipient or me! IJust when you think it can't get any worse...TM Bank then ask me to provide them with a letter on letterhead from Bittrex to grant TM Bank authority to release the monies to me. Um, what? TTryingg ot to sound patronising, I explain that Bittrex can't grant authority to TM Bank to release monies to me that Bittrex don't have because, despite trying to obtain my monies from TM Bank twice TM Bank have declined their requests. Update: Now, 14 hours later, I don't have my money, Bittrex don't have my money and TM Bank tell me they might give it back to me in 5 days or so. Not sure how they can give back what they claim to not have but will have after 5 or so days. So far I have lost just over $3000 in missing the price increase on Bittrex and stand to lose thousands more as TM Bank continue to hold my monies. In 5 days time when my monies miraculously appear back in my practically useless TM Bank account they, and the remainder of my deposits, will be transferred across to my other, fully functioning bank, and I will close down my TM bank account of the past 21 years. 4 days to go...
I have been a member of Teacher’s Mutual Bank for more than 20 years- I joined long ago when they were a small, helpful Credit Union. I am disgusted by their behaviour and ever increasing poor level of service. In addition to my existing personal account I decided to open a separate business account 11 years ago for all of the banking needs of my new small business. During the past 11 years I estimate I have sent more than a million dollars to overseas parts suppliers and from all of this money which the bank has sent in overseas telegraphic transfer payments, they would have made a considerable amount of money out of me in the foreign rate conversion rate fees and charges. TM Bank has benefited greatly in all of the money I have had in my business account yet the one and only time earlier this year that I approached the bank for a short term loan they gave me every excuse under the sun not to give me this loan. The purpose of this loan was to purchase goods from overseas suppliers which my business uses in the manufacture of end user products used by the government. The NSW Government sent me an official purchase order which I gave a copy to the bank as proof and showing the terms of payment. The terms of payment were the usual government terms ie, payment after 30 days of an invoice issued after all goods orders had been supplied. So I only required a short term loan for a maximum of 3 months of 20% of the invoice total I would be paid by the government to cover the upfront purchase costs of the parts and importation and shipping costs- all of which must be paid in advance. I really didn’t expect I would be knocked back for such a small loan especially considering I was to be paid by the NSW Government (NSW Transport) and not some small unknown company. If the NSW Government is not in the strongest financial position to be able to pay for the goods they have requested on an official purchase order then I don’t know who is! TM Bank lied when they gave me the excuse that they are not “set up to provide loans for business purposes”. So I asked then for a personal loan so I could buy the goods I needed for my work. They refused this also saying they could not approve a loan for a business purpose. Yet so why have they been happy to give me a separate business account for the past 11 years (in addition to my personal account) for all of my business banking needs? They are very happy to take your money and use it to their advantage but when it comes to a rare one off occasion helping a customer they don’t want to know you. So their motto “we put you first” is the biggest lie of all. They only put themselves first. This motto used by the bank is false advertising and disgraceful.So I had no choice but to look at other financial institutions and banks to finance my short term 3 month loan. I heard a lot of good reports in the media about satisfied customers of Bendigo Bank so I called them to enquire. It was so pleasant to have a real human being answer the phone in under 30 seconds and to not have to reply to an automated phone message after wasting my precious time battling the menu of different button options on the phone as is the case with TM Bank. I visited my local Bendigo Bank branch and had a meeting with the bank manager. He could not have been more helpful and did all he could to offer me a business loan but also worked out the cheapest option with the lowest fees and charges. I thought that the business overdraft option would suit me and after looking at my situation he decided that in this case a personal loan would be best because I would not have to pay the $800 establishment charge for the business overdraft. So this was a bank who doesn’t know me from a bar of soap yet they approved a personal loan for my business needs while TM Bank whom I have been a business banking customer for more than 11 years didn’t want to help me in this, the only time in more than a decade I needed help due to receiving a much larger than expected government order which I could not finance myself. The overall level of customer service provided by TM Bank has also deteriorated over time as the bank grows bigger. I can remember several years ago and in the days when it was a small friendly credit union a real person would almost instantly answer the phone to answer any customer enquiries. Since becoming Teachers Mutual Bank it is virtually impossible to speak to someone without having to be put on hold- of course this is after wasting time navigating the keypad options. So many times even in the past 12 months I have called the bank only to receive the standard recorded message that all lines are busy and someone will get back to me in what is usually 6 minutes while I am on hold. Several times after waiting on the line for 15 – 20 minutes or longer for a real person to answer the phone and still a recorded message, I have given up and hung up. I have a business to run and work to do and don’t have time to waste when someone tells me my wait is 6 minutes, yet they are still not on the line after quarter of an hour or more. That is unacceptable service in my book. The staff turn-over and transfers are another problem. For several years I could talk to the same staff and they knew my situation well and so could fix any problems quickly. With the changes and growth since becoming a bank, now when I speak to someone on the phone they don’t know me and I never know where the call will be answered whether in Homebush or Rooty Hill branches (as my enquiries were always used to be taken care of in these branches) or to my surprise my issue is dealt with from branches located in Newcastle, Perth or Brisbane. These people in these branches that I haven’t had any dealings with know nothing about me so I have to repeat my entire situation over and over again with new people when the same staff from Homebush Branch who knew me well for many years and provided exceptional service have either left the bank or been transferred to other branches or departments. So while the bank was at one time extremely good (back in the days when they were the smaller friendly Teacher’s Credit Union), for all of the reasons I have outlined above is why this week I walked into Homebush Branch, withdrew all of the money in my business account, closed my business account and took my $160,000 dollars to another bank who provides the service I expect (like Teacher’s Credit Union used to). Teacher’s Mutual Bank is now not much better than the “four big mongrel banks” so if you are thinking of opening an account with TM Bank I hope you will think twice.Suggested new bank motto which is the truth- “We put you last”One last word for anyone contemplating joining TM Bank.....DON"T WASTE YOUR TIME.
Claim your business profile now and gain access to all features and respond to customer reviews.
One of Australia's largest Mutual Banks, supporting teachers and their families with savings accounts, loans, insurance, term deposits, credit cards and more.
mertz-international.biz
gohenry.com
paywake.net
premierdebtservice.com
ikano.co.uk
genesisfxmarkets.com
www.bullfaucet.com
monetarygold.com
bendigobank.com.au
alltrust.co.uk
