Australian man loses entire life savings - Ubank

[Administrator]

Western Australian man?s $580k live savings disappears from Ubank account

A West Australian man was horrified to discover a zero bank balance. Now he is freaking out and can?t get answers from his bank.

A Western Australian man is terrified he has lost his life savings ? a whopping $580,000 ? after he received two unexpected emails from his bank that the entire amount had been withdrawn and his account closed.

Yet Bruce, who did not want his surname used, never authorised any transaction and has no idea where his money has gone ? adding he can?t get any answers from the ?space cadets? running the Ubank customer service line.
Western Australian man?s $580k live savings disappears from Ubank account
A West Australian man was horrified to discover a zero bank balance. Now he is freaking out and can?t get answers from his bank.
Ubank has confirmed to news.com.au that the emails are legitimate and are not a scam.

Bruce is worried the stress of the experience could have serious health consequences as he has spent at least 20 hours on the phone to Ubank trying to get an answer.

?I could have a bloody heart attack over this. I?m generally a relaxed sort of guy but I?m freaked out and it?s sure not doing my health any good,? he told news.com.au.

https://www.news.com.au/finance/business/banking/western-australian-mans-580k-live-savings-disappear-from-ubank-account/news-story/d4ba3f60cf0ebbdecdd1f2ed88188afd

 

[Silver Soul]

^^^ And people actually think their money is safe in a bank  :

 

[STKR]

Lost it and In the bank are the same thing to me. I start to freak out when I accumulate too much in my accounts and quickly seek to invest it into something tangible, material and useful.

I'm all for taking measured risks, but I try to mitigate Banking System Risks the best I can.

 

[Administrator]

I diversify by using multiple banks. I nearly always open accounts in 5 different banks.

 

[Silver Soul]

^^^ Diversify with shelter, water and food as money will buy you sweet Fuck all. Crop your land and always grow the medicine plant  ;D

 

[Silver Soul]

We grow it legally by the way.  Lol

 

[Administrator]

^^^ Diversify with shelter, water and food as money will buy you sweet Fuck all. Crop your land and always grow the medicine plant  ;D

I know what you mean. But on the rare occasions I've had to have a lump of cash. I never keep it all in one bank.

 

[Silver Soul]

I'd rather trade in frictional gold with my customers but they don't get the gist of it all. So I trade cash for my service's then buy the gold . I'm a fussy prick