Arab Bank

No customer focus. Hidden account fees. Online account application becomes the start of a survey! Where do I start with this unprofessional mob? … Read more

FIRSTLY I wanted to open a ABAL Personal Online savings account. ABAL had a rate of 4.55% advertised on their web site with no minimum deposit or growth conditions whilst most other banks had both conditions and lower rates. When I queried the rate asking from when it was effective they couldn’t give me an answer other than "It is a promotional rate". Now every promotion has a start and end date. But when I asked, they couldn’t give me that information either saying "it can change at any time". And it seems it wasn’t tied to the RBA rate either so that doesn’t provide a clue.

SECONDLY Well I decided to apply online because there are no conditions so I can withdraw my money at any time. The "online" application process went smoothly and the web site asks some questions such as such as "Amount to be deposited" (Why would they ask that?) and "Where did I find out about ABAL" with a drop down box of answers. The application would not progress until I provided answers to these questions. I completed all the required answers and ticked the "Submit" button. Now normally there would be some background processing and finally a reply would come back with the word "successful" and furthermore providing your account number and log in details so you could proceed. But not with ABAL bank. It’s simply said "Application Submitted". Now remember that this is an application to open a simple savings account. Not to apply for a home loan. The next day I get a call from one of their representatives whilst I was in hospital. I took the call and the rep started asking me some unrelated questions such as "how did I find out about ABAL" I said "The internet as I had already replied in the online application". They then wanted to know exactly where on the internet. Now most of us don’t recall and being treated in hospital at the time, neither did I. I explained to the rep that I was in hospital and can we skip these questions and just get to the application. She said NO! I must answer all the questions. I again said I’m in hospital and that I don’t recall. She said that they cannot proceed with the application if I don’t answer the question and rudely said "So you don’t want to open the account". I said yes I do. I said I would make a complaint about them and eventually ended the call. That night I found an email advising my customer ID so that I could set up internet banking. So I started the process and couldn’t log in. So that went nowhere as well. So I sent an email to a decent rep that had previously contacted me, asking them to open the account. The next morning that rep called, apologised for the other rep's rude behaviour, then said they were obliged to ask all these questions. Then he said she had closed my account and application. So I had to start all over again. But get this. This rep then asked me to come into the Parramatta branch, just to open the savings account. That’s an hour away for me. They can’t be serious! Now I ask anyone reading this review. "Would you?".

THIRDLY The online information for this ABAL Personal Online savings account makes absolutely no mention about all the fees that apply for this account (and quite hefty ones). In fact it goes as far as stating on their web page "No monthly fees" as one of the features. Furthermore there is no link to account fees provided anywhere within the information for that account. Hence this leads you to believe that there are no fees associated with using this account. So much for discloure! However when you look very closely (much like a detective) you find a link to their "Account features and charges booklet" right at the bottom of the page in a completely separate Grey section labelled "Get in touch" and "Important Information". But this then takes you to yet another page full of information. You then must click yet another link (if you actually spot it) which is again titled "Account Features & Charges Booklet" right at the end of the information. Talk about "Lack of disclosure and Hidden fees"! This fits the definition perfectly!!! And for your convenience, here are the hidden fees for this account: International transaction fee: $5.00 (using visa debit card) International balance inquiry: $2.00 Currency conversion fee: 2.5% (in addition to the $5 transaction fee) EFTPOS transaction fee: $1.00 (for every transcation made via terminals, internet or phone) Direct debit fee: 50c BPAY fee: 50c Over the counter fee: $2.50 So basically you are charged for most of your internet banking transactions as well as for using your Visa debit card anywhere and every time, whereas these are included free with nearly every other bank.

CONCLUSION Stay well away from Arab Bank. As you can see in these reviews, the nature of the complaints is common throughout most of them....Poor or rude customer service, hidden fees, misleading information and inadequate disclosure

Term deposit rates reduced by hidden fees – Because of the higher interest rates offered by the Arab Bank we decided to take out 2 term deposits for our company. We needed to provide documentation and have an interview which went smoothly. However at the end it was mentioned that there would be a $25 fee for setting each up. The bank withdrew the fees when threatened with withdrawal of the… Read more

applications. However on maturation of the first deposit and transfer of the principal plus interest to another financial institution we found that a $25 transfer fee had been applied. In 40+ years of taking out term deposits I have never had such fees applied and when interest rates are so low they make an appreciable difference. So be warned when you deal with the Arab Bank. True interest rates are not what they seem.