BT mismanaged my super and I lost $15k
I was with BT super for about 9 years, earlier this year I received my BT super statement and I have lost about 15k, when I called them they say it's because of the pandemic. I accepted that but to my surprise, my husband's super did not lose any money and still have considerable increase even during pandemic. BT super did not even give proper explanation or apology, the call center is not professional at all. I have just lost 15k of my hard-earned super - they clearly have mismanaged my investment and mishandled it.
Excellent Customer Service
Have always been extremely happy with BT and my earnings but closed my account due to investing in a property. J Naylor went above and beyond to ensure that my funds were cleared before settlement after a hiccup with the accountant assisting us. Not sure why the bad reviews on here as I have had a brilliant experience with them.
Leaving after 15 years...
After putting up with years of statements sent To wrong addresses, emails still being sent to wrong emails despite updating my details on line, statements that make no sense with debits, refunds, rebates all in negative values, what tipped me over the edge was them kicking me off the BT super platform to the BT panaroma where I was given a new member number via email and the password sent to the wrong address during the start of the pandemic and in that time the fund plunged 25%, even for balanced funds. Tried requesting for a password and you’...re told to call the helpline for assistance and good luck getting to someone even after being on hold for 45mins!!! Took enough of their crap when I realised that by late August most funds had recovered and these idiots were languishing at an 8% loss! Moved on to one of the industry supers and haven’t looked back since. Avoid at all costs, i started out with them at a time they were my workplace’s “preferred fund” that employees had no choice but to use, but that has since been struck down by legislation, so get out ASAP if you’re still with this mob.
Worst Super Fund In Australia Avoid And Save
Worst super fund in Australia, the staff in call centers, rather laugh at and abuse there customers, then do there jobs and help them.
And there national manager, just tells you to come them to court. Avoid this super fund and save your super please.
Not Updating Unit Prices for 4 weeks -
Called BT to ask why their unit prices hadn't been updated for 7 days when they are meant to be updated each day. I was told that they were migrating something or other and that their unit prices wouldn't be updated for another 3 weeks - 4 weeks in total of no updates!!! Said they understood my frustration particularly because it was a large balance. I have now moved the account elsewhere after being with them for over 20 years. Who makes these ridiculous decisions that defy any sense of commerciality?
Worst Superannuation Fund - Total disregard of customers - Don't ever consider them
Decided to roll over the funds from BT Super to another fund. I've been with them for the past 20 years. Total disregard of clients/customers. It's taken close to 2 weeks to resolve the roll over when it should be within days. Internally communication is poor, processes are so backwards that BT are only interested in their bottom line. To the C level executives in the company, your karma of greed will unfold. ACFA (Australian Financial Complaints Authority) are onto you and watch out for the biggest fines
Do they even have Management/Operations?
1. Portal was changes recently with older transaction history wiped out. Struggled to get the new password and username
2. During COVID the fund tanked by 15-20%
3. Very difficult to add insurance online. It has to be through physical paper
Overall a substandard fund with no ownership whatsoever
Difficult to pay out funds
Been with BT for over 10 years. Now retired trying to get funds but after 3 months no funds but plenty of objections to each submission. There’re have been 4 account managers so far objecting to various parts of the applications.
Disgusting TPD mental health claim
Been with BT for close to 10 years. I stopped work in dec 2018 and in feb 2019 was diagnosed with Complex PTSD, Severe Depression, Severe Anxiety and OCD. I have my claim in for over a year now. The are trying every thing from delay tactics, doctor shopping and ignoring facts to try and deny my claim. I’m really struggling but they don’t care for me or my family.
The worst customer services and worst fund performance! never use them again!
I lost 25% of investment money!!! no one at BT call or text me my lost! I am still waiting for fund to transfer our SMSF, it is over 30 days!!!
I will never choose this company in my life and hope everyone else will never have the same situation!
Possibly the worst customer service I've come across and thats saying something!
- Send them an email you don't get a acknowledgement of receipt.
- Follow ups don't get actioned for weeks, if at all.
- Finally follow up is weeks.
- When it gets to hard, they log a complaint which puts another clock on response. Nice trick!
- Don't have service response times, so who know when your request re-aapears from the black hole!
Best way to get good customer service is don't go near them!
Incompetent people can't read or write
I had an employee appointed to assess a claim on behalf of AFCA. he sent an email and he listed his email address in his letter incorrectly. I tried to use that and I failed. When he finished his work and I complained that I was unable to contact him all that time I was told that you should have just replied to his email rather than clicking on his mistaken address. They are shameless and will never accept liability unless they are seated in a court which I am waiting to take them there. They must not be trusted at any level. The worst of their kind.
Worse experience ever!!!
Ok where do I begin! I've been with BT for 10 years, not because I was happy with them but because I was lazy to move to another super . I always try to avoid paper works as much as possible! Even when stock market had great days, they managed to get me lowest return possible which is fine, it only shows how bad they are at investing and know nothing about it but my main issue with them started when I decided to roll over my balance to self managed fund. it took them 35 days! after 18 days they realised my application had a missing document, th...ey made me go to westpac branch and get them to email the doc to them because they only accept docs emailed to them from westpac!!! I did that and then after 25 days they sent an email and advised my application finalised and fund transferred. I checked my self managed account and there was no money there but waited couple of days thought it might be on its way but nothing happened , i gave them a call and customer service told me my application isn't finalised and they didn't know why I got the email! how cool is that! and they promised me to escalate it. a day later I got another message telling me they need another doc if I want to get the fund transferred electronically otherwise it will be a cheque, I sent the doc but they told me the doc wasn't certified therefor they wont accept it. i just had enough and asked for cheque! it is on its way ... BT, well done, you have terrible customer service, and worst investors.
If I could rate a 0 I would - Run - Run Now!
I've been with this super fund for many many years and finally made the decision to go elsewhere after extensive overcharging of fees over the years and finally having the time to research into other super funds. BT has never made a decent increase in funds and they make it near impossible to leave and transfer your super accounts to your new provider. They avoid all corospondance and questions and returning an email takes forever each time. I have been trying to transfer my super account the last month and each time I put my request in writing they return an email not answering any of my requests and it's yet again a different person not acknowledging or looking into my account.
Cant keep track of customer requests and cost me money!!!
I tried to consolodate my super with bt super, they claimed they had no record of it, from the manager himself! He told me to cobtact my other super funds because it might be that they hadn't released the money yet. My other super funds had not received a request from them in over a week. I requested it be stopped then and eas told by bt they couldn't find any request to be able to stop it. I consolidated with another super fund no issues.......then bt requested the money and consolidated into bt!!! Costing me more money when it effectively shut my choosen active super account.
BT Fail to respond to email request and online submissions - forget this company!
Been with BT for over 20 years, they stufffed up a large super contribution and when I sent emails they reply once from their Adelaide service centre and then fail to even respond to further emails and correspondence, simply ignoring their customer. This company is beyond arrogant, they are exhibiting unethical and probably illegal behaviour. It doesn't matter how long you've been with them or how much money you have "tied up" with them (and I literally mean tied-up, as it's impossible to get out), they treat you the same way. Forget about customer loyalty, go elsewhere. Where are the regulators in all this, they should be all over BT by now.
- Verified customer
BT Insurance? Think again!
I have been holding an income protection with BT Finance. I have been getting ripped off every month and I have never claimed anything. The latest premium increase was almost 22%. When I asked them for an explanation, the consultant told me that they have had a payout to another customer, and that is the reason I have to pay extra. Look at the star rating on this website. Outrages.
BT is a joke
Something is seriously wrong with the children running the show at BT.
Here's the list of gripes:
- BT decides to move everyone's super from one legal entity and platform to another. New logins and passwords would be "in the mail". When did this occur? No, not January when everything everything is quiet. It occurred on 5th March 2020. Right before the COVID crash, leaving members without the ability to login, check balances or switch strategies.
- BT's SMSF Panorama platform, which had basic buy & sell functionality, was "upgraded". I...t was one of those upgrades, where you loose basic critical functionality like the ability to amend orders, the ability to cancel orders, to quickly place multiple orders or where adjustments to limit price adjust the lot size rather than the $value. This is all basic stuff and it was all removed on March 15 2020! Yep as the market is in oscillating wildly and a week out from the biggest fall the market has seen. When do are they going to fix things and reintroduce some of these features... August. These design decisions and the lack of understanding about people's needs and market dynamics shows that these guys have no idea what they are doing.
Super release COVID
Absolutely POOR service. I had requested for my account to be transferred to combine with Sun super, I had called mid April to have this sorted. They said it was being done. END OF APRIL I call up for a follow up and they said the account is on hold and will take 2 weeks or longer. I then said cancel the transfer and just release my super instead. They then said SURE - and it was NOW requested to he processed. I follow up again. First week of the May. I speak to someone who said that the account was on hold still because of a transfer request??...? I had ALREADY requested for the funds to be released! Zzz they then said “sure sorry we will send that to our team now”. It’s now 15th of May. And still. NOTHING ! I call up and guess what. Someone had said AGAIN .. “your account is still on hold. We’re sending that to be processed to be in your account early next week” . I’ve lost count now on how many people have said the same Over and over ! Dont join BT SUPER!!!!!
Not good in admin
Had a bad time accessing the super through portal. Also fund performance is not so good. It would be good if insurance addition, address changes etc. Are made easier through portal.
Questions & Answers
Hello my name is Kenneth R Smith and I recently opened a superannuation fund with your firm so I could roll in my ATO LOST SUPER into your firm for quick and prompt release. I opened the account a month ago . The ATO appropriated the funds to your firm on May 21 . I was expecting payment 5 business days from then as I had many emails and letters saying that BT now have my funds and have been approved for release. Please explain why this process is taking so long . I'm about to be evicted from my dwelling I have financial obligations to meet and I'm on the verge of serious mental health issues due to the stress of being told so many different stories when it should of been 5 days . I'm now looking to a legal representative to possibly tell me what my options are . Fortunately I have the privelidge of having a very renowned QC who will endeavour to enquire about my situation. I'm sorry but when people are thinking about suicide due to financial hardship it becomes a very serious issue . Could you please assist me and contact me at your earliest convenience as I'm at breaking point and my family is suffering.
Please reply asap. I appreciate your time and help in regards to this matter.
I have a BT SUPER account and my mobile number is 0424 081847.
My email is ....firstname.lastname@example.org.
Could you please endeavour to help me with my situation please .
Hi, am puting in a claim for SCI, on going through the claim forms have found them to be very excessive for a claim. My treating doctor and surgeons reports should all that should be required for claim, I am a contractor and they require claim forms from my employer?. They want me to fill out my own accessment forms?????. I am a contractor I am the boss. BT super are quick to take my money for said SCI insurance. I am covered for $5240.00 per month as stated on policy but not the case, they want 3 years of tax accessments? WHY. They only pay 75% of income not the $5240.00 I have been paying premiums for. I think my best plan is to give to my law firm and the government authorities to investigate as I find it just seems a way of not to honour my claim.
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