- Verified customer
Appalling display of administrative incompetence
I have been with Cbus for over 13 years. I have not paid much attention to how the fund has been performing while working in oil and gas, but looking into it now they seem have made very poor stock choices in order to secure performance for their members. Getting anything done administratively, you are met with endless bureaucratic bungling. You are told to do one thing, you satisfy that requirement, then you are told another thing that they overlooked when they notified you the first time.. by then something else is highlighted as wrong. Seem ...to revel in producing as many hurdles as possible to prevent you accessing your money or even your account. If I manage to finally get this lot of money out of the fund and I have been trying for 7 months, then I will be moving my funds elsewhere or setting up my own smsf.
Poor choice of options/stock/shares for SMSF
5 Years with CBUS
A few months with CBUS SMSF
Great standalone super but very poor choice of stocks for SMSF Investments. Success limited by choice of options and shares. Very high broker fee's. Very high account fee.
They intentionally delay payment
Nothing but delay when withdrawing on retirement. Theives/crooks. They delay payment for as long as possible. CSOs are less than helpful. They also are paper based, very old fashioned and archaic. Leave yourself at least 6 weeks if you are seeking to access YOUR money. Do not use this fund, they charge insurances by default, beneficiaries expire every 3 months. I strongly recommend you go elsewhere.
They delay any form of super money release - even for a retiree
Every possible way to make release funding impossible. Must be part of their training read all the other reviews on google and they all say the same thing.
They ask for documents and then ask for more and then drag the process rather than just tell you from the beginning what is required. They have the worst processes and worst customer service imageable.
I made a complaint and they then add another requirement as if done to annoys me even more. Absolutely hopeless. Please do not put your super in with this monkeys. Go and do a self managed super fund instead. Control your own money!
Slowest in Finance to conduct payments
So I have been with CBUS since 1992. Always worked for me but now that I no longer get paid from employers and am disabled. I am at a point in my life I need to draw down / withdraw. It seems to process a payment after insurance proceedings are deposited has been advised after the 3rd call that timeframes are 17-20 business days. So if you need money for Christmas I would advise in trying now you may just get it before Christmas. Seems I could have transferred my 200k to another super in 3 business days and then another 3-4 business days for th...e payment. So to sum this up it is quicker to transfer and then withdraw with almost any other super company (2weeks max) then ask Cbus to process the payment. I have provided feedback to them and have been trying for 3 days to actually get a timeframe which was very unclear till yesterday when the truth of 5-10 business days for claims to calculate tax and then 5-7 working days for the payment team to process... seems Cbus should look after those retired currently as I can see funds are only invested in the market and in employer services at CBUS.... so is it really for members or only specific members in employment where the money is coming in... I use to value CBUS but at this stage of my life I believe Sunsuper or Qsuper would be best in retirement and therefore after these 20 business days I’m rolling over to another super fund. Thanks CBUS but you truly only take care of the incoming funds and since these are funds leaving you don’t really invest in this... Thanks for the online chat lady [name removed] who after the 3rd day finally gave me a timeframe.
Amazing service from a caring humanitarian team
Thank you to the amazing team at CBUS
Our case manager and her team need to be promoted.
From the onset of our claim call centre Alex, Vas, Andrew, understood our story they then put us on to the claims team our kind empathetic case manager Ayesha, and her team Mary, Liza, Michael, what wonderful people you are such understanding is unheard of from an insurance company.
Your kindness has to be rewarded and recognised by your GM. Mr Arter if your reading this you need to please make a special trip down to this amazing group of people to give t...
Poor customer service
Just transferred into Cbus, each time they ring or email I’m given completely different information. When I ask them to listen to our previously recorded chats they refuse to. Well guess I’ll be changing out of Cbus... what a way to impress a new member. You infuriated me more than any business I’ve dealt with.
Worst I have been with.
I was with CBUS for 4 years they offer fees, fees and more fees. No offer of income protection ether. So I left now realised there is more suitable super funds out there.
Why is CBUS not patrolled by a government body???
10 days after job losses can destroy a family! Your in business because of that family if I can transfer instantly so can you ... Looking forward to the day Victoria has a politician with a spine and actually represents the common citizens best interests??? Almost 20 years with cbus if i have trouble now reviving minimal % of my investment dare say it won't be there at all come retirement. Definitely changing funds
Cbus you are a discrace! Been with you for 10 years I been waiting for my covid super money desperately I've rang everyday and been given a different excuse everyday was told money had been released and takes up to ten buisness days to hit my account wot crap my other super account payed within 48 hours I told the phone operator today to get her bosses to read all these reviews wot a discrace Cbus I will be removing my remaining super asap
Cbus investment returns gone backwards.
All I have to say about Cbus is they no longer give a decent return on your superannuation investment. 4.5.% in 2019 just doesn't cut it.
Moving to Q super from 2020.
No regards for customers, create their own rules.
Behave like a big bank, rang to enquire about co-vid early release. Told they had approved application, yet still take 5-10 days to transfer. WRONG! ATO had approved application and it had basically ordered Cbus to release funds to me. 5-10 days? WRONG you are not a big bank clearing a cheque! Its my investment, YOU should be grateful to have it. RELEASE MY MONEY NOW! It's a crisis payment for God's sake!
I've been approved by ATO since 24 April. Cbus rang up and finalized my claim after 5 days. Multiple phone calls after 14 working days of no money showing in my account until now, more than 3 weeks, all I hear is sorry we are doing our best. Is there any way to find out what's going on? They claim they've already paid up 95% of the applicants I don't know how true that was. Just so frustrating!!
Has anyone received their money as yet???
I applied for early access to my super as soon as I received my email on the 23rd.
I have been in contact with them at least 5 times and yet nothing.
Last Friday they informed me that the manager would transfer my money on Friday.
I called today for an update and after being on hold she told me someone tried to call me last week but my number was incorrect. No, sorry I had already corrected that twice before and why didn't the cs person on Friday advise me of this, if this was the case. It seems they ar...
Applied with ATO for an early release ! I had funerals , 4 kids and parents to take care of. I applied and was approved. I was told not to contact and to that everything was fine just waiting on funds to be transferred. I called 10business days later to see what the hold up was and was told I had to confirm my mobile number. I was angry because I would have never known after receiving no messages , no emails and no calls ! I confirmed my number and was told it would be transferred the next day. I call again and was told no one confirmed my num...ber , so I did again! Next day (12th business day) asked how the process is going and again , NO NUMBER WAS CONFIRMED ! Finally confirmed it and demanded it to be done properly and was told 6 more working days for it to be transferred and then 3-5 business days to appear into my account! Funerals went by with not much done on my end , kids and family are really struggling yet I have another week or so until I get MY own funds cleared ! Disgusting and worst service I’ve ever dealt with !
ATO approved and instructed cbus to release funds on 22/4. After day 5 I called, they said to wait. A few more days I call again, stressing how badly I need this money. They put an urgency on it and said should be by that afternoon or the next morning. I call the next day, told they will put another urgency on it. I’ve called everyday since, the people I speak to are nice, but this is ridiculous. I’m now 15 working days since the y were instructed to release funds by the ato. I’m not even exaggerating, I havnt been able to buy food for. Early a week. Disgraceful
Questions & Answers
Anyone still waiting for their early release? Curious as to excepted timeframes . This is my second shot. First time round was a 4week mess for me. Hoping Cbus got there crap together this time round .. tia
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