CBA OSF balanced fund advised by government as sub performing fund and recommend moving.
Today. I and all CBA OSF balanced fund members received a letter advising they were one of 13 funds identified by the government as below acceptable performance even though they had been given ample warning. Significant investment in amp, commercial property. I can imagine the men in these positions are the most highly paid in the super business and aren't invested in their own fund. They should be removed.
Long time with them - 50% Increase on LIfe Insurrance after COVID
Been with them for many years. Got a letter from them basically increasing the life insurance fee from $50 to $75 per month (50% increase) in December 2020. Great way of making the money CBA has deferred.
If they increase 50% fee on 1million members, you do the math how much more income is that for them, on behalf of their loyal customers. It's a terrible decision.
They even "justified" it by saying, but we managed to negotiate that NOW You'll be covered for "pandemic" as well. Geez, I am lucky I didn't die, didn't even know that "pandemic" w...as excluded for payouts. Also been with HOST Plus, managing/changing investments there was easy peasy, on CBA it's all manual + it only goes for New money coming in, you basically can't controll the current money (unless you're willing to lose countless hours on the phone). Terrible experience for a many years loyal customers. Banks need to step it up and help, not see an opportunity to make up for loss revenue
They lost almost 30% of my funds with the Covid 19 pandemic
Everyone could see what was about to happen. I even switched my investment option to cash, however, it took 4 days for these clowns to make the switch. I guessed they were sleeping while the whole economy was falling apart.
In those 4 days, I lost about 600 dollars. Most super funds were losing 10% or 15%, but this one was losing 30%. To summarize, they have no idea about what they are doing, just incompetency at its highest level. After seeing my losses, I made an inquiry asking for the list of stocks where the funds were invested, they did not share it.
Fortunately for me, I only have 13000 AUD atm of the pandemic, I pity the ones that have all their life savings in this circus.
Absolutely terrible communication, been trying to change my super from personal non concessional to employer concessional and has been the biggest nightmare waiting weeks for them to not do what they did they would do. just contacting them is difficult and to end up talking to someone who is clueless about what I’m requesting which was already processed. What seems like a simple thing to change has been jumping thru hoops having to prompt them to send out confirmation time and time again
How are they capable of losing so much?!
Over the past 6 months (to June 2020) Commonwealth Bank Essential Super has lost more than 10% of my super amount. Additionally, in the 12 month period before this they lost 2.5% in what should have been a moderately stable market. I have placed the majority of my funds in more conservative areas too.
Don't invest your future with them.
So good You may as well place all your savings on Red and see what Happens
I prefer not to gamble my money away so take what I say and do your homework- google is an amazing tool. Any super that is a part of a major bank will never compare with industry funds as there is no need to be diligent with money (due to other revenue streams) and therefore the drive to increase returns is somewhat half-arsed for a higher fee proportion, this has been particularly true with Essential super, another issue are the fees as well- you should not be paying more than 0.4% in admin and investment fees, at Commonwealth it is 0.75%- if ...you are paying this start shopping around for a new product because you are just funding their propped up fat cats and their jet skis and boats. I wouldn't recommend at all going through Commonwealth, their structure is very smoke 'n' mirrors to try and confuse you out of asking the important stuff, and lets face it, their retention to keep customers is not there at all- your a small number to them just remember that. I have moved on and so should you. The attached insurances are also another joke, with a maximum cap that in reality wouldn't do much for me or my family, go seek assistance elsewhere. The royal commission did nothing!
Iaround actually lost around $ 15600 with Esssential super in two months. I called them and they said they have invested my moniey in share market which went down. I am still loosing money every day from my super account. I dont where to seek help
Very good so far!
After being with two separate industry funds for many years I decided to consolidate my Super and open a Commbank Essential Super account. The main reason I chose CommBank was the convenience of having my Super and everyday banking in one place. The process of consolidating was very easy.
I had been told I would not get as good returns with CommBank as my previous funds but so far that is not the case.
Highly recommend, especially for current Commonwealth banking customers for the pure convenience.
Biggest nightmare and won’t accept responsibility for their own mistakes.
Have lost all faith after transferring some of my Super to them. Met all necessary requirements as had been unable to work for 12 months. Rang to ask how to transfer from another fund to them and was told by I believe their coffee boy that I needed to wait until my new account with them showed up in my MyGov account to transfer. Was told should show up within a few days and if not to phone MyGov to query. Waited required time, rang MyGov and was told this in fact was totally incorrect and that the Super Funds only report to MyGov on 31 October ...each year and if needed earlier Super Fund must request for it to be shown. Called Comm Super back and spoke to someone other than the coffee boy who said it was no problems and he could do it on the spot. Because of the coffee boys advice my request to withdraw was held up by which time my partner had moved from a part time to permanent position just exceeding the threshold for a payment to me that fortnight. Was refused by Comm Super who then blamed Centrelink. Sent all supporting documentation including dates and times of phone calls and benefits paid. Still not fixed. So now I should lose everything including my car whose loan is with Commonwealth as well as awaiting probable diagnosis of M.S. and having to endure pain, tremors, loss of mobility, vision and hearing difficulties. Thanks Comm Super for nothing except losing everything.
Questions & Answers
How can i contacts you guys
Hi iam with CBA group super fund. Is life insurance automatically included in my super. Thanks
From memory It isn't and the fees are ridiculous for what would be considered a very limited cover (400k is the maximum I think for essential super). Your better off paying for an alternative provider to cover your life insurance. I would suggest shopping around and finding another provider that offers TPD/Death cover as well as income protection.
I would like to talk to someone about transferring my super from rest to your fund
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