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MyBudget

MyBudget Questions & Answers

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63 questions from our users

Chloe Cotgrave
Chloe Cotgraveasked

HI! HOW MUCH IS A BOY DOG?

2 answers
Chloe Cotgrave
Chloe Cotgrave

Goodmorning, thankyou for your question which type of dog would you like?

MyBudget
MyBudgetMyBudget

Hi Chloe,

I think you may have the wrong page! However, if there is any way that MyBudget can help, please let us know.

Thanks, Peter

AnPs
AnPsasked

I just joined my Budget
So when I asked the lady if I want to cancel she didn’t mention any fee she just stated I have to give some notice.
So since I have 2 days cooling off period do I still have to pay ?

3 answers
Askitzy
Askitzy

I imagine if you are still in your cooling off period there would be no fees. That is how cooling off periods are supposed to work.

AnPs
AnPs

Thank you so much xx

MyBudget
MyBudgetMyBudget

Hi Anps, If you are wanting to cancel, please call our team on 1300 300 922 and we will be able to step you through the process. Reach out if you have any other questions! Thanks, Peter - MyBudget

David
David asked

How much do you charge for this service

1 answer
MyBudget
MyBudgetMyBudget

Hi David,

As there are different things that we do here at MyBudget, the fees vary depending on your situation and requirements. We offer a free consultation where we go through your finances with you and work out a budget that’s right for you.

From there we can work out what your fee will be. To make sure we always improve your financial situation, our fees are worked into your budget so you don’t have to worry about paying anything upfront.

Let me know if you have any other questions, or you can call 1300 300 922 to speak with one of our money experts or enquire online: https://www.mybudget.com.au/enquire-online.

Thanks, Peter

KLW23
KLW23asked

If I choose to end my contract with my budget do I have to pay the weekly fees in a lump sum or will it be deducted weekly like it is now until the end of the contract

1 answer
MyBudget
MyBudgetMyBudget

Hi KLW23,

Thank you for your question. Our team would love to take you through this. Please call us on 1300 300 922 and one of our friendly team members will be able to assist. Alternatively, please feel most welcome to send us a message via the client portal or mobile app.

Please let me know if I can help with anything else for now.

Thanks, Peter - MyBudget

jahzion.wallace.lui
jahzion.wallace.luiasked

Whats the process for cancelling my budget account ?

1 answer
MyBudget
MyBudgetMyBudget

Hi there, The best way to discuss cancelling your account would be to call on 1300 300 922. Please let me know if you have any other questions for now! Thanks, Peter.

Peter Wallis
Peter Wallisasked

Hi,

Just wanted to ask. My primary bank is with ANZ, my pay is usually set to arrive on the 15th of every month, but with ANZ, my pay will always arrive the night before the 15th (14th) at 6:40pm (if the 14th or 15th fall on a weekend then pay will arrive on thursday). My question is, does my pay have to get processed at the times you process money. Because with the 14th and 15th being a weekend this month (11-2020), my pay will typically have arrived tonight at 6:40pm with my ANZ account. Would my pay come through tomorrow morning in this case (13/11/2020)? Because I have paymenets that are meant to come out my account on 13/11/2020

1 answer
MyBudget
MyBudgetMyBudget

Hi Peter,

I apologise for our delayed reply. We have one income import each weekday meaning that if money will usually come in the day after it is transferred to you.

Please let me know if you have any other questions for now.

Thanks, Peter - MyBudget.

Claire G.
Claire G.asked

Hi, when will you be commencing fund transfers on weekends? Sometimes I forget to transfer on Fridays and it leaves me short. Bank transfers work on weekends even if My Budget do not.

3 answers
MyBudget
MyBudgetMyBudget

Hi Claire,

We understand that having weekend transfers available would likely make quite a significant impact to yourself and many others who use our service. This is definitely something that we would like to offer. However, at this time do not have an estimated time when this may be available.

Please let me know if I can help with anything else for now.

Thanks, Peter.

Claire G.
Claire G.

That's OK. Just glad that it is in the pipeline. In the meantime, I have set reminders for myself to transfer before the last one on Friday. I have been with My Budget for so long now, you'd think I would have learned! Hahahaha

MyBudget
MyBudgetMyBudget

No worries, Claire.

That is a great solution! Some clients open an emergency bank account that we automatically transfer a small amount to every week/fortnight. This can be used if you are without funds on the weekend.

Thanks, Peter.

Katie N.
Katie N.asked

A family member owes my family around $4000. He is blaming my budget for no payments being made. So far over the last 2.5 years he has only paid back $650. I personally feel like he is lying about mybudget being in charge of repayments. My question is: would mybudget repay this kind of debt and if so, would it come from his personal account or from a mybudget account? Also would mybudget contact us to let us know about the repayments if they were making them?

1 answer
Kanya
Kanya

Hey Katie,
If my budget hasn't made the payments, then it's because they haven't been told to. Basically they just hold the clients money and distribute it as directed.
There could potentially have been a misunderstanding on your family members part (like maybe he thought he had set up the payment and didn't realise he hadn't?) But it would show on his statements etc.
No my budget wouldn't contact you to let you know (it's still the clients money they just look after it).
Hope that helps.

MABI
MABIasked

How do you setup the trust accounts? What documentation do you need to do this?

1 answer
MyBudget
MyBudgetMyBudget

Hi Mabi,

I apologise for our delayed response. Do you still need help with this? I would love to arrange for one of our team members to get in touch to help you with this. If you would like to chat, please private message us your full name and contact details and we will look into this within 24 hours for you.

Kind regards, Peter - Mybudget.

Shauna
Shaunaasked

Does anyone know whether a cost is incurred for cancelling MyBudget’s services? The establishment fee has been paid off and I’m only paying the $48 per week account keeping fee now. Had to withdraw all money and have my income directed back to my own bank account so curious what repercussions exists if I don’t give a month’s notice (no point having my next month’s pay changed back to their account since it’s a month away now)

3 answers
Ems90
Ems90

I was told that once the establishment fee was paid you could pull out at no cost. They would be stupid to charge anyone at the moment considering the mess that is going on.

Shauna
Shauna

I thought the same too, given the circumstances! Thanks for your response :)

MyBudget
MyBudgetMyBudget

Hi Shauna,

We will be implementing fee relief for the outage period and will have more information about the mechanics of that in the coming days. We will continue to update this page with the latest news: https://www.mybudget.com.au/system-outage-update/.

Kind regards, Peter - MyBudget.

Toby S.
Toby S.asked

I usually get my grocery money on fridays, I've been trying to call my budget to get them to transfer it manually because of the outages. BUT the phone is busy ad their app and website is down. If i remember correctly they do not do payment runs on the weekends. What should I do if they can't answer my call? I don't know what I'll do over the weekend without the grocery money.

3 answers
Jo G
Jo G

Toby, I feel your pain this was me yesterday. I tried to call 86 times with an engaged signal until It finally rang at 6 last night but I was on hold for an hour and 6min. Once I got through I told them I wanted my entire pay transferred and I would no longer stay with them. Not to have access to your own money is an awful feeling. I woke up this morning to the money being in my bank and reassurance that I could afford things.
My suggestion, just keep trying to call, you may eventually get through. Good luck

Kate S.
Kate S.

iam also trying to get through so that they can manually put money in to my back i have been trying to call for 3 days now cant get through, does anyone have an email address or something please

MyBudget
MyBudgetMyBudget

Hi Toby,

I hope you are okay. We would really like to thank you for your patience and support through this situation and are truly sorry for how may have affected you. Now that our automatic systems are back up and running, all scheduled upcoming payments will be made automatically, as per normal. Any payments due during the outage last week have been manually reconciled against any manual transfers requested, and only those unpaid payments will now also be paid.

Please let me know if you have any other questions for now.

Kind regards, Peter - MyBudget.

Jen
Jenasked

Should I be concerned that the My Budget outage has gone on for 3 days now?
I have always raved about them, but I'm now worried that maybe they are in financial difficulty and not saying. Generally a system outage is resolved quickly. I cannot get through via phone either and am concerned that I have no access whatsoever to my own money held with them. This is very unnerving

3 answers
Serene T.
Serene T.

Hi Jen, I have worked for banks previously for many years. When I joined I knew that Westpac was the bank holding our funds so that made me feel very good about it. There is no chance that they have lost our money unless there was a significant problem with the bank itself which there isn't. I feel like potentially a problem has happened with their system where it has crashed and they have to rebuild it which takes time. That is my genuine feeling.
The reason I put my review up now was because I felt like there would likely be several bad reviews because of this and I wanted people to also see good reviews if they are considering joining when all is back online.
When I called to access my money today they were super helpful and very apologetic about everything. If it's not fixed by Friday I will have my next pay sent to my account so I can pay any of my bills that are due but I won't be leaving the service because I find it so great.

Jen
Jen

Thank you for your response.
I’ve always found them awesome...
But can’t get through on the phone to access anything.
Appreciate the reassurance and let’s hope it’s back up very soon

MyBudget
MyBudgetMyBudget

Hi Jen (and Serene),

We really appreciate your support through this. We have answered some commonly asked questions which you may like to read through here: https://www.mybudget.com.au/system-outage-update/. We have been working really hard to get everything back to normal and have been making significant progress.

Kind regards, Peter - MyBudget.

isabel carr
isabel carrasked

If you cancel your mybudget services, do you have to pay the establishment fee upfront of are you given time to pay it off?

3 answers
Emma
Emma

From what I was told at our meeting is if you decided to leave then you have to pay it off but they do a payment plan :)

isabel carr
isabel carr

Was this recently? I'm just not finding it helpful and was thinking about leaving soon, but was wondering if the 1400 establishment fee has to be paid upfront of over time. I wonder what the payment plan would be like then of that's the case. Thanks for your answer

MyBudget
MyBudgetMyBudget

Hi Isabel,

To discuss closing your account, I recommend calling our team on 1300 300 922. They will be happy to chat about how you may pay your establishment fee.

Kind regards, Peter - MyBudget

Bell
Bellasked

Hi
Are there any payment runs over the weekend? I made a withdraw about midnight and it’s 7pm now and I’m haven’t received any funds to my commonwealth account
Cheers

4 answers
Tim O.
Tim O.

Sadly no. The next run will be 8am Monday I think.

Bell
Bell

Thanks Tim

MyBudget
MyBudgetMyBudget

Hi Bell,

our standard payment run times in Australian Eastern Time (AET) are:

8:15am
10:45am
12:15am
2:45am
4:15am
5:15am
Monday Friday, so you will just need to factor in the local time difference.

Please let me know if you have any other questions.

Kind regards, Peter - MyBudget

Lindsay
Lindsayasked

If I have 2 lots of superannuation and am over 60 can I use one to pay out my credit cards.

1 answer
anthony steward
anthony steward

hi lindsay!!

happy 2020!!

best you contact MyBudget (1300 300 922) as they'll DEFINITELY be able to give you the proper advice on your financial conundrum.

regards,
anthony...

Susan Lambrou
Susan Lambrouasked

Do you do bank transfers on a Saturday

3 answers
MyBudget
MyBudgetMyBudget

Hi Susan,

Thanks for your question. We have six payment runs that occur from Monday - Friday: 7:45AM, 10:15AM, 11:45AM, 2:15PM, 3:45PM, 4:45PM. Hope that helps! Have a great day.

Kind regards, Peter - MyBudget

Ronda H.
Ronda H.

What timezone are these?

Gavin M.
Gavin M.

SA

Dee T.
Dee T.asked

Reading some of these reviews and after my own experience with you I am gob smacked at some of what you do. Its deplorable, do you not feel any shame? I mean seriously? You have singled handedly ruined some ppl's lives here and you dont even give a damn. I dont for one minute believe all these glowing reports. What kinda company are you? Oh yeah, a crappy one that only cares about money. Shame on you MB shame shame shame.

2 answers
Mr Muggles
Mr Muggles

Yeah - all the positive reviews are fake - they should be reported. I remember when I was a customer the effort they would go to to try and get me to write a review with fed lines.

Josh.P
Josh.P

Yeah a load of crap!
All they want is your money, they don’t care about helping you out.

Mike
Mikeasked

Why are none of your positive reviews from Verified Customers?? Why do they all read like the first twenty seconds of a radio advertisement?

4 answers
Dee T.
Dee T.

lol even in their tv ads they have to say REAL MB customers cuz when they first started out they would use actors in different roles in different ads. Not only that but seems to me their service has not improved at all in 10 yrs so they gotta make themselves look good somehow cuz most ppl that have been with them regret it.

Mike
Mike

They really are terrible aren't they? STAY AWAY PEOPLE,

Dee T.
Dee T.

they are absolute shockers to say the least

Kroony6
Kroony6asked

What times is the bank transfer

1 answer
MyBudget
MyBudgetMyBudget

Hi Kroony6,

Great question!

We have six payment runs that occur throughout the day from Monday to Friday which I have listed these below for you. Please note that these are local South Australian times and may vary dependant on time zone.

- 7:45 am
- 10:15 am
- 11:45 am
- 2:15 pm
- 3:45 pm
- 4:45 pm

Once a payment is processed it may usually take up to one day to be received into your account.

I hope you have a great day!

Kind Regards, Peter - MyBudget

Catwalk Material
Catwalk Materialasked

If I require an amount of $50 - $60K to cover my current finances would My Budget be able to help to find a company to finance the loan

4 answers
arnaud p.
arnaud p.

You would habe to ask them on that sorry

Bethrow
Bethrow

My answer would be no. I asked them if they could recommend the best companies to save money when it comes to insurance, electricity, gas and so on...and they don’t do that. They only work with you to come up with a budget based on your take home pay so you are able to eliminate debt and pay bills on time.

MyBudget
MyBudgetMyBudget

Hi Financially free,

Thanks for your question. MyBudget may be able to assist you with a lending solution if required as we do have a lending team on board with us. This is something that we assess during our free no-obligation consultations with a personal budgeting specialist. If you are interested in speaking to us further about this and whether it may be an option for you, please give us a call on 1300 300 922 and select option 2.

I hope that helps - We look forward to speaking with you! Kind regards, Lauren - MyBudget

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