We put you last more like it
* ATTENTION DO NOT USE THIS BANK *
This bank was great until they decided to increase our 1.95% fixed interest rate to 2.14% on the settlement day of the purchase of our first home. They didn't even, call but gave us the information via email on settlement day. They said they contacted our broker prior to settlement, however this is false. It's safe to say this definitely put a dampener on what should have been a positive experience. My partner and I are first year teachers and this banks mantra of "supporting teachers" in my experience is rub...bish and the complete contrary. Furthermore, they were rude, arrogant and not understanding at all on the phone. Not even willing to negotiate or help in anyway. Once our 4 year term is up we are 100% going elsewhere. Very negative experience.
I am a real estate agent and have been heavily involved around the finance industry for over 15 years and have never had the inclination to write a bad review against a bank or broker ever before. I recently had dealing with a lending manager from Teachers Mutual Bank and found her customer service to be absolutely is terrible – in fact, her costumer service was the worst I have ever experienced. She would take days to return both phone calls or emails and when she did her attitude was absolutely appalling. The contract was on an extension and...time was on critical! It is one thing treating a third party with contempt but when you hang up on a client and tell him “I’ll get to it, when I get to it” It is nothing short of disrespectful. Long story short, the client took his business to a broker from Loan Market and had the loan fully approved in 7 business days and he could not be happier with the service. If I could give 0 out of 5 stars, I would.
No respect for loyalty for over 40 years!!
I had a S55 account and paid the Edvest fee each year, I discovered that an S3 account paid more interest and no need for the annual Edvest feeof $30odd. I had a Redicredit limit of $20,000 before I was an Edvest member and a recent credit card limit of $25,000. I called to cancel my Edvest Membership and to close my S55 Account, keeping my S1, S3 and S9 accounts. I was told that they would have to reduce my Redicredit limit to $10,000. They then reduced my credit card limit from $25,000 to $10,000. To claim that it is necessary to have Edvest ...membership for a Redicredit limit above $10,000 beggars belief since there is no nexus between the two, except to increase TM bank's profit at the expense of the member. When i called to ope n a S3 savings account the person to whom i spoke could not explain why that account yielded a higher interest rate than the Edvest account for which I had to pay a fee. During this saga of reducing my credit card limit, "due to a human error" they finally told me, I spent a considerable time waiting after being told by a robot that "my call was important" to them and then on hold while a "customer service office" had to go an consult her manager!! Since ceasing to be Teachers' Credit Union service is terrible and "we put you first", as their website claims is a sham.
Don't rate and should not even get a star
I have been with Teachers for more than twenty years and boy have they taken a nose dive. You could write a story book about their fall from grace and call it "Teachers Once Upon A Time". A few months ago I rang them in the morning to advise that I would be coming down to withdraw two thousand dollars, only to be told that they could not do that on the day. What they would do is allow a withdrawal from an ATM for the amount within a four hour time frame. Today I took over $1500 in coins to the branch in Rooty Hill and when the machine coun...ted it the total was $700 short. I was then told they would have to wait till closing time to balance the machine, not happy I left only to be called two hours later and advised that it will not be rectified until Monday. However at the end of the conversation the conclusion was that I would not find out until the end of next week because Amour Guard will have to pick it up on Monday and then take it back to their facilities to count it. I think I will be looking for a new bank.
Screwed us over last minute
We applied for a loan with teachers mutual bank, were pre approved a good 6 weeks before settlement. 2 days before settlement the bank pulled out due to a clause in the contract that everyone else (conveyancer, broker, vendor) felt was standard. Made us pay hundreds in delayed settlement fees as well as have to find a new lender in very short notice in the middle of covid. This was extremely distressing and we will be taking action against the bank.
Car buying service
Contacted the car buying service weeks ago about them finding us a car. Since then there's been no contact unless we initiate it. We even sent them links to cars we were interested in hoping they could negotiate on our behalf, and they couldn't even be bothered to respond. We gave up and found a car ourselves. Just waiting to see if we'll ever hear from them again. Absolutely useless.
Should be reported for elder abuse. Disrespectful and rude.
My 87 year old mother has been a long term member and had a large term deposit for 17 years. Now that she needs the funds for her high care needs, the bank has been extremely unhelpful and rude. The customer service at both the Homebush branch and telephone are woeful. They are making it difficult for her to transfer money to her commonwealth account and close the TMB. They won’t talk to me as her enduring guardian even though the original document is in Homebush deposit box. I’m informing the ombudsman. I even had to drag my mother down to the...head office to set up internet banking and when she used it to transfer funds they were straight on the phone interrogating her. She had a panic attack and ended up in hospital that night. Shameful, horrible lot.
This bank claims to help teachers but this claim is far from the truth. The interest rate they charge on home loans is extremely noncompetitive, there rate still begins with a four for existing customers They are unwilling to pass on interest rate cuts but will raise their interest rates without the RBA doing so. Trying to contact them is a nightmare, you're lucky to get a response from an actual human, just an automated response saying a customer service representative will be in touch soon. They have lost my business.
Debit card fiasco
Been a member for 38years. Debit card unexpectedly swallowed by ATM. Despite advising Tmbank by email and verbally to send card to alternative address, they sent to file address. Poor performance.
Great service! Highly recommend the Teachers Car Buying service to anyone.
Bought a car for my son.. the team at the car buying service did all the work for me... no stress and time saved! Highly recommend the teachers car buying service.
Unhelpful, even in times of emergency.
November 2019, i was travelling in Thailand and despite telling TMB of this, my card was blocked during my first transaction and trying to get help from this awful bank was so unbelievably frustrating and disappointing.. i kept running out of credit on my phone so i called my Aunt in Australia who called TMB for help and they refused to call my Thai number to help me (ING, my other bank,called me twice to help me). Disgusting service. Today, after emailing days ago to ask for help during this covid crisis and making repayments despite being une...mployed, i have heard nothing and am still being charged interest although other banking institutions are helping their customers with a hold on this. Money suckers and an unhelpful institution. Cannot WAIT to work again so i can pay my credit card off and leave this awful bank.
They have no branches so you have to call to get service. The security measures used make both the internet and phone calls slow and laborious. When you do call have half an hour to spare because that is the waiting time. They offer a call back but that can be hours later or never. If you dont answer immediately its back to square one. There is nothing competitive about this bank.
I’ve been a member of Teachers Mutual Bank (previously Teachers Credit Union) for well over 10 years and am disappointed to say their service levels have dropped significantly during this time. The amount of time you spend on hold to speak with them over phone is getting ridiculous. This is a problem, given the lack of conveniently located branches in NSW, available to call into to resolve any issues. They also drag the ball big time on announcing what they will do when interest rate cuts come through from the RBA. On top of that if they do pass on the cut or part thereof, it is never passed on until the beginning of the following month.
I wish I could score them lower
Customer service is ridiculously bad - we are in the process of refinancing our home loan with TM Bank and they won't return our calls, meet with us in person when we visit their EMPTY branch or return calls when they say they will. Very disatisfied. When we visited the branch in person to discuss our home loan, the individual on the reception did not want us to see anyone, rather she kept telling us "you can refinance online, just go online". When we went online, we were told that we should call. So we called and were told we would get a call back. No callback three out of three times. Safe to say we will be taking our business elsewhere, as it's obvious TM Bank doesn't want it. If I could give 0 out of 5 stars, I would.
You can’t count on the TMB when you need them
I’ve been with the TMB since 1998 when they were the TCU. Even though they only had one branch they made things work. Since becoming TMB however they have gone down a terrible well-trodden path of poor customer service and up -selling (generally showing more interest in selling add-on insurance than helping you with your enquiry) BE WARNED: if you have been a loyal customer with a great credit rating and haven’t had any issues before they WILL knock you back on a car loan! They don’t even bother stating that they will get back to you in 2 worki...ng days anymore- it’s just an open-ended time frame. If you call and try and apply over the phone they actively discourage you by saying it will take an hour and a half! This is even when all your pay goes into your account. They finish the conversation by trying to sell you insurance for your home loan that you don’t want. Not recommended!
Questions & Answers
Pls advise if the Rooty Hill branch - now has their coin counting machine in operation ?
Hi I need to download your app as a new customer please respond
Hi I need to download your app as a new customer please respond
Get an answer from our members
Other Home Loans
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.