Dinosaur time-wasting bank with cold attitudeSimilar experience as other recent reviewer here. Very surprised at this banks score on here (fake reviews??). I noticed also the sudden frequency of reviews here looks very suspicious!
In short if you ever want to send a simple payment overseas (even with Wise!) or are a startup then avoid this bank like the plague! However if you need a mommy and daddy bank to dictate what you can and can't do with YOUR money, then this is the bank for you!
In a nutshell, they wasted my time saying there should be no problem based on my banking needs. So I... Read morefilled out their form, endless ID checks, uploading confidential documents, and phone calls. Then suddenly they declined to do any business with me with the most off putting cold email that screams absolutely no care but for themselves. Not even a "Unfortunately..." "Sorry to inform you...". Like any startup, there may be freelancers working for me in other parts of the world. I've had a graphic designer in Ukraine, a writer in London and web developer in Vietnam. It's worked perfectly for us, and we even got to support a family in war torn Ukraine who were struggling badly. The mutual bank wants nothing of this and labels it as "high risk". I'm trying not to laugh here.. When I pay someone with MY money, the risk is on ME and is why I use legal contracts and my own due diligence! This must be new to the Mutual! They have the mentality that its THEIR money, which is no surprise since when you put YOUR money into any account, they are basically running off with it pretending it's theirs and doing whatever they want with it to make even more money. On top of that a lot of these banks sell off your private transaction data to the highest bidder. Basically the definition of a parasitic relationship. In summary, dinosaur banking at its finest with attitude, no overseas payments allowed and god forbid as the other reviewer said DON'T DARE trade or invest in a managed fund that has a single cryptocurrency!
Awesome serviceThe mutual is not a bank, it's a community where you're not a number, you're treated like a person. Not just a business but a warm individualised service. Thank you Mutual Show details · 1
Don't waste your timeContacted The Mutual call centre in late September 2023 and specifically asked:
What is The Mutual policy on sending money to crypto currency exchanges?
If The Mutual allows funds to be sent to a crypto currency exchange, will The Mutual hold my funds "for my protection" for any period of time, thus preventing me from taking advantages of market dips?
Does The Mutual offer SMSF accounts?
All questions are incredibly clear and straight forward. There was no confusion. I spoke at length to [Name Removed] who advised that The Mutual does not cur... Read morerently have a cryptocurrency policy, however that may change in future (to be expected) and that they may hold the first transaction to an exchange however the fraud team would immediately contact and verify it was me that made the transaction (again, this practice is to be expected). [Name Removed] also advised The Mutual does not offer SMSF accounts however they do offer business accounts that can be opened in the name of the SMSF. After confirming with my SMSF advisor this is acceptable I spent time opening an account, scanning and supplying various SMSF documents including documents that contain very personal identity information. Through multiple unnecessary phone calls - all with [Name Removed] - I was repeatedly advised if anything was missing or outstanding or if they had questions, she would send me an email. In November [Name Removed] started phoning during business hours, at which time I was unable to answer the call. I believed she would send me an email with the purpose of the call. No email came, a week later [Name Removed] phoned again. Taking time out of work I phoned back and spoke to another person who couldn't advise why [Name Removed] was calling, so I asked them to email any questions. I was then advised The Mutual staff are unable to email customers, so what I had been advised was wrong. Told I specifically needed to speak to [Name Removed], I called back only to be told [Name Removed] wasn't available. The staff member who answered the call attempted to find out why it had been 2 months and the business account for the SMSF had still not been opened. She called through to the "account approval team" only to return with numerous questions about how the SMSF fund would be purchasing shares and what shares we would be investing in. Despite not understanding what business it is of the bank what shares we decide to invest our own SELF MANAGED super in I answered all the questions. She then offered to have someone from the accounts team call us, but when I questioned when this would be she offered to call through again. When she returned she then asked if we intended on using the SMSF to invest in crypto. I advised the SMSF investment plan contains a small % of crypto investment, this had been made clear from prior to trying to open an account. Again, the staff member speaks to the accounts team - who clearly are too precious and wimpy to discuss this issue with me directly - only to return again and initially advise that we would be unable to withdraw more than $10,000 per month, but when I questioned this policy the story changed to "The Mutual doesn't want to open an account where crypto currency will be purchased". Thanks to The Mutual for wasting 2 months of my time and literally lying to me from the very first phone call, it gives me great comfort that such a useless organisation is now in the possession of the personal details of the members of my SMSF Trust.
An amazing Bank and great staffHi
Buying our first house was exciting although also overwhelming, As first home buyers lenders Kate & Aleisha at East Maitland branch were terrific in explaining not only the home loan application and being able to place us in the first home buyer scheme.
From initial interview to settlement they were always available to answer any questions making the process so much easier. The customer service at the branch is great for any banking needs with friendly and helpful staff.
Happily to say we now fully bank with the Mutual now Show details · 1
Customer service and the mutual bankCustomer Service is Obviously important to the Mutual Bank as you can still speak with people as well as use digital service. So good to have the option. Well done Show details · 1
Why change perfectionAmazing customer service and professionalism at the Dungog branch. Debbie has look after myself and my mother now for years. Show details · 1
One of the Better onesBeen with them for decades and can't fault them, and their diligence in monitoring on-line fraud is easily the best in class! Phone calls have always been handled with absolute aplomb! Show details · 1
Great local banking serviceHave been with The Mutual for over 25 years, 2 mortgages, multiple accounts and have never had cause for complaint. Have found staff at all levels professional, efficient and courteous. Show details · 1
Really happyWhilst we are based interstate and that makes it mildly fiddly in terms of making deposits etc, The Mutual have been really reliable. Their banking app makes moving funds around very easy and although I've never physically been into a branch, the customer service over the phone as always been exceptional. Show details · 1
Long preferred main bank for usI have banked with the Mutual since they became a bank, and Phoenix Credit Union before that, for more than 40 years. Used the credit union when working for Tubemakers of Australia. Had many loans with them over the years, and always been happy with the personal service provided. The range of services and computer banking meet our needs in this age of technology today. A great organisation with which to deal. Show reply
Happy with The Mutual BankStaff are friendly and helpful, interest rates are competitive and there are still ATM'S in sensible locations. Those things are what I want. Show reply
Great Local BankWe have dealt with the mutual for the past 25 years and are very happy customers.
We use The Mutual for both our personal and our small business banking. Show details · 1
PERSONALISED SERVICEThe team are knowledgeable and professional and super friendly.
1000 stars out of 5 ! Show details · 1
Love The Mutual for all our banking needs!We changed to The Mutual Bank 2.5 years ago and have found personalised customer service to be the best! The Mutual has a great APP that even I can access quickly, and I find the availability of human staff a great asset at local branches or the phone... happy all round! Show details · 1
Friendly staff are always helpfulAll staff are friendly, helpful, makes banking at The Mutual real easy. Show reply
Questions & Answers
are there any of your branches in perth western australia
Hi Myra, Unfortunately we don't currently have any branches in WA. Our branches are located in NSW at the moment. A full list of their locations can be found here external link ... Read more/contact-us/. Our friendly contact centre is happy assist you over the phone on 1300 688 825. Thanks, Lauren
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