UBank Security
Posted March 1st, 2010
and last modified August 23rd, 2010
If there is anyone out there who is feeling confused or concerned about the recent money laundering laws that have been introduced, then you could do worse than to have a look at the policies of UBank, and the security procedures they have put into place to protect both you, the consumer, and the bank itself.
UBank Security is a fantastic facility for anyone concerned about the new laws regarding money laundering. The new money laundering laws have been put in place to make sure that people operating within the financial services industry are protected against any possible action from money laundering and the financing of terrorism, and this is done by taking security-based action.
Everyone is affected by this because any bank such as UBank needs to identify you prior to offering any of their professional services. They must meet the standards set by the government of Australia.
UBank Savings Account Comparison:
| Savings Account | Account Details | Variable Rate p.a. | Base Rate p.a. | Intro Rate p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
 UBank USaver |
A secure high interest online savings account featuring the USaver rate assurance |
6.51% | 6.01% | 0.50% | FREE | $0/$0 |
 
|
|
USaver Reach |
Reach your savings goals faster with market-leading interest rates. Designed for 18-29 year olds |
6.51% | 6.51% | 0% | FREE | $0-5000/$0 |
|
UBank Term Deposit Account:
| Term Deposit | 1 Month | 3 Month | 4 Month | 6 Month | 12 Month | 24 Month | 36 Month | 60 Month | Min Deposit | |
|---|---|---|---|---|---|---|---|---|---|---|
|
UBank Term Deposit |
3.36% | 5.61% | 6.41% | 6.01% | $1000 |
|
UBank Security verification process
UBank Security procedure dictates that you can be recognised electronically from public domain databases. If this is not achievable then they will be able to do this by taking further action, such as you providing your own identification. However, if you are already a customer at UBank then you will not really come under too much scrutiny from the UBank Security process. They will simply be able to view your existing bank account for verification purposes. For self-managed super funds you may have to submit further documents with details of trustees.
Who will verify my documents?
Your documents can be verified by many and varied people who hold a good standing in the community. Examples of these are, someone who is a member of the supreme court, such as a judge, a chief executive of a Commonwealth court, some sort of registrar within the courts. You could also use a police officer or someone from the Australian Postal service who has accrued a suitable number of years experience with the company. This list goes on, and you can always ask the bank for confirmation of whether or not someone qualifies as a bona fide verifier of these documents.
Will my identity be protected?
UBank will of course recognise the importance of protecting your identity. Your privacy is valued very highly by them and you will only be able to access your money through them after some very stringent security processes have been verified. Your identity will always be confirmed through their secret question and answer policy and your personal information is always secure.
I hope this has been of use to anyone who is concerned by the new laws governing anti-laundering, the best bet is always to proceed with caution!
Related posts:
Show Comment Form
Editor's Choice: Our Top Credit Cards
HSBC Credit Card
0% for 6 months Balance Transfer & No Annual Fee
Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.
Suncorp Clear Options Standard Visa Card