Review on UBS by Bruce Saywon
Warning re: UBS bank and fdic info being given by phone reps
In the past, I was a very pleased with UBS Bank services and phone service agents. This afternoon, I had to call for service as my online account access was blocked due to no contact for "quite a while". It took two calls to get the access unlocked. Both service agents were courteous. However, during the conversation, the first rep called mentioned that each of my accounts was FDIC insured for the $250 k amount. I have several accounts with UBS including CDs, checking and savings accounts. The total for all accounts is more than $250 k. All accounts have identical account ownership. I mentioned to rep one that I thought that he was in error and that I was partially uninsured. No, rep one was very certain. The dialog continued and then he reread a "Guide" he had, out loud to me, and then when parsing the words and more dialog, he recanted his prior statements that all of my six accounts had $250 k each for a total of 1.5 million dollars. Later, still working on the lockout, I had to call UBS again to resolve the problem. Rep 2 did accomplish the unlock, and I asked rep 2 how much FDIC insurance coverage did I have, and he came back with the same initial response as rep 1 - $250 k for each of my six identically registered accounts. I suggested a different interpretation, but unlike rep 1, rep 2 stayed firm and mentioned that the FDIC had a worksheet I could run. End if UBS contacts. I ran the FDIC tool and yes, I was uninsured for all amounts greater than $250 k. Just to make sure, I called the FDIC and that rep confirmed that the worksheet was correct.
Bottom Line for readers with accounts at UBS with amounts greater than $250 total - I recommend that you confirm your FDIC insurance coverage with the FDIC worksheet and a call to the FDIC if necessary. Granted a sample of two account reps at UBS this afternoon is just two, but there is a problem there at UBS - 2 for 2 misstatements re: FDIC coverage.
Be aware!
ο»Ώ
Pros
- Upright demand deposit brainchild
Cons
- Hideous national bank represent
- Disturbing billing date motivation
