UBS
Reviews and Complaints
www.ubs.com
Huntley Nou
San Diego, California
Dog and Pony show.
We interviewed with the San Diego office of UBS and got the biggest Dog and Pony show known to man. Three guys telling us how wonderful they were and we would be well advised to put our life savings with them. We explained everything to all three, two of which we have never seen again. The handling officer is full of every excuse you can think of. Three years ago we moved just under $500,000.00 to UBS. They were going to invest in a great and sound strategy. The NYSE was at about 10,500 at the time. It has since moved up a little under 30%. Our accounts are just a little over what they were when moved. Having spent 35 years in the banking industry I have acquired some knowledge of the way things work. All I got was a complaint from the handling officer that I was harassing him. That my emails of concern would get him in trouble with his boss. I would strongly suggest that everyone give strong consideration to performance before they move anything to these people. They appear to be inept at best. They also don't give a good hoot about their customers. However, they are quick to make 50 trades a week and take their 2% management fee every year.
1 comment
Kyair Ywt
Southampton, Pennsylvania
UBS RIP-OFF LIARS
I invested with UBS, and was told I could get into structured products. They said, worst case scenario was, I could get no interest but, the base was safe. If the product went above or below a certain amount, no interest was given. They put the money in UBS and Lehman Brothers. When LB went belly up, I lost all my money there, and received no interest in the UBS ones but, at least for those I got my money back. The other investments they put me into, overall lost money. Anyone thinking of investing with this company, should think twice. They might has some good people working for them but, I've only dealt with liars, and poor managers.It's safe to say, I and the other people who went to them at the same time, ALL have taking their money out of there!
Loss:
$38000
3 comments
Niomi Pqn
Briarcliff Manor, New York
Horrendous Fees
I have had a small account ($2,200ish) with UBS for 13 years. For the first 12 years the annual fee was around $75. Last year it jumped to $170, taking all but $30 of the account's appreciation. I called and appealed the excessive fee. My appeal was denied. I was told I needed to have $70,000 in the account if I wanted a fee reduction. Would I trust them with that amount of money after this? No way! I said I wanted to withdraw the money and was told I would have to pay ANOTHER $170 to get the money out. Those people are thieves.
Loss:
$340
Anonymous
San Diego, California
Concerned Investor
I had a significant amount of money that was moved from another firm when my broker joined UBS before the crash. During the crash my broker never called me for 2-3 years while my portfolio moved worse than the market. Last year my UBS broker called and recommended me to cash out when the Dow was around 13800. Two months later he left UBS and moved to another firm. While my money sat in cash UBS continued to charge me 1% fee. I finally moved my portfolio to another firm and was charged another $95 to close my roll over IRA. I would highly recommend anyone utilizing UBS either as a bank over investment firm to reconsider and look elsewhere.
Anonymous
Sunnyvale, California
$450 for one trade
My company Employee purchase stock - transferred my employee stock to online services. To see 350 shares they charged a $450 fee. If I sell at fidelity or charles schwab it is $10. This company is a RIP OFF do not use UBS for stock trading and probably anything else. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - -
Loss:
$440
Kristeena Stt
New Orleans, Louisiana
Fees on IRA account
i noticed the $170 fee to my small account for my son (UTMA of LA IRA account) i asked to roll it to another account and was charge $170 for six (6) weeks of account for this year. i filed a formal complaint and request for refund and was denied. $170 fee for SIX WEEKS of account. mace -------------------------------------------------- i noticed the $170 fee to my small account for my son (UTMA of LA IRA account) i asked to roll it to another account and was charge $170 for six (6) weeks of account for this year. i filed a formal complaint and request for refund and was denied. $170 fee for SIX WEEKS of account. mace
Loss:
$170
Anonymous
Portsmouth, Virginia
IRA
5 years ago I had a small 401k account rolled over to IRA. I called the financial advisor my Aunt recommended to put me in a good position. The man said no problem. We can definitely do this. Five years later I decided to see how the IRA was doing. The *** never invested the money in mutual funds that we agreed on and I was charged $170 a year for money just sitting there not doing anything. I guess I'm the *** for thinking UBS was a firm you could trust! I hope these messages get through to them and know if this were to happen to them. How would they feel.
Loss:
$850
Anonymous
London, England
UBS is a horrible bank
I am waiting for a refund from lady who has account in UBS Switzerland. She refund the money on 18th August and it is 09th September and I still have not received a penny. She sent me a copy of the receipt from UBS that they have transferred the money on 18th August, so I know that she does not lie but UBS refuse to investigate why the money has not been delivered to my HSBC bank. I have called them and they keep telling me that you are not our client so we can not tell you anuy details and when she (their client) call them, they keep telling her, the mony should be in HSBC!!!! UBS is irresponsible with poor management.
1 comment
Anonymous
San Diego, California
UBS customer service
My mom passed away in Nov 2011. I retained an attorney and prepared proper documentation to dissolve her account and have the balance mailed to me. In January of 2012 they acknowledge receiving the documents I reviewed they had them all over the phone and it would be sent to the department to process the documents. I call them back repeatedly bi-weekly for status. No one in the department is available and I will get a call back. The person from customer service ca not determine where they are in paper work process. I way patiently. No call back seven weeks later I call and ask they told me the lost the paper work and to fax it again. I ask to speak to supervisor they are not available. I get a call back my paper work has been found and I should call back Monday to tell them exactly what I would like them to do with my account. My wishes are written up by my attorney yeti have to tell them verbally. If i have this much run around to do this simple task a feel sorry for people who think these people are capable of managing their money. Soon to be ex-customer.
1 comment
mezhi
Tournai, Hainaut
Imposed unauthorized service fee
I have UBS account for a few years. Recently they played an old fashion trick with my account. UBS sent a letter stating that the account will be converted from one form to another and it will be $70 service fee. To avoid fee the customer has to call and request to convert it to a form without a service fee. If customer does NOT call within specified time, then by default the account will be converted to account with service fee. The trick counts that many people will overlook and will NOT call, so the bank will assess service fee for as long as people are unaware. I recommend to stay away from companies who play these games
Loss:
$240
vigorito V
New Haven, Connecticut
UBS caused my family to lose $1.6 million
We invested with UBS many years ago. They totally mismanaged our account, but refused to make things right.
We fought them in arbitration and in the courts for 10 years, and lost. It's not easy fighting a bully. They had our portfolio 90% invested in Worldcom and other tech stocks, even after we retired and needed safer investments. They just kept saying "don't sell, buy more, it will go back up.
It went from $95 per share to bankruptcy. Even when it hit $5, they said to buy more.
We never even received an apology. I would never advise anyone to trust their investments with UBS.
2 comments
Anonymous
Reston, Virginia
UBS Corporate Responsibility???
UBS... Corporate Responsibility... I complained to UBS about their Providence Office hiring RI Sen. Stephen Alves as a Vice President of Investments due to his checkered past and involvement with known financial felons (Todd LaScola and Brian Sarrault) over 5 years ago. He retaliated by filing a lawsuit against my brother and me for Libel to try to silence me for writing letters to the Editor criticizing his less-than-aboveboard activities. I guess he doesn't believe in the First Amendment. See His Original Filing: (www.courts.state.ri.us/superior/pdf/01-1030.pdf) Fortunately, after a long protracted legal battle in which he filed 19 specious motions and vehemently refused to got to trial, the RI Supreme Court ruled in our favor and declared it a SLAPP Suit. He was ordered to pay $35,000 in legal fees out of our total cost of $109,000. See the Supreme Court Ruling(http://www.courts.state.ri.us/supreme/pdf-files/03-181.pdf) UBS later terminated his employment and tried to distance themselves from Sen. Alves after the FBI set up camp in ther Providence office during an investigation of state corruption and his allegedly chronic illegal activities. They 'punished' him with a $650,000 severence package (total compensation over $3,000,000) and was allowed to keep his bookings. So for over $3,000,000 UBS received absolutely nothing for his 5 years of employment but a black eye. See Operation Dollar Bill (Political Corruption): http://www.projo.com/news/content/Celona4_02-0*-**_*A483A8.1965a9d.html When I again complained that he was in their employ during the lawsuit, and the fact that they had enabled and embolden him, they turned the other cheek and refused to accept responsibilty for his actions, which cost me over a $100,000 to defend myself from his idiocy. They responded with a 'form' letter stating that "... they determined that my issues pertain mostly to elements outside of this firm". Really now... What about the feduciary responsibility to their shareholders? Can they can simply waste over $3,000,000 on a known financial hoodlum then walk away from their mistake? They can't say they didn't know of his past... Because I told them. The only reason they hired him in the first place, was to capitalize on his position as Chair of the Senate Finance Committee and funnel state and municipal dollars to their coffers. They appeared more interested in the money, than in the journey it took getting to them. During his tenure as the Chair of the West Warwick Municipal Pension Fund, he turned over financial management of the fund to UBS. The pension fund, which was completely solvent before he assumed stewardship, now has a $53,000,000 unfunded liability. He received a nice commission check and a job at UBS for his trouble in steering the business in their direction. West Warwick has now unhitched their UBS wagon and is beginning to move towards solvency with Bank of America oversight. In a statement declaring their corporate culture, UBS Chairman Marcel Ospel states... "...We are continually checking the expectations our stakeholders have with regard to our conduct. These expectations are high and some patience is probably necessary. Progress can not be simply decreed from the top of a company. Responsible behaviour is ultimately driven by our employees, our culture and our values". Do you agree that his tenet is being followed? This is an example of responsible corporate behavior and what UBS should have done... Blue Cross & Blue Shield of Rhode Island avoided criminal corruption charges yesterday by taking responsibility for the actions of its former executives in corrupting politicians, and agreeing to pay $20 million to promote affordable health care in Rhode Island. See full text in the ProJo 12-14-2007: http://www.projo.com/news/content/Op_Dollar_Bill_14_12-**-**_ED88O22_v12.262****.html To view other instances of Sen. Alves unethical and bad behavior: Sen. Alves & A. Duie Pyle Tax Incentive Bill (Extortion): http://www.projo.com/news/politics/content/alves_subpoenas_10-05-07_BK7CQQ8.34b8f4b.html FBI Investigation of Questionable $100,000 Payout (Fraud): http://www.projo.com/news/content/Union15_04-**-**_MS58GNN.315a003.html Tempers Flare in West Warwick (Disorderly Conduct): http://www.projo.com/news/content/WB_wwruckus21_1*-**-**_863GBP7.3051e53.html West Warwick Pension Fund in Toilet for $53,000,000 (Abuse of Power): http://www.projo.com/ri/westwarwick/content/projo_2006****_ww8open.1ce95fdc.html Or see the complete history of the 'Poster Boy for Bad Behavior' (Incidentally, this is not my Web site.): www.AlvesSucks.com All I can say... If your looking to do business with UBS... Beware. They don't care who they hire, or what they do, as long as they bring in the money. Just Sign me... 'Screwed by UBS'. Bill Palazzo 401-480-****
estieddie G
UBS Financial Services: Avoid dealing with them!!!
About ten years ago I purchased Intel stock through Paine, Webber, based on the recommendation of my Paine Webber broker –who unfortunately died a few years ago. I held the stock as an investment, and did quite well in that regard.
Last year UBS Financial Services, successor to Paine, Webber, deducted a “dormant account fee” from the account, that they claimed was payable on inactive accounts. As a result, at the close of this fiscal year I called my UBS branch and asked that my shares of Intel stock be liquidated. My request was passed to local (Cleveland, OH) UBS agent, Brian Janice, who acknowledged the request, but offered no advice. An incredible $770.03 UBS commission was deducted from the proceeds, along with an additional $6.78 for “other Fees and Charges”. My first appraisal of the so-called commission was in the sale confirmation report reflecting the trade.
No one was able to tell me how the commission had been calculated, and while Mr. Janice’s superior, Steve Miles, acknowledged that the amount charged was high, considering that Janice had neither offered advice nor provided any special service regarding the liquidation, UBS refused to even consider making any adjustment.
After I wrote to express my dismay, a reply was sent to me by a UBS executive, Bruce Castillo declaring the amount of commission to be “competitive to firms similar to this one”. His letter points out that “commission amounts could have been obtained from your former Financial Advisor prior to the order being placed.” He's right, of course, but I would never have expected that kind of commission without a warning by "my" broker! His silence spoke volumes about UBS philosophy regarding its investing public!
But what really amazes me is that UBS obviously doesn’t care: One expects to pay a commission when buying or selling, but $770 for doing practically NOTHING borders on unethical!
My advice: use another brokerage, one that gives service and tries to retain your custom. UBS Financial guys can’t be trusted….,.
Last year UBS Financial Services, successor to Paine, Webber, deducted a “dormant account fee” from the account, that they claimed was payable on inactive accounts. As a result, at the close of this fiscal year I called my UBS branch and asked that my shares of Intel stock be liquidated. My request was passed to local (Cleveland, OH) UBS agent, Brian Janice, who acknowledged the request, but offered no advice. An incredible $770.03 UBS commission was deducted from the proceeds, along with an additional $6.78 for “other Fees and Charges”. My first appraisal of the so-called commission was in the sale confirmation report reflecting the trade.
No one was able to tell me how the commission had been calculated, and while Mr. Janice’s superior, Steve Miles, acknowledged that the amount charged was high, considering that Janice had neither offered advice nor provided any special service regarding the liquidation, UBS refused to even consider making any adjustment.
After I wrote to express my dismay, a reply was sent to me by a UBS executive, Bruce Castillo declaring the amount of commission to be “competitive to firms similar to this one”. His letter points out that “commission amounts could have been obtained from your former Financial Advisor prior to the order being placed.” He's right, of course, but I would never have expected that kind of commission without a warning by "my" broker! His silence spoke volumes about UBS philosophy regarding its investing public!
But what really amazes me is that UBS obviously doesn’t care: One expects to pay a commission when buying or selling, but $770 for doing practically NOTHING borders on unethical!
My advice: use another brokerage, one that gives service and tries to retain your custom. UBS Financial guys can’t be trusted….,.
5 comments
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totally agree. i'm having the WORST experience with this jerks trying to close my account.
they lie and are negligent, and they all (talked to many) think they are doing the best freaking job. what a horrendous attitude.
DO NOT PUT YOUR MONEY WITH UBS.