Last gripe on Rabo

none

OK, here we go again. They finally made me leave.

I did complain about their service before but now I think that's the most ignorant and incompetent finacial institution in Ireland. Before they locked my account without notifying me, explaining or even admitting it which is a crime for an Internet bank where the Internet access is the only way to use your account.

They also never replied to my emails which is, again, an offence against humanity considering that they operate only in the Internet and email is the main communication method for the Internet in general and their site in particular.

I kept a few grand there but I was a bit nervous, to be honest, even despite their (in)famous "Ireland's Only AAA Rated Bank" slogan on the front page. But then I tried wiring a few more grand to my account and, well, as expected, they screwed it up again.

I'm not sure what the technical difference is between SEPA and SWIFT but apparently this is critical for Rabo. I always thought that SEPA is not a technical term at all, it's just an agreement, or initiative, as Wikipedia puts is, which has nothing to do with underlying technicalities. I know that SWIFT is a financial network but I also know that there are a few technical interfaces/protocols generally referred to as SWIFT.

So I thought they (SEPA and SWIFT) are not mutually exclusive because they're basically in different domains. But Rabo said that my payment hasn't reached me probably because it was sent by SWIFT rather than SEPA. And they said this only when the sending bank in Germany told me that they got the payment back after almost two weeks of trying to get to to my Rabo account because "payment cannot be credited to client's account". So neither the German bank nor Rabo could tell me anything for almost two weeks despite my constant queries why it's all taking so long. When I finally got the message from the Germans, I pressed Rabo and they gave me that marvel (that my payment hasn't reached me probably because it was sent by SWIFT rather than SEPA). They again never admitted that there were any attempts to transfer money to my account but they did confirm that IBAN and BIC the German bank was using were correct.

So my first question is - If another bank in Euro zone transfers Euro payment to my Irish account using IBAN and BIC, do they need to use some "SEPA system" or it's just another lie from Rabo? I may note that I got previously money from the same German bank to my Ulster bank account without a glitch using only IBAN and BIC but it didn't work with Rabo.

And my second question is - If there's an incoming money transfer to some account with correct IBAN and BIC but it fails due to some reason, would there be any logs/records in the receiving bank about that? Rabo denied they had any records of two weeks of failed attempts to transfer money to my account and even suggested the German bank might be sending it to Utrecht (!!) rather than Dublin. I know that's where their headquarters is but isn't it obvious that my Irish IBAN and BIC can't lead to Utrecht even in the wildest dreams of a novice hacker?

In any case, I'm waiting for opening my Halifax account and then - bye-bye, Rabodefect.

chris85

none wrote: »

In any case, I'm waiting for opening my Halifax account and then - bye-bye, Rabodefect.

halifax will be as bad in my opinion... also they are probably getting out of ireland in few months as has been in papers recently. they are terrible at replying if there is a problem and nothing special about them.

ive bit of experience dealing with them in my job and they are useless, seriously bad.

none

chris85 wrote: »

halifax will be as bad in my opinion... also they are probably getting out of ireland in few months as has been in papers recently. they are terrible at replying if there is a problem and nothing special about them.

ive bit of experience dealing with them in my job and they are useless, seriously bad.

But can they (or their savings accounts, to be accurate) accept foreign payments just by IBAN and BIC? I know there're rumours they leave but hope they won't take our money with them. By the way, when I filled their online application for a savings account, I got a call next day with advises how to proceed. I know they're all interested in you until you're on their hook but Rabo have shown no interest at all during last three years and about a dozen of communications.

And anybody can enlighten me on the above two questions, please?

BuffyBot

Yes, the stanard savings accounts have a BIC and IBAN, you should be able to transfer to them without a problem..

none

BuffyBot wrote: »

Yes, the stanard savings accounts have a BIC and IBAN, you should be able to transfer to them without a problem..

You see, I've yet to find a bank account in Ireland without IBAN/BIC, still, Rabo claims this combination in itself is not sufficient to be open for foreign transfers. Rabo is the last source I would trust but since I'm not a profi here I want experts' opinion.

homer911

I must say I've never had a problem with them and they always reply promptly to my emails

Is this the first time you have transferred money to Germany from Rabo?

100gSoma

chris85 wrote: »

halifax will be as bad in my opinion... also they are probably getting out of ireland in few months as has been in papers recently.

got a source for this? last I heard they were staying. also, in my personal experience, I had a problem with an overdraft facility with Halifax. I complained and the situation was handled by their customer care department in one working day with a lot of follow up to make sure I was satisfied with their handling of it and the outcome. They seem to have a very rigid customer support system in place. I was very impressed. Although having moved from one of the big two that was not a difficult thing to be impressed.

chris85

100gSoma wrote: »

got a source for this? last I heard they were staying. also, in my personal experience, I had a problem with an overdraft facility with Halifax. I complained and the situation was handled by their customer care department in one working day with a lot of follow up to make sure I was satisfied with their handling of it and the outcome. They seem to have a very rigid customer support system in place. I was very impressed. Although having moved from one of the big two that was not a difficult thing to be impressed.

They have been told they need to get out, its common knowledge this is happening. They are in dire straits here due to very risky lending, giving too much credit to the wrong people.

http://www.tribune.ie/article/2009/jul/19/brits-out-and-it-seems-they-cant-leave-quick-enoug/

Anyways i basically deal with them every day and they are a nightmare. Dont want to say much more here but would just not recommend them at all.

You are with one of the big two? Its big 4 here.. AIB, BOI, PTSB and UB. all big in the market

none

homer911 wrote: »

I must say I've never had a problem with them and they always reply promptly to my emails
Is this the first time you have transferred money to Germany from Rabo?

It is from Germany to Rabo. Yes, first time. And last. From AIB transfers seem fine, but not from abroad. Despite using valid IBAN/BIC combination. I never had any response/explanation/excuse from them. Wonder how I managed standing such a service for so long. I know it wasn't my main account, not even my second account but still having a few grand there indicates my serious intentions. And they don't give a damn.:cool:

homer911

none wrote: »

It is from Germany to Rabo. Yes, first time. And last. From AIB transfers seem fine, but not from abroad. Despite using valid IBAN/BIC combination. I never had any response/explanation/excuse from them. Wonder how I managed standing such a service for so long. I know it wasn't my main account, not even my second account but still having a few grand there indicates my serious intentions. And they don't give a damn.:cool:

If may be because Rabo are not directly part of the Irish bank's clearing system..

none

Anyone has actually closed their Rabo account? I see on their site they ask to fill some form and post it to them to effect the closure.

mel123

i have money in Rabo, sbould i be worried about it or not? to be honest i have not heard much about them, i was happy enough to leave my money there and earn good interest...now im worried????

BuffyBot

Why exactly would you be worried?

none

BuffyBot wrote: »

Why exactly would you be worried?

I'll tell you why I was worried.

1) They lock accounts once in a while. Without any apparent reason or notification. For an online bank that doesn't have physical branches it is a crime, in my opinion. After all, they themselves advertise the Internet as their main communication medium.

2) They don't reply to emails, neither they read them, I suspect, At least, they never confirmed they received my email complaints, let alone acted on them. So I had to call their apathetic customer care to beg to consider my plea and allow me using my account again. No excuses or explanation from their side. Not even an acknowledgement that they ever had any issues.

3) They advertise they accept Euro payments from Euro zone but I wasted two weeks and EUR25 while waiting for an incoming payment from Germany. It never arrived and they again never admitted or explained anything. And I lost EUR25 due to charges at the sending bank. By the way, Ulster Bank received that payment in two to three days.

4) And their interest is probably the worst around.

I didn't close my account yet only because Halifax is a bit slow with sending all required details for online access to their account. But I'm sure in the next week or two RaboDefect will be in my past only.

BuffyBot

..I wasn't talking to you. Unless your name is mel

homer911

none wrote: »

I'll tell you why I was worried.

1) They lock accounts once in a while. Without any apparent reason or notification. For an online bank that doesn't have physical branches it is a crime, in my opinion. After all, they themselves advertise the Internet as their main communication medium.

2) They don't reply to emails, neither they read them, I suspect, At least, they never confirmed they received my email complaints, let alone acted on them. So I had to call their apathetic customer care to beg to consider my plea and allow me using my account again. No excuses or explanation from their side. Not even an acknowledgement that they ever had any issues.

3) They advertise they accept Euro payments from Euro zone but I wasted two weeks and EUR25 while waiting for an incoming payment from Germany. It never arrived and they again never admitted or explained anything. And I lost EUR25 due to charges at the sending bank. By the way, Ulster Bank received that payment in two to three days.

4) And their interest is probably the worst around.

I didn't close my account yet only because Halifax is a bit slow with sending all required details for online access to their account. But I'm sure in the next week or two RaboDefect will be in my past only.

If you are so het up over it, write to Roel Van Vegel, the General Manager and look for a straight answer to your grievances. They love talking about openness and honesty - put them to the test.

(And then in the same spirit of openness, post the response here)

BTW, there is a reason why their rates are not the highest - they are officially the safest non-government owned bank in Europe - because of that they can still borrow money cheaply on the interbank market and dont need to pay over the top retail deposit rates at a time of negative inflation

RoadKillTs

I personally think Rabodirect are a very good bank to deal with. I think their business model is superb, their site is very secure and their customer service is excellent. I've never had an issue with them.

The one thing I would agree on is the interest rate. It's very low.
They keep going on and on about Rabodirect been the safest bank around. It means nothing at all when most of our banks are covered by the bank guarentee scheme.

Anglo Irish Bank have a regular saver account offering 5% and the money would be completely safe.

none

Honestly, I'm not interested in it anymore. I was and that's why I tried hard contacting them and finding out what's wrong and why, wrote them long, detailed emails. But I don't care about them anymore. Just wanted to warn other people what may happen. And that Roel Van Vegel, I don't know his email, but even if I did drop him a few lines, based on my experience, I'm very skeptical about receiving any response. The only thing I actually have no big problem with Rabo is their interest. I accept they're operating in a different environment than Irish banks so that's the price. Or trade-off. But I mentioned it because, however you look at it, it is very low and, thus, detrimental to the customers.

RaboDirect

My email address is roel.veggel@rabobank.com and I am happy to answer any emails sent through to me at this address.

I’d like to respond to some of the claims you have made about RaboDirect which are un true and an un fair reflection on us.

There’s a huge focus here at RaboDirect to offer exceptional customer service. Our Customer Contact Centre in Dublin works with very strict ratio’s on how and within what time frames we deal with any incoming calls or emails. We have set ourselves thresholds that 80% of calls need to be answered in 20 seconds and that at least 95% of incoming emails will be answered within 6 hours. We’re happy to say that we achieve these benchmarks consistently throughout the year.

Our accounts are online and accessible 24 hours a day, 7 days a week. Each customer is issued with a Digipass, the devise offers two factor authentication on account transactions. This two step process is based on something you know, your customer number and your pin code and something you physically have – your Digipass.

The most common reason that an account is blocked is often because the customer has used the wrong pin code to activate their Digipass or when they have not logged in for a while. It’s in our customers interests that we have these extra security measures in place. Almost all of our customers don’t mind that we have taken this initiative. Afterall, it’s your money we’re protecting.

The up-time on our system this year is almost 100%. When maintenance work is customer affecting and over a longer period, we advise our customers in advance. That has happened just once this year. All other essential maintenance work is done outside of our busiest periods.

I’m sorry to hear you are not happy with our service. You are, of course, completely free to choose with whom you do your banking business. But I do feel the picture you are painting of RaboDirect is not justified and not at all reflective of the service we offer our customers and how RaboDirect operates on a day to day basis.

Darragh

Hey folks, now that we've verified Roel's identity, we're happy to let this conversation continue.

Thanks

Darragh

none

RaboDirect (Roel) wrote: »

I’d like to respond to some of the claims you have made about RaboDirect which are un true and an un fair reflection on us.

Are you suggesting that what I said was "un true and an un fair", Roel? It seems like you're implying that...

dellas1979

I have an account with Rabo and have found them the finest to deal with.

But, may be Mr. Veggel should check out the claims that none is making (maybe PM him with details?) and find out what is actually going on? none seems genuniely uptight and upset about the service - it might be worth checking out? 2 sides to every story, right?

none

No, I'm actually not upset anymore. They've processed the closure request very fast and efficiently so I have no problems now :P But yes, all I said was indeed causing me some grievance before but now I'm pain-free. Perhaps, I was just an unlucky exception but it doesn't make it feel any better for me. Anyway, I hope it's really different for others