How reliable is Kent Reliance BS - looking for existing customer to reassure me!
Comments
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NowVillager wrote: »....
I have since learned that although in the UK it's not linked to any other brands as far as UK savings protection is concerned, it's part of a bank partly owned by a private equity firm looking for a foothold in this market - so not really the building society / mutual status I understood either. Presumably they're intending to demutualise/float it in the next 2-3 years once they've built up the customer base and markets are more stable?
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It's already been demutualised. I believe that what happened was that the old Kent Reliance Building Society was sold to a bank which now trades as 'Kent Reliance', but that ownership of the bank is split between some US private equity firm and a provident society (?) which is owned by the former members of the KBS.
It was supposed to be a way of 'preserving mutuality' whilst getting a big capital injections (which apparently the old KBS needed); but it's clearly not a mutual if you're a new customer and don't have a stake in the provident sociiety.0 -
NowVillager wrote: ».... but I'm still feeling cautious so I'll continue with my cancellation ....
Seems you had a lucky escape.:beer:
see here > http://en.wikipedia.org/wiki/Kent_Reliance_Building_SocietyThe KRBS Group employed significantly more staff in India than it did in the UK,[9] as a result KRBS had the lowest costs (as a percentage of assets) of any UK building society"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
Recently opened a 3.2% direct saver account at what I thought was a UK building society. Well they emailed to pay a deposit with a sort code and account number. A dposit was transferred direct by bacs from my bank. My building society then transferred a further £7000 to what I thought was my new account , however, it turned out to be a 'holding' account for Kent Reliance . 10 days and several phone calls which all go to an Indian call centre the money is still missing. All they could say they had the initial deposit but not the £7000. My building society could not recall the payment. The staff at the Indian call centre kept putting me on hold, promising to call back which they did NOT. Threatened to go to the Financial Ombudsman to complain and have since had a call from staff in the UK HURRAY ! They are now going to check that the £7000 is in the holding account and will transfer it to my new savings. I have had sleepless nights wondering where my £7000 had gone. Am still complaining to the FSA. The staff in the Indian call centre are ok for telling you your balance but havn't a clue how to deal with a problem. I might as well have been talking to my cat.
Agree absolutely!!0 -
KRBS were good as a building society but then went through the sham demutualisation after which I bailed out because the writing was on the wall. Not surprised to hear about the outsourcing to India.0
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I would not recommend this organisation to anyone!
I first invested savings with Kent Reliance in 2007. Back then they appeared efficient, people were contactable, I was a happy customer.
I recently wrote to KRBS to withdraw an amount from my account.
The reply I received stated a cheque had been sent under separate cover. When no cheque arrived I called KRBS Customer Services. I was put on hold while they investigated then I was informed a cheque would be with me in 2-3 days.
After my 3rd call, same routine and still no cheque, I lodged a complaint with KRBS, finally, some 21 days after the original letter I got my money!
Customer Services are useless they will tell you what they think you want to hear, there is no attempt to resolve customer problems and you cannot get past them to speak to a responsible person. Making a complaint is the only way to circumvent the system.0 -
It's already been demutualised. I believe that what happened was that the old Kent Reliance Building Society was sold to a bank which now trades as 'Kent Reliance', but that ownership of the bank is split between some US private equity firm and a provident society (?) which is owned by the former members of the KBS.
It was supposed to be a way of 'preserving mutuality' whilst getting a big capital injections (which apparently the old KBS needed); but it's clearly not a mutual if you're a new customer and don't have a stake in the provident sociiety.
All true. I'd pointed out at the time of the vote that the likely outcome would be that there would be no mutual ownership once the private equity kicked in. Was told by Chief Exec that I was scaremongering but that is what has happened - actual % of KRBS owned by members is well below that owned by JC Flowers and may even be as low as 10% now with JC Flowers (Private equity) owning the other 90%.
A mutual? Maybe in name but not in reality.Remember the saying: if it looks too good to be true it almost certainly is.0 -
I've just placed £10k on deposit with KR.
The story so far.
1) I enter my details online.
2) I receive confirmation that they have accepted my details.
3) I am asked to deposit funds to a nominal account.
4) I transfer funds as advised.
After that it has all gone quiet. No e-mail confirmation that they have received my funds. No confirmation of my true bank details.
I've then found this thread and thought I wish I never got involved with KR, especially after hearing I can't move funds out of my account using online banking.
Should I be worried.0 -
No reason to worry if your deposit is less than £85K since they are a member of the FSCS scheme.
Their processes and systems are a bit quaint, seems they haven't quite entered the internet age. You probably get better service in a branch or on the phone. But there is nothing inherently bad about them or wrong with them. They do sometimes have market leading offerings, just not necessarily with 21st century processes.0 -
Thanks. Is it still the case that you have to write them a letter if you want to take funds out of the account?0
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Probably. Depends on the terms of your account.
I am a bit baffled that you deposited £10K into somewhere without having familiarised yourself with the T&Cs first. Seems you are lucky you met KRBS rather than some scamsters.0
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