How reliable is Kent Reliance BS - looking for existing customer to reassure me!

NowVillager

Has anyone had experience of KRBS? I'm looking for reassurance as I'm a bit disconcerted by the experience so far. I should make clear up front that it is not my intention to undermine or criticise KRBS in any way, and if anyone can confirm there's nothing to worry about I'll be happy.

I recently applied for an online easy access account after seeing it advertised on this site in Top Savings Accounts.

I prefer building societies to banks for various reasons, including overall simplicity, mutual status and support from real people in my own country (I believe companies should employ people in the same markets as their customers). When I called with a couple of questions, I realised that in fact I was speaking to an offshore service centre in India. I've no complaints about the people I spoke to, who were perfectly polite, but it was a bit unexpected for a local building society. Nonetheless, I went ahead and applied.

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?

Secondly, although it's in theory an online account, it transpires that in practical terms you can't do much online apart from view balances - everything else you have to do in writing, so processes are slower and more manual than you might expect for an online account.

Thirdly, after the initial application I received an email instructing me to transfer my deposit to a central account number, ie BEFORE they open an account in my name and confirm the details to me. I haven't experienced this before and it felt risky. To date I have only received instructions/details by email and in the circumstances I'm not comfortable relying on that kind of communication as I'm not sure how much security it gives me if there should be problems down the line.

Finally, as the process and systems were starting to feel a bit shaky by comparison with other providers I decided to halt the application, ie before any money was transferred. I had received several emails prompting me to make a deposit, saying that if I didn't do it in x days they would close the application, and also saying to reply to the email to let them know if I didn't want to proceed. So I replied to their email and got another asking me to confirm some personal details, also by email, before they could do that. That worried me as most banks don't ask for personal information by email and it seems like poor information security on their part (not to mention being inconsistent with the previous instructions).

I'm considering speaking to their complaints team to highlight some of this as I don't know how else to clear it up.

Before I do, can anyone reassure me that actually this is all OK and they're safe and reliable?

Many thanks.

lolarentt

KRBS are fine!! I have had various investments with them on and off for many many years - ISAs when their rates are good, fixed term bonds etc. Never had any problems, whenever I've needed to ring staff have been super helpful. Transferred ISAs elsewhere when their rates weren't so good, again handled very efficiently. Can check investments online easily.

This transferring initial deposit to a central number to set up account is standard, again I've done this without problem, they then set up account from this. If you're concerned over this point just make the initial deposit small and then transfer the bulk when the details are confirmed

I think this is a case where smaller is better, I would heartily recommend them (and I don't even live in Kent)!!

k9oky

Call centre in India. Can't stand them due to having to write a letter to them to close my account. Can look at statement online but can not withdraw not good! and they paid by bacs 3-5 working days so all in all it cost me over a weeks interest - in this day and age it's not good.

grey_gym_sock

i once had an ISA with them, with no problems.

you're right to be cautious about relying on emails for any important info. e.g. i wouldn't want to send money to an account number which i had only be told about via email, unless i'd first confirmed it in some way, perhaps on their website. email is fine just to tell you what stage your application is reached.

on their mutual status, it's currently a half-way house, but i think there's no way back now, and it will end up as entirely non-mutual.

so it's not really a building society, and not really in kent (for the call centre - though it does have branches).

lolarentt

Call centre wasn't in India when I last spoke to them, but that could have been 2 or 3 years ago. I've recently persuaded my father in law to invest with them as well

k9oky

It's definitely Indian call centre - it's also the worst building society I have dealt with - they need to upgrade their online banking . If it's a 1 year fixed product your looking at remember it takes time and loss of interest due to you having to write a letter and them paying 3-5 working days bacs to get your money out which made my 3.16% 1 year bonus(fall off) instant access 1.5/52 less interest.

Here is their telephone: 0845 122 0022, it is 100% a call centre based in India.

I withdrew on this date: Termination date (confirmed): 09/07/2012

My notes on the account:

"NEVER BANK WITH THESE EVER AGAIN AS YOU HAVE TO WRITE A DAMN LETTER TO THEM TO WITHDRAW AS THEIR ONLINE SYSTEM HAS NO FUNCTIONALITY TO WITHDRAW MONEY THEREFORE TAKES AGES SINCE THEY ONLY USE BACS AS WELL SO NO FASTER PAYMENTS EITHER"

Out of all the banks I'm banking with this is the only one with a bad complaint.

NowVillager

Thanks to all of you for the quick replies; that was really helpful. Good to hear there are others out there who are happy with them but I'm still feeling cautious so I'll continue with my cancellation and maybe reconsider once they've improved their online systems to a more practical level.

grey_gym_sock

i had no trouble closing my account, but that may only because it was an ISA transfer out, so i contacted the new provider and let them get on with it.

Mrs_Arcanum

The majority of our Shared owners have mortgages with Kent Reliance if that is any help.

Stompa

lolarentt wrote: »

Call centre wasn't in India when I last spoke to them...

FWIW:

http://www.kentonline.co.uk/kent_business/home/2012/july/19/kent_reliance_to_review_india.aspx

mickW_2

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.