Al Rayan Bank _avoid at all costs.

Solwayboy

About a month ago, I put a fair sum into this banks instant access account because it was the highest payer at around 1.6 %. Within a week I received confirmation of this and later, details of how to set up internet access. I then sent a cheque (remember those) for a larger sum. Using the details provided, I accessed my account and as required changed the security details. Subsequently when I went to check whether this new deposit was in my account, I could not gain access via the details I had recorded of my security accesss. Thinking I had made a mistake I rang for a new password. After 30 mins I eventually get through and am advised that a new password will be sent. I also enquire about. The new deposit and am advised it hasn’t been received yet - despite it bing sent days earlier. I am now concerned. A week later when no password has arrived I spend an hour on the phone before reaching someone who advises that a new password takes ten days. I check about my further large deposit and am advised that it has been received. Fourteen days pass since a requested a new password and it still hasn’t arrived and thus I cannot check my account. More worryingly my cheque still hasn’t been cashed. At this stage I have no access to my account to check the balance, move funds or confirm that my deposits are in the account. I am now worried and cancel the cheque. So far I have lost more than fifty quid in interest, spent hours on the phone and still can’t access my account or deposited funds. I then check the banks Facebook pages to seee that they have a constant record of appalling customer service and poor administration going back years. My complaint and request for compensation will be written this afternoon. I will also remove the funding when I gain access and close the account. I suggest that you don’t use this bank and that MSE removes it from its recommended list until they have a better track record. A shame as the staff were all nice but no use if the admin is shamboric!

colsten

Whilst there have been some reports on here of problems with Al Rayan, overall they are a nice bank to have an account with. I am one of those who had issues with getting hold of someone on the phone, and some other minor quibbles, but overall I am very satisfied with Al Rayan.

As it happens, I messed up my password a couple of weeks ago and had to request a new one. It arrived within 2 days. It sounds as if you'd been rather unlucky with your experience.

If I had a cheque to pay in, I would pay it into one of my High Street bank current accounts (so I have a receipt) and then do an electronic transfer to Al Rayan - in fact, that's exactly what I am doing just now. I have been making dozens of electronic deposits over the last 6 weeks into my Al Rayan Everyday Saver, and they work like clockwork. As do the many SOs and one-off withdrawals I have made.

Al Rayan's systems and processes take a bit of getting used to but nothing that cannot be handled - and they have market-leading interest rates from time to time. I also used to have a cash ISA with them a few years ago and was more than happy with that one.

MSE don't actually recommend any accounts. They simply list a selection of the best interest (/profit) paying accounts. IMO, there is absolutely no reason for why Al Rayan should not be mentioned by MSE if they have a market-leading account.


NB. Perhaps a mod could move this thread to the existing Al Rayan problems thread?

quirkydeptless

If I avoided at all costs the banks for which an unhappy customer has posted about their experiences of on this forum, I wouldn't have any bank accounts at all

pafpcg

Solwayboy wrote: »

....... Fourteen days pass since a requested a new password and it still hasn’t arrived and thus I cannot check my account. More worryingly my cheque still hasn’t been cashed. At this stage I have no access to my account to check the balance, move funds or confirm that my deposits are in the account. I am now worried and cancel the cheque. So far I have lost more than fifty quid in interest, spent hours on the phone and still can’t access my account or deposited funds. .......

If you think you've lost £50 in interest in a fortnight, then your cheque must be almost £80,000?

Did you make a photocopy of the cheque before you posted it? Are you certain the cheque is correct or could you have made a mistake which has meant that the cheque wouldn't clear?

Al Rayan might have paid interest from when they received your cheque so the £50 loss might not have occurred, but now that you've cancelled your cheque.....

I'm with Colsten in recommending using bank transfers by Faster Payments - not only do you not lose interest on the value whilst the cheque is in the post and being processed by the receiver, you should get a quick confirmation of deposit. However, with any new account, I'd recommend using the account for a few deposits and withdrawals to confirm that it will meet your requirements, before committing a large sum. (And for sums of multiple tens of thousands, I'd split it and do the transfer in stages. But then, I'm probably over-cautious.)

I've had an Al Rayan account for a couple of months - deposits & withdrawals (from test £10 sums to thousands) have all succeeded. The only issue I've found has been when I requested a payment for the following day - the transfer didn't take place until the afternoon when I'd expected it to be actioned in the early hours - at least I now know what to expect.

Good luck sorting it out!

Solwayboy

Thanks for your thoughts. Just a few points. I have gone back to using cheques for large sums of money, for the reasons outlined here I.e. risk! If there was a problem with the cheque, they would have returned it given the time taken - further, if this was so, it would have been raised during our calls. Maybe I’ve just been unlucky as you say, but the numbers of people with similar experience on the Al Rayan Facebook ages suggest otherwise. Thanks

colsten

Solwayboy wrote: »

Thanks for your thoughts. Just a few points. I have gone back to using cheques for large sums of money, for the reasons outlined here I.e. risk! If there was a problem with the cheque, they would have returned it given the time taken - further, if this was so, it would have been raised during our calls.

I am not sure what the risks are that you are trying to avoid with a cheque? When I recently had to move several tens of thousands between two of my accounts, I just rang the source bank and asked them how I should best do this. They offered to do the lot there and then, without any charge. They did obviously verify my ID before they did that, and also asked the obligatory AML questions but the whole transfer was done and dusted in 15 minutes from start to finish. I could even see the money arrive in the target account whilst still on the phone to the sending bank. I had previously made some smaller payments to the target account, so the payee had already been set up and there was no risk that the target sort code and account number could be mistyped. What other risk would you see in doing that?

Solwayboy wrote: »

Maybe I’ve just been unlucky as you say, but the numbers of people with similar experience on the Al Rayan Facebook ages suggest otherwise. Thanks

Facebook for money advice and recommendations? No thanks.

Apodemus

Cheques can be risky! Apart from cheques, when else would you happily send off a piece of paper with your bank details and signature on it? :eek:

LikeARollingStone

Solwayboy - sounds like you've had a bad tim, i hope you have manage to sort everything. I have banked with Al rayan for a number of years - various savings accounts - ISA's, bonds etc. I can only speak form my own experience but I have always found them to be very helpful and courteous. They are a bit old fashioned in some of their approaches, but I've found this is often the case with smaller banks.

capital0ne

Apodemus wrote: »

Cheques can be risky! Apart from cheques, when else would you happily send off a piece of paper with your bank details and signature on it? :eek:

Just goes to show, revealing your full name and initials (and possibly gender), account number, sort code and branch address is quite safe, otherwise banks wouldn't issue cheques. Simples. :T

G_M

Let us know how the complaint goes. With luck you'll re-gain the lost £50 via a 'compensation' or 'goodwill' gesture! I've had several of these this year which makes up for the poor interest rates I earn!