Kroo bank discussion

flaneurs_lobster

The problems with shifting money in/out of Kroo have been well aired in this thread.

Has anyone encountered problems using Kroo's debit card for proper shopping? I'm far more worried about holding up the queue at Tesco's checkout than I am about a few thousand £ getting stuck for a couple of hours. 

Fastflys

Opened account yesterday morning [2nd February].  Deposited an initial test amount of £10.00 without incident.  My intention was to add this account to my savings portfolio.  However, I have no confidence in investing £80,000+ for the following reasons:

 A daily fast transfer limit of £10,000 or a review if higher.  Review process far too slow.

Chat support message sent 24 hours ago, still awaiting a response.

Kroo have 3 customer support phone numbers - 1 for reporting lost/stolen cards.  However, all 3 numbers connect to the same line.  An automated voice says that you will be connected to the next available agent but in all cases after 2 minutes 5 seconds an automatic disconnection occurs.

I am aware that up to £85,000 is covered by the FSCS guarantee. The issue I have with this bank is the inability to transfer out sizable amounts quickly and the total inability to contact any member of staff through normal channels.

The one plus point is that I've received my Debit card within 24 hours of it being ordered.

notquiteskint

Just opened an account with these after reading all these threads i may well not deposit any money with them.

AmityNeon

They’re too new, biting off insurmountably more than they can chew. They could handle pre-paid money accounts, and survived adequately as a new small bank with just a few thousand customers.

Application load is understandable, but that’s about it. Repeatedly holding incoming deposits from the same sending accounts is utterly ludicrous. What did they expect when they decided to introduce a market-leading interest rate? Trite praise and platitudes, whilst still only operating as a small bank with the same small workforce and manually reviewing everything that is even remotely suspicious even against all common sense?

Stay small Kroo. They’re the perfect exemplification of precisely how NOT to enter the UK banking and savings industry, so at the very least, they can be forever proud to serve as the textbook case study from which future potential financial startups can learn.

Note that my personal experience with Kroo has been smooth smailing (barring minor features they lack), but I have no confidence in their reliability for my easy access savings. If I successfully process an outgoing payment from a sending account, I do not then ever expect the receiving institution to give me the third degree before releasing my money to myself under the nonsensical pretext of ‘safety’, let alone do so repeatedly for deposits from the same account.

PloughmansLunch

My 2nd payment has gone through now, 18+ hours after it was sent. Again it was about 10mins or so after sending a follow-up message so maybe that bumps up the queue past the chat bot?

Kroo seems to be having these teething troubles due to unexpected demand but I'm going to pull out on the 12th as I can't bear waiting hours for squeaky-bum amounts to deposit safely with seemingly no human CS.

I'm sure the app would be fine for say whizzing £25 over to a family member's birthday, or for splitting meal costs via whatever the My Kroo group is meant to be but I'm far too much of an old fogey to be interested in that sort of thing.

Ballard

I opened an account with Kroo this week and deposited a couple of amounts. Not huge but large enough. 

Twice I had FD call me to check that it wasn’t fraud and once Kroo asked for more info. I’m not particularly bothered about it as I can understand why banks are hot on this but now that Chase have more or less matched the interest rate I might as well have moved my savings there (from Al Rayan).

I shall keep some savings at Chase and perhaps move some there from Kroo at some point but I don’t have the energy for it at the moment. 

RebekahR

janusdesign said:

SanguineOnSaturn said:

I can download statements ok. Saves them into a downloads folder.

oh just me then lol... i've got a chat launched with them, but with Chase increasing to 3%, there is little need for me to use this buggy app.

i'll see if they reply by tomorrow, but i'm inclined to close the account and move on.

Please can you give me more information about Chase?

RebekahR

notquiteskint said:

Just opened an account with these after reading all these threads i may well not deposit any money with them.

I'm still trying to get open! Day 3 of the Saga and I'm still stuck on the password stage! It just won't let take me through when pressing the Continue button. I have also lost all hope for these being decent. The app being rubbish plus not being able to transfer money quickly is a massive downer. Now it looks like someone else is offering better too. I'm orf ...

Patrington

AmityNeon said:

They’re too new, biting off insurmountably more than they can chew. They could handle pre-paid money accounts, and survived adequately as a new small bank with just a few thousand customers.

Application load is understandable, but that’s about it. Repeatedly holding incoming deposits from the same sending accounts is utterly ludicrous. What did they expect when they decided to introduce a market-leading interest rate? Trite praise and platitudes, whilst still only operating as a small bank with the same small workforce and manually reviewing everything that is even remotely suspicious even against all common sense?

Stay small Kroo. They’re the perfect exemplification of precisely how NOT to enter the UK banking and savings industry, so at the very least, they can be forever proud to serve as the textbook case study from which future potential financial startups can learn.

Note that my personal experience with Kroo has been smooth smailing (barring minor features they lack), but I have no confidence in their reliability for my easy access savings. If I successfully process an outgoing payment from a sending account, I do not then ever expect the receiving institution to give me the third degree before releasing my money to myself under the nonsensical pretext of ‘safety’, let alone do so repeatedly for deposits from the same account.

Thats positive news you've eventually seen how poor they are.

Band7

RebekahR said:

janusdesign said:

SanguineOnSaturn said:

I can download statements ok. Saves them into a downloads folder.

oh just me then lol... i've got a chat launched with them, but with Chase increasing to 3%, there is little need for me to use this buggy app.

i'll see if they reply by tomorrow, but i'm inclined to close the account and move on.

Please can you give me more information about Chase?

https://www.chase.co.uk/gb/en/, and there is a dedicated Chase thread on this board