Kroo bank discussion

AmityNeon

Patrington said:

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

I'm willing to give new startups the benefit of the doubt if they're suddenly inundated with unprecedented demand, but holding incoming payments for review without sufficient reason or explanation, which no other bank has ever (reportedly) done for everyday transactions, is equally unprecedented.

I'm keeping my account for whatever purpose they may serve in the future.

PlatinumChaos

flaneurs_lobster said:

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. 

I've had my account for about a week now and tried the debit card this lunchtime for the first time and had no problems at all.

Band7

They really are hopeless.

Below the text of an email I received this morning, after I requested a withdrawal from Kroo that they decided to hold for review.

"At Kroo, we prioritise customer experience and are committed to providing consistent high-quality service". I can a assure you, Kroo, that you must try a lot harder! 

GenieBoy

It's a shame that a new start up current account bank has to be ruined by greedy MSE money savers. The account is a current account and is designed to be used that way, not as a saving account which will be dumped when the next bank hits the top spot on the table.

typistretired

I’m sure they will be happy to take our money

SarahLu

GenieBoy said:

It's a shame that a new start up current account bank has to be ruined by greedy MSE money savers. The account is a current account and is designed to be used that way, not as a saving account which will be dumped when the next bank hits the top spot on the table.

  People have every right to use the account however they choose. 

k_man

GenieBoy said:

It's a shame that a new start up current account bank has to be ruined by greedy MSE money savers. The account is a current account and is designed to be used that way, not as a saving account which will be dumped when the next bank hits the top spot on the table.

I was thinking something similar, (although greedy is a bit strong)
Very large deposits (and withdrawals) are not common amongst most current account holders.
Fickle rate following customers (MSE forum users) are not really what they were hoping for.

That said, it does show some naivety on their part.
Researching what happened when Chase offered their 1.5% should have set alarm bells ringing.
And offering 3% on £85K in a current account was always going to attract the wrong crowd (us).

Band7

GenieBoy said:

It's a shame that a new start up current account bank has to be ruined by greedy MSE money savers. The account is a current account and is designed to be used that way, not as a saving account which will be dumped when the next bank hits the top spot on the table.

It's not the "greedy MSE money savers" who are responsible for Kroo's problems. What they are offering has been in development for many months, and is 100% what they have decided it to be.

It's rather odd that you should feel compelled to criticise people for using an account entirely in accordance with the T&Cs of that account. Perhaps you should also have words with Martin Lewis for promoting Kroo on his TV Show.

masonic

Just a reminder that companies have the right to unilaterally define the services they offer, the precise terms and conditions for their products, and have the right to update those terms or even end their relationship with customers who use the account in a manner they consider to be abuse. If there is a problem with holding savings in the account, which I very much doubt, then Kroo has many options at its disposal.

There can be no doubt that an interest rate set at 3% payable on the full account balance is intended to attract savings. It is simply inconceivable those who decided this rate didn't do this intentionally.

A main current account would tend to have more incoming and outgoing payments than a savings account held by the same individual. The size of those transactions may vary, but it is not only the large payments that are being held up for incoming checks. Perhaps they'd have been better off starting off with a savings product and then work their way up to a current account.

In any case, for someone like me, who wants to keep a few k easy access savings in there and once a month fire off some standing orders, it is so far so good, but should I experience what others have I won't delay abandoning ship.

Patrington

PlatinumChaos said:

flaneurs_lobster said:

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. 

I've had my account for about a week now and tried the debit card this lunchtime for the first time and had no problems at all.

Me too.

I've got Chase, Tandem etc but even before when Kroo was highlighted on the MSE show, my experience was they were hopeless.

Martin's over the top sell on the program hasn't helped their IT flaws.

I genuine hope those who've moved their money there have better experiences.