RCI Bank - incommunicado?

Orchardmonkey

I've had a fixed-term account with RCI for a couple of years, but its interest rate is now pitifully low and unacceptable. However, my attempts at communicating with RCI have been fruitless: phone calls result in a seemingly endless queue, emails remain unanswered, messages posted directly on their website after logging in the same. I posted a letter, 1st Class signed-for, to their Head of Savings, Tafari Smith - got a prompt form email, not remotely geared to my request to change the account, supposedly from the man himself. It was useless. By asking around it seems I'm not the only one being frustrated in this way. A bank's complete failure to communicate with clients is unacceptable. What do I do?

wmb194

Orchardmonkey said:

I've had a fixed-term account with RCI for a couple of years, but its interest rate is now pitifully low and unacceptable. However, my attempts at communicating with RCI have been fruitless: phone calls result in a seemingly endless queue, emails remain unanswered, messages posted directly on their website after logging in the same. I posted a letter, 1st Class signed-for, to their Head of Savings, Tafari Smith - got a prompt form email, not remotely geared to my request to change the account, supposedly from the man himself. It was useless. By asking around it seems I'm not the only one being frustrated in this way. A bank's complete failure to communicate with clients is unacceptable. What do I do?

If it's a fixed term account that doesn't allow for withdrawals or early closure with a penalty - which I don't think any RCI fixed term accounts do - then you'll need to wait for it to mature. How much longer does it have left to run?

Orchardmonkey

wmb194 said:

If it's a fixed term account that doesn't allow for withdrawals or early closure with a penalty - which I don't think any RCI fixed term accounts do - then you'll need to wait for it to mature. How much longer does it have left to run?

Thanks - it is a fixed term a/c (1.5 years or so remaining) but on my "account details" page it says clearly that the full amount, including accrued interest, is available for withdrawal. But my point is that whether this is so or not, RCI are not communicating with me as any bank should feel obliged to. And I believe I'm not the only client finding them impossible to talk to...

wmb194

Orchardmonkey said:

wmb194 said:

If it's a fixed term account that doesn't allow for withdrawals or early closure with a penalty - which I don't think any RCI fixed term accounts do - then you'll need to wait for it to mature. How much longer does it have left to run?

Thanks - it is a fixed term a/c (1.5 years or so remaining) but on my "account details" page it says clearly that the full amount, including accrued interest, is available for withdrawal. But my point is that whether this is so or not, RCI are not communicating with me as any bank should feel obliged to. And I believe I'm not the only client finding them impossible to talk to...

Let alone the smaller players, even the big banks have customer service problems when they offer market leading accounts. The next step might be to make a complaint, though.

Is there an option to attempt a withdrawal? If there is I'd give it a go and see what it says.

Btw, this is why it's always good to keep a copy of the account terms.

fwor

Obviously I can't say with certainty what the terms were like when you opened the account, but if you look at any of RCI's fixed term accounts now, they have the words "You can't close your account or make a withdrawal before the end of the term" clearly stated, so I would be surprised if yours was any different.

Of course, the website will show the full account balance as "available" but the terms and conditions of the account will determine whether you can withdraw or not - and I would expect you cannot under those terms. Writing to Tafari Smith won't change that.

Rollinghome

Orchardmonkey said:

I've had a fixed-term account with RCI for a couple of years, but its interest rate is now pitifully low and unacceptable. However, my attempts at communicating with RCI have been fruitless: phone calls result in a seemingly endless queue, emails remain unanswered, messages posted directly on their website after logging in the same. I posted a letter, 1st Class signed-for, to their Head of Savings, Tafari Smith - got a prompt form email, not remotely geared to my request to change the account, supposedly from the man himself. It was useless. By asking around it seems I'm not the only one being frustrated in this way. A bank's complete failure to communicate with clients is unacceptable. What do I do?

That's always the risk with fixed-term savings.  The eventual return may be better or worse than easy access accounts, depending on whether rates in general move up or down.

You are right though, that from the many complaints, both here and elsewhere, it seems that RCI are just not answering their phones or messages.  A lot of banks have understandingly had trouble with customer service lately, but none seem quite as bad as RCI.

JonSalji

Rollinghome said:

You are right though, that from the many complaints, both here and elsewhere, it seems that RCI are just not answering their phones or messages.  A lot of banks have understandingly had trouble with customer service lately, but none seem quite as bad as RCI.

I was considering their two-year fix due to the favourable interest rates but was put off because the most recent threads I can find were about RCI being difficult to contact.

Some banking apps, I find, have improved tremendously. I can leave a question and then get a notification when someone responds. Can then jump on quickly to have a conversation. 

Albermarle

Thanks - it is a fixed term a/c (1.5 years or so remaining) but on my "account details" page it says clearly that the full amount, including accrued interest, is available for withdrawal.

As others have said, this seems highly unlikely, not without a big penalty anyway.

If you could just withdraw from a fixed term account when you were unhappy with it, then the bank could do the same.

Fixed term accounts are a gamble that sometimes pay off, and sometimes not.

wmb194

JonSalji said:

Rollinghome said:

You are right though, that from the many complaints, both here and elsewhere, it seems that RCI are just not answering their phones or messages.  A lot of banks have understandingly had trouble with customer service lately, but none seem quite as bad as RCI.

I was considering their two-year fix due to the favourable interest rates but was put off because the most recent threads I can find were about RCI being difficult to contact.

Some banking apps, I find, have improved tremendously. I can leave a question and then get a notification when someone responds. Can then jump on quickly to have a conversation. 

Don't let it put you off. These accounts are very simple and the terms and instructions on how to make a deposit are clear. I've opened one and don't feel the need to contact RCI about anything.

Speculator

Orchardmonkey said:

wmb194 said:

If it's a fixed term account that doesn't allow for withdrawals or early closure with a penalty - which I don't think any RCI fixed term accounts do - then you'll need to wait for it to mature. How much longer does it have left to run?

Thanks - it is a fixed term a/c (1.5 years or so remaining) but on my "account details" page it says clearly that the full amount, including accrued interest, is available for withdrawal. But my point is that whether this is so or not, RCI are not communicating with me as any bank should feel obliged to. And I believe I'm not the only client finding them impossible to talk to...

 Read further down and it says.

JonSalji

wmb194 said:

JonSalji said:

Rollinghome said:

You are right though, that from the many complaints, both here and elsewhere, it seems that RCI are just not answering their phones or messages.  A lot of banks have understandingly had trouble with customer service lately, but none seem quite as bad as RCI.

I was considering their two-year fix due to the favourable interest rates but was put off because the most recent threads I can find were about RCI being difficult to contact.

Some banking apps, I find, have improved tremendously. I can leave a question and then get a notification when someone responds. Can then jump on quickly to have a conversation. 

Don't let it put you off. These accounts are very simple and the terms and instructions on how to make a deposit are clear. I've opened one and don't feel the need to contact RCI about anything.

It’s more for a “just in case” situation. I thought about it and actually went for a 3 year fix with TSB in the end - have also posted another thread here talking about how I had some issues, so mainstream banks don’t mean no problems 😆