Raisin bank breaking terms and conditions and withholding my money. Please help

Hi thought you guys were the best to ask.
Please help! I have autism and just have no idea where/who to go to for help and it's really upsetting me and worrying me 

I opened an easy access account with raisin with kroo bank. Deposited an amount. States in terms and conditions withdrawals take UP to TWO business days to go through.

I withdrew £500 on the 26/11/23

I haven't got my money. It's lost (though they are saying it isn't and it's a technical error)

It isn't showing in my raisin account to transfer to my everyday banking account. It's not showing in my raisin/kroo account. 
Everytime I ring them they repeat the same "it's a technical error" no resolution

I'm seriously concerned. Legally they have broken their terms. They also won't let me close the kroo account and have all my money back as I know don't trust them - as "theres a pending transaction"- which they are not honouring. There's also no way to close this account online without keeping 1k in it?! I want the account closed immediately 

Now got late fees, can't go shopping when I pushed them for a resolution on the phone they hung up!

Other customers I see online are having the same issue.

Please help me what I can do? 

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  • GDB2222
    GDB2222 Posts: 24,346
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    edited 6 December 2023 at 10:53AM
    I know nothing about Raisin, but generally funds in uk banks are guaranteed up to around £80k. So, you will get your money back eventually, and worrying about it will not speed things up. 

    In the meantime, how urgently do you need the £500?  Oh, and have you contacted Kroo?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • wmb194
    wmb194 Posts: 3,129
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    edited 6 December 2023 at 10:56AM
    Hi thought you guys were the best to ask.
    Please help! I have autism and just have no idea where/who to go to for help and it's really upsetting me and worrying me 

    I opened an easy access account with raisin with kroo bank. Deposited an amount. States in terms and conditions withdrawals take UP to TWO business days to go through.

    I withdrew £500 on the 26/11/23

    I haven't got my money. It's lost (though they are saying it isn't and it's a technical error)

    It isn't showing in my raisin account to transfer to my everyday banking account. It's not showing in my raisin/kroo account. 
    Everytime I ring them they repeat the same "it's a technical error" no resolution

    I'm seriously concerned. Legally they have broken their terms. They also won't let me close the kroo account and have all my money back as I know don't trust them - as "theres a pending transaction"- which they are not honouring. There's also no way to close this account online without keeping 1k in it?! I want the account closed immediately 

    Now got late fees, can't go shopping when I pushed them for a resolution on the phone they hung up!

    Other customers I see online are having the same issue.

    Please help me what I can do? 

    It won't be lost. Today someone started another thread saying a similar thing. Sounds like you're going to have to be patient. The good news is that if it's affecting lots of people then Raisin will definitely be working on it.

    I'm not sure how closing your Kroo account will help and it might actually make things worse. If the money is transferred to it when it's closed it'll eventually bounce back to Raisin but will likely add more delays.

    https://forums.moneysavingexpert.com/discussion/6491018/raisin-bank-withdrawals-blocked-due-to-technical-issues#latest
  • GDB2222 said:
    I know nothing about Raisin, but generally funds in uk banks are guaranteed up to around £80k. So, you will get your money back eventually, and worrying about it will not speed things up. 

    In the meantime, how urgently do you need the £500?  Oh, and have you contacted Kroo?
    Hi, I need it as in I can't fill up my car to take my family to education. And am getting late fees.
    That's why I took it out well in advance as I had car repairs and knew it would be tight.
    But they have broken their written terms and conditions.
    It is all over trust pilot. 
  • Sea_Shell
    Sea_Shell Posts: 9,218
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    ALL banks can have technical issues.  Remember TSB.

    Unfortunately, one shouldn't have all your immediate needs money in any one place.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.47% of current retirement "pot" (as at end February 2024)
  • GDB2222
    GDB2222 Posts: 24,346
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    GDB2222 said:
    I know nothing about Raisin, but generally funds in uk banks are guaranteed up to around £80k. So, you will get your money back eventually, and worrying about it will not speed things up. 

    In the meantime, how urgently do you need the £500?  Oh, and have you contacted Kroo?
    Hi, I need it as in I can't fill up my car to take my family to education. And am getting late fees.
    That's why I took it out well in advance as I had car repairs and knew it would be tight.
    But they have broken their written terms and conditions.
    It is all over trust pilot. 
    That's very inconvenient for you, and you have my sympathy. 

    Have you contacted Kroo, to withdraw some of the remaining money direct from them? Do you have an account outside Raisin that they could send it to?  


    No reliance should be placed on the above! Absolutely none, do you hear?
  • boingy
    boingy Posts: 1,167
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    Definitely don't close any account and don't get too focussed on TrustPilot.
    Raisin will sort it out and you'll get your money. It might just take them a day or two.
    You just have to be patient. 
  • friolento
    friolento Posts: 876
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    edited 6 December 2023 at 1:39PM
    If Kroo is involved, it is quite possible that they are holding up the incoming payment. They are known for putting incoming payments, even from accounts in your own name, through money laundering checks, and they can take several days over this.

    Have you asked Kroo whether there is an incoming payment for you?
  • Something similar has happened to me, and evidently many others. My transfer out from a bank in the Raisin marketplace has been hung for over a week.  Financial institutions and banks are required to report publicly to the Financial Conduct Authority when they suffer operational outages like this, but as far as I can tall Raisin has not done that.  They are being secretive about the problem and indeed losing the trust of their customers. 
  • They have made it quiet. There's barely anything on internet about it. It is dispicable and illegal I'd hazard a guess. Banks can't just go around breaking terms and conditions and it's excusable for weeks on end due to "technical errors*- people need their own money to live. 
  • boingy said:
    Definitely don't close any account and don't get too focussed on TrustPilot.
    Raisin will sort it out and you'll get your money. It might just take them a day or two.
    You just have to be patient. 
    Thankyou, unfortunately it's been nearly 2 weeks now not a few days. 
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