Raisin Bank - withdrawals blocked due to 'technical issues'!

DFNORTH

My partner and I are buying a house to complete next week and so we requested withdrawals from our instant access savings accounts set up via the Raisin platform. I requested withdrawal last Thursday and my partner did the same this Monday. Nothing has come through yet. So we called them this morning. The reason for non-completion is that they have 'technical issues'. This is a big red flag to me! Has anybody else had concerns about this or seen Raisin default recently?

samantham06

Yes, I've had the same issues. Tried to withdraw on 26th November my money has disappeared from the accounts but isn't accessible. They blame "technical issues" but have broken their clearly written terms and conditions it should have been available within 2 days. No resolution on sight. 

DFNORTH

We have already made a Formal Complaint to Raisin. Once we get the response from them and if the issue is not cleared then we are going straight to our City lawyers and to the Financial Ombudsman.

samantham06

I haven't got a lawyer. Where are you finding one?
I've had no response to my complaint.
Any idea how long they have until they must reply by? 

DFNORTH

I can now finally see my funds in my Raisin Transaction account. I made the transfer from GB Bank Instant access 5 business days ago. Now trying to get the money transferred out of that Raisin transaction account to a better bank. The lawyers are DS Law - they specialise in dealing with banking disputes (e.g. the HBOS scandal)

Middle_of_the_Road

I've never seen the attraction of utilising the Raisin platform. It may be convenient for those who prefer all their accounts managed with a single log in, but often better rates are available dealing directly with the provider. If there's a problem with the service, access to multiple accounts could be limited. Even when functioning correctly the delays in deposits and withdrawals mean periods when funds are earning no interest.

trickydicky14

Middle_of_the_Road said:

I've never seen the attraction of utilising the Raisin platform. It may be convenient for those who prefer all their accounts managed with a single log in, but often better rates are available dealing directly with the provider. If there's a problem with the service, access to multiple accounts could be limited. Even when functioning correctly the delays in deposits and withdrawals mean periods when funds are earning no interest.

I've used them for a long time without any issues, and I only use them when they have an account that is paying top rates. Raisin are just one option in the tool box, that's why I use them.

km1500

but to do you use them for time-critical transactions such as completion monies for house purchase?

IGH1

Hi - I have also been having serious problems with Raisin with repeated technical issues, twice now , last month Dec 23 and now this month Jan 24 again ,whereby all my money vanishes on screen suddenly from my accounts held via them when I go to view my account online ,reducing my balance to £0 despite no withdrawals or account movements being made . As you can imagine this is hugely alarming when your life savings just suddenly vanish before your eyes without trace  for absolutely no reason . This problem lasted for several days in Dec and now this time 5 days and still counting , during which you can not access or manage your funds and are left worried sick that they have lost all your money.  Their customer service is terrible, it  takes them days to even acknowledge it is a technical problem and assure you that your money safe and still there despite their system not being able to show it , by which time you have lost a lot of sleep , and this time I needed access to my so called "easy " access account with them to pay my tax bill but so far despite me contacting them daily for 5 days now and formal complaint lodged no idea given of how I can get my money out to pay this or how long this problem will take to fix , there seems to be  absolutely no sense of urgency I can detect . I am now very worried I will face a tax fine as a result. Their system is obviously seriously flawed and should be avoided at all costs. I used a savings platform as I wanted to make sure I could split my money between multiple accounts with amounts all below the FSCS limit to  benefit from  protection, but with their technical systems obviously being in such a poor state with these repeated outages for days , I am now very concerned that as  some of my fixed bonds come to an end in fairly close succession  payouts from these may accumulate in my hub account inadvertently over the protection limit if I am at that time unable to move my money to new accounts due to such an outage  , the very thing I opened a savings platform to avoid !  I would be very interested to hear from other people having the same problems with Raisin as there does not seem to be much publicity about this very alarming  issue of your money just seemingly all vanishing online without trace but it appears to be widespread as at least in December when it happened  they eventually put a message up on their helpline to warn of this issue ,  though it took them a week to respond to my online message asking about it  , but this time as yet  there is no such helpline recorded message or mention on their  website of these problems  

Ironchic

I think the "disappearance" of the money is a standard thing with Raisan related to them acting as a third party and facilitating your savings with other entities. It is disconcerting but it is temporary and I have always got my money within a few days. I have used them for a number of years with no issue.

Sea_Shell

I take regular screenshots, when it is working, so as to keep my own records.

I Also keep all the emails regarding new accounts opened.

It doesn't help with the accessibility issues, admittedly, but then I only have fixes with them, not "easy" access....as it isn't very.


ETA - It's probably of no consolation, but I've just logged in and all my accounts are showing as they should be.

I've taken a fresh screen print PDF, just in case.