Raisin - anyone else had issues with delays in transfers?

subjecttocontract

There is a message that comes up when you log in informing of delays on certain dates in April with certain Banks. Maybe you're is one of them. I've always found Raisin transaction take place within 2 working days.

winkowinko

They've been absolutey fine for me. Paid the £100 bonus when they said they would, and returned the deposit + interest on the day of maturity.

Sherbertfizz

It seems that for people who only have fixed term accounts, Raisin works fine, but the problems arise if you have easy access or notice accounts and need to move money around.  My complaint to Raisin has been upheld and I have been offered compensation (although derisory in relation to the amount of time/stress involved in trying to resolve issues).  I am waiting for my £100 payment (promised 11 days ago now) and will close the one remaining account I have with them.  The balance should be paid within two days, but the interest accrued and yet to be applied will not be paid until the end of the following month after the account has been closed.  Really?  In this age of instant transfers?  I won't use them again.

financies

Sometimes it took several days to open a foreign fixed interest acccount after transferring the funding, especially with italian banks, but never problems with withdrawing money, just consider they seemingly only take action once a day.

Milkbutnosugar

One more thing: the Financial Ombudsman can't help you with Raisin UK because Raisin UK is a deposit aggregator - not a bank, not a building dociety and not a payment service.  I know this because I complained to the FOS, waited 2 months and then got the negative reply.  I asked MSE to warn savers about this lack of protection but no result.  This comment is the best I can do to highlight the difference in status and consumer protection between a savings platform/savings marketplace and a bank or building society.  It's better to save directly with the bank or building society up to the £85,000 FSCS limit.

vlf_man

I had an 18-month Paragon Fixed Rate Bond maturing on 27th May.  I waited the two days, but still no sign of the funds, so texted RAISIN.  They replied within a few hours advising an issue would delay the transfer until "early next week" and that £20 would be credited to my RAISIN account within 14 days.  I waited till Tuesday 3rd June - still no sign of the money, so texted Paragon and asked whether it was a problem at their end.  Later that afternoon I had a template email from RAISIN advising fund access in a couple of days, but had a hunch and checked the account, and the money was already there!  A couple of days later Paragon replied with a "cannot help as no visibility of RAISIN accounts."

Delays shouldn't happen for what should be a totally automated process.  Guess I was unlucky, but if others experience this, eyebrows should be raised with raisin.

Sherbertfizz

vlf_man said:

I had an 18-month Paragon Fixed Rate Bond maturing on 27th May.  I waited the two days, but still no sign of the funds, so texted RAISIN.  They replied within a few hours advising an issue would delay the transfer until "early next week" and that £20 would be credited to my RAISIN account within 14 days.  I waited till Tuesday 3rd June - still no sign of the money, so texted Paragon and asked whether it was a problem at their end.  Later that afternoon I had a template email from RAISIN advising fund access in a couple of days, but had a hunch and checked the account, and the money was already there!  A couple of days later Paragon replied with a "cannot help as no visibility of RAISIN accounts."

Delays shouldn't happen for what should be a totally automated process.  Guess I was unlucky, but if others experience this, eyebrows should be raised with raisin.

I had four savings accounts on the platform and have closed all of them.  Endless delays, poor communication and as @vlf_man says above, no recourse to FOS if unhappy with the outcome of a complaint.  Would never use them again.

subjecttocontract

I've had at least a dozen accounts with Raisin every one perfect, no hassle, no problems no delays. I currently have 6 accounts with them.....love the system, works perfectly for me.

Hoenir

vlf_man said:

Delays shouldn't happen for what should be a totally automated process. 

Won't be an automated process though. 

Account closes on 27th May with interest credited. 
28th May BACS process initiated internally
29th May BACS sent.
2nd June 3rd working day after BACS sent. Proceeds received. 

Given 26th May was a bank holiday. Backlog of work. Also half term week with staff absent. Resulting in slight delay. 

vlf_man

Hoenir said:

vlf_man said:

Delays shouldn't happen for what should be a totally automated process. 

Won't be an automated process though. 

Account closes on 27th May with interest credited. 
28th May BACS process initiated internally
29th May BACS sent.
2nd June 3rd working day after BACS sent. Proceeds received. 

Given 26th May was a bank holiday. Backlog of work. Also half term week with staff absent. Resulting in slight delay. 

Alternatively, hang onto hundreds (thousands?) of deposits for an extra week, without paying interest, equals a nice little earner.  As I said, if it's a one-off, then I was just unlucky.  If others experience the same ...